I have been lukewarm on Clubhouse so far but this was good. @fabricegrinda noted that it was the weaker companies in his portfolio which were merging with SPACs. The implication presumably being that the stronger companies can get a better result by an IPO or sale.
https://twitter.com/brenthoberman/status/1380538524714336272
It's increasingly important for public equity investors to listen to VCs and I am working on how best to achieve this, but this forum on Clubhouse is a good start - well done @brenthoberman for chairing the panel and hope it will be a regular thing.
Another interesting point made by @peteflint was that @chamath involvement in Opendoor boosted the valuation. It's a good company and would be successful long term but that the financials are opaque.
I don't know the business well enough but the relatively low prospective EV:Sales of 2.7x (for a tech co) compares less favourably with a single digit gross margin. A GM of <10% would not make it into my portfolio without a fab story.
Clear that personality can help stocks in the short term, particularly in today's markets, but I wonder how enduring that will prove.
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