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1/ 2019 saw fintech raise $34.5B across 1,913 deals. cbinsights.com/research/repor…

25iQuiz: If people or businesses invest and consumer prices are reduced (consumers pay less) does GDP drop? If GDP drops has innovation gone down as a result of the investments?
2/ How have fintechs changed GDP? What they done to consumer surplus? What about producer surplus?

news.google.com/articles/CAIiE…
3/ "There are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that’s still going to be lousy. All of the advantages from great improvements are going to flow through to the customers.” C. Munger
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More from @trengriffin see all

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Tren Griffin
@trengriffin
Most founders are humbled. This is normal and not new.

"50% of VC investments are 'impaired' (they lose some or all of the investment.

20–30% of the investments are,to ise baseball analogy, singles or doubles.

10–20% of investments are home runs.“ 25iq.com/2019/06/08/sec…
"We see ~ 3,000 inbound referred opportunities per year. There are about 200 of these startups a year that are fundable by top VCs. … about 15 of those will generate 95% of all the economic returns … even the top VCs write off half their deals.” @pmarca a16z.com/2014/07/21/a-d…
Venture capital funded businesses have always been a relentless humility generating machine. Creating humility is inherent in the venture capital process due to the failure rate.

"There's nothing new to see here on the humility front. Move along."

Chart by @benedictevans
Read 3 tweets
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Tren Griffin
@trengriffin
1/ "What I've been saying for months is that I'm afraid to be in the market today. I'm also afraid to be out."

Howard Marks

news.google.com/articles/CAIiE…
2/ Howard Marks: "They're are no screaming bargains today. It's all a matter of finding the examples within each asset class that are a little more attractive than the others.

On a day like today, people, for the most part, are making market-wide reactions."
3/ "When things are placid, people make distinctions. When there's panic, they take them out and shoot them all. A week or two ago, people thought it was flawless. And now today they think it's hopeless." Howard Marks
Read 3 tweets
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Tren Griffin
@trengriffin
1/ CNBC should be commended for putting Warren Buffett on the air on a day like today. It is a genuine public service and attracts viewers. It partially offsets the damage they do with "chicken little" statements measured in Dow point drops rather than using percentages.
2/ Warren Buffett: "You don’t buy or sell your business based on today’s headlines. If it gives you a chance to buy something you like and you can buy it even cheaper, you’re in good luck."

He has said in the past that he sings the Hallelujah Chorus when stocks are on sale.
3/ Buffett today: "We’re a net buyer of stocks over time. Most people are savers, they should want the market to go down. They should want to buy at a lower price.”

"I’ve been a personal net buyer of stocks ever since I was 11, every year. I haven’t bought stocks every day."
Read 4 tweets

Related threads

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ROI©️hristie
@ROIChristie
1/x I haven’t threaded in a while so let’s talk about: where I found that super cool chart, cartoon, &etc…aka a non-exhaustive list of links to my favorite (publicly available) data and research reports
2/x SUPER NERD STUFF

JP Morgan: am.jpmorgan.com/us/institution…
(The link above is to their insights, but the JPM library is where the real magic’s at: am.jpmorgan.com/us/institution…)

SSRN (it’s like a black hole for me): papers.ssrn.com/sol3/DisplayJo…

CFA: cfainstitute.org/en/research/fo…
3/x Data + Research Reports

Pitchbook: pitchbook.com/news/reports

Preqin: preqin.com/insights

Commonfund: commonfund.org/type/reports+s…

CB Insights: cbinsights.com/research/repor…
Read 10 tweets
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Turner Novak
@TurnerNovak
Uber S-1 thoughts:

-AWS for transportation is its final form
-It's a modern day temp agency; driver churn is 3-5x below industry avg
-Eats cities profitable in 4-6 quarters, aggressive expansion impacted 2H‘18, 40% of users are new to Uber, and is a wedge into last mile delivery
If you’re reading this, I’m assuming you’ve read other Uber S-1 takes. We all knew Uber was burning cash, but a lack of cohort data (both drivers and riders), and its core business metrics collapsing to end 2018, was surprising.
Like most US companies, the US and developed Europe are likely Uber’s cash cows, but international revenue helps cover overhead, and can be incremental cash flow.

This a great deep dive comparing Uber and Lyft’s US vs International numbers:

Read 45 tweets
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Romeen Sheth
@RomeenSheth
@sarthakgh @GLG @GoCatalant This is one of the best pieces I've seen (even though a bit dated) on explaining why consulting will get disrupted. @claychristensen is too good: hbr.org/2013/10/consul…. I saw this first hand at Mckinsey; the Firm was rapidly moving into adjacent markets to prevent disruption
@sarthakgh @GLG @GoCatalant @claychristensen And this @CBinsights report is money: cbinsights.com/research/disru…

I haven't really found good institutional reading on either company, but happy to give you a perspective on why the businesses work well (can trade over DM in more depth).
@sarthakgh @GLG @GoCatalant @claychristensen @CBinsights In short, there is massive inefficiency in the market. If I go to Company X, they charge $1,000 an hour and out of that work, 90+% is done by Employee Y (who makes $100 an hour), I can cut Company X, pay Employee Y $300 an hour and everybody is happy.
Read 17 tweets
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Amit Pandey
@amit_fygw
1/n @cbinsights #cbibriefings of 'The 2018 Global CVC Report' #thread
2/n 2018 CVC investment activity increased by 32% over 2017 in terms of deals completed, and 47% in total capital invested.
3/n CVC investors participated in 23% of all VC-backed deals throughout 2018, which increased by 3 percentage points over 2017
Read 7 tweets
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Anand Sanwal
@asanwal
This whole US share of VC is declining is a non-story

The US was the only real VC scene for a long-time. It’s share could only decline. $ in US remains very high

Silicon Valley hitting a peak has been a popular narrative we’ve seen every year @cbinsights
2/ It's also worth noting that the rise of other countries / regions has not been widespread / evenly distributed

- China is a real powerhouse in tech/VC investing
- Europe and the rest of the USA (not SV + a few other mkts) are a snoozefest in tech/VC investing
3/ Finally, if VC's center of gravity has shifted a bit from SV and the USA, this is one of the US's best exports, i.e., entrepreneurship, risk-taking, using technology to solve intractable problems, etc
Read 11 tweets
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Penny Midas Rollo
@PennyMidasRollo
001/ [article content in this tweet series 001-180 reproduced with permission from Martin Howe QC of Lawyers for Britain @lawyers4britain]
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
Introduction: why prices will FALL after Brexit, not rise" /002
002/ #quote "Over the past couple of weeks, the media have been full of lurid scare stories about what will happen if the UK leaves the EU on WTO terms, because negotiations with the EU do not result in a withdrawal agreement." /003
#tariffs #NoDeal #Brexit #WTO #ProjectFear #shortages #food #medicines
003/ #quote "One of the most ridiculous and UNJUSTIFIED of these absurd scare stories is that it will lead to higher prices, and even shortages, of foods and medicines." /004
Read 180 tweets

Trending hashtags

#PMI #criticalthinking #IPF2019 #FranceTélécom #DreamActNow #bmdukaw #rights #immigration #HouseOfCommons #discrimination #Godbless #India #Teach #evil #Founders #consumers #WTO #MAGA #lock #DVD #DACA #FinTech #corrupt #forget #epayment

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