What I wish I knew as an investor 20 years ago??
Speak your truth... even if your lips tremble.
The deals I could have saved $52M+ on:
If I wasn’t so scared... a🧵
Speak your truth... even if your lips tremble.
The deals I could have saved $52M+ on:
If I wasn’t so scared... a🧵
In finance MD typically stands for:
Most D*ckish.
Mr Don’t
IDK but managing directors to analysts were the worst
I underwrote a CPG deal, and saw more holes than cheddar cheese.
Presented the findings.... and got told by 2 MD's to pound sand.
Most D*ckish.
Mr Don’t
IDK but managing directors to analysts were the worst
I underwrote a CPG deal, and saw more holes than cheddar cheese.
Presented the findings.... and got told by 2 MD's to pound sand.
What happened?
That company went on to raise:
$52 million dollars
Burn all of it
Return nothing
Is it bad to say I told you so at that moment? Ya....
That company went on to raise:
$52 million dollars
Burn all of it
Return nothing
Is it bad to say I told you so at that moment? Ya....
How I knew?
Some of the warning signs that I look for today in founders and in myself.
It all started when I flew out on a red eye to see how the company burned all their cash faster than a dumpster fire...
walking into the lobby I knew, we were doomed.
Some of the warning signs that I look for today in founders and in myself.
It all started when I flew out on a red eye to see how the company burned all their cash faster than a dumpster fire...
walking into the lobby I knew, we were doomed.
#1 Don't Be a Fancy F*ck
This office was nicer than Facebook.
They offered me a damn cappuccino w/ that swirly foam on top.
Carrera marble, a "sleeping lounge," I'm sure there was a slackline somewhere.
I want gritty cheap founders until they hit profitability. Period.
This office was nicer than Facebook.
They offered me a damn cappuccino w/ that swirly foam on top.
Carrera marble, a "sleeping lounge," I'm sure there was a slackline somewhere.
I want gritty cheap founders until they hit profitability. Period.
#2 Get Over Yourself
I walk into the guys' office, what is the first thing I see?
A giant picture of himself.
Followed by another.
Followed by a framed article.
I mean my logo is my own face and even I was embarrassed.
Too easy to think you're special. None of us are.
I walk into the guys' office, what is the first thing I see?
A giant picture of himself.
Followed by another.
Followed by a framed article.
I mean my logo is my own face and even I was embarrassed.
Too easy to think you're special. None of us are.
#3 Uhhh what numbers?
We pulled out the financials. They were a mess.
Start asking the CEO q's, he says, "I'm not a 1's and 0's guy."
Well, you sure know how to spend 0's. Lord help me he used the word visionary.
We pulled out the financials. They were a mess.
Start asking the CEO q's, he says, "I'm not a 1's and 0's guy."
Well, you sure know how to spend 0's. Lord help me he used the word visionary.
Moral of the story, underwrite the founder as much as the business.
Things go wrong every day in investing. But ethics are forever.
Oh, and if we meet and I'm giving you money, offer me the cheap Costco coffee as you pull up in your Corolla :)
Things go wrong every day in investing. But ethics are forever.
Oh, and if we meet and I'm giving you money, offer me the cheap Costco coffee as you pull up in your Corolla :)
What's the worst deal you ever did?
What'd you learn?
What'd you learn?
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