How four decisions led to me losing $11,671,000 benjamins....
I write a lot about the good deals I've made, a thread on some of my more asinine decisions. My hope - you learn so there's some point to it all 😂
I write a lot about the good deals I've made, a thread on some of my more asinine decisions. My hope - you learn so there's some point to it all 😂
Decision #1: Divorce.
Your MOST important partner, the one you pick for life.
I got married young. Did well.
Realized I hated that fast-paced, Wall St, country club, sports car life.
I wanted out, he didn't. So I gave away 60% to avoid litigation.
Never worn Chanel since 😜
Your MOST important partner, the one you pick for life.
I got married young. Did well.
Realized I hated that fast-paced, Wall St, country club, sports car life.
I wanted out, he didn't. So I gave away 60% to avoid litigation.
Never worn Chanel since 😜
A $2.5-3M loss.
Lesson 1: Partnerships are easy to get into damn hard to exit.
Lesson 2: There's always an exit tax.
Lesson 1: Partnerships are easy to get into damn hard to exit.
Lesson 2: There's always an exit tax.
Decision #2: Leaving Goldman:
Was a young analyst at the firm.
Had the chance to stay and vest, as well as hold the security during 08.
Sold and left.
Was a young analyst at the firm.
Had the chance to stay and vest, as well as hold the security during 08.
Sold and left.
A $5M+ loss.
I hated my boss.
I hated the hours.
I never saw the sun.
Everyone was getting fired.
I was scared and let fear rule.
I should have waited for first-tier vesting and held my stock instead of sell at the bottom.
I hated my boss.
I hated the hours.
I never saw the sun.
Everyone was getting fired.
I was scared and let fear rule.
I should have waited for first-tier vesting and held my stock instead of sell at the bottom.
Lesson 3: Don't make emotional decisions.
The one that wins isn't the one who wants it most, it's the one who thinks most clearly.
The one that wins isn't the one who wants it most, it's the one who thinks most clearly.
Decision #3: Build Your Own Castle.
I built up a pretty big asset management business for a firm.
They ignored it, till it got big enough, then wanted to take it over.
I walked rather than play the game.
I built up a pretty big asset management business for a firm.
They ignored it, till it got big enough, then wanted to take it over.
I walked rather than play the game.
Loss: $3.5m+
Lesson 4: If you want to play, get your own chips.
If they're on loan from the house you never really owned them in the first place.
Lesson 4: If you want to play, get your own chips.
If they're on loan from the house you never really owned them in the first place.
Lesson 5: Don't supersede the master.
I remember a couple of articles came out about my "successes." Another MD did not like that. He had more power and political sway than I did.
Careful when you outshine those above... rarely ends well.
I remember a couple of articles came out about my "successes." Another MD did not like that. He had more power and political sway than I did.
Careful when you outshine those above... rarely ends well.
Lesson 6: PARTNERSHIP AGREEMENTS ARE CRITICAL.
Everyone's buddy buddy when there is $0 on the line.
The BEST humans, turn crazy once zeros are involved.
Everyone's buddy buddy when there is $0 on the line.
The BEST humans, turn crazy once zeros are involved.
Decision #4: Passing on Good Companies - Robinhood
This one could actually be like a $20M "loss" w/ all the deals I passed.
Robinhood at a $700M val.
Now at $11.7B.
100k invested = $1.671M or a 1571% increase
This one could actually be like a $20M "loss" w/ all the deals I passed.
Robinhood at a $700M val.
Now at $11.7B.
100k invested = $1.671M or a 1571% increase
Lesson 7: Sometimes you get what you pay for.
I thought they were too expensive and passed flippantly. Cheap doesn't always equal value
I thought they were too expensive and passed flippantly. Cheap doesn't always equal value
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