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6 Sep, 18 tweets, 14 min read
Over the past week, I’ve gotten lots of questions about @CapitalCamp, which took place this past week in Columbia, MO.

What is it? Why? Why there? Who?

Figured a thread might save some time and help attract the likeminded. Here’s the scoop:

In 2017 I was sitting in a hotel ballroom sipping on bad coffee surrounded by an army of blue blazers waiting to take down a rubber chicken lunch.

No one seemed happy, but hey, conferences aren’t supposed to be fun. It’s work, right?
I got back and called my friend @patrick_oshag about a crazy idea.

What if we put on an investing conference that was informative and enjoyable? What if we took people out of their element, got casual, and gave people the opportunity to form meaningful relationships?

He said:
Patrick and I met on Twitter and became great friends offline, over shared experiences and great meals. That’s how deep relationships form — randomly, then intentionally.

We wanted to create space for serendipity and connection, focused on relationship formation.
We settled on Columbia, MO not only because it’s my hometown, but also because it is flyover country, a lively college town, and relatively inexpensive, allowing us to charge normal conference fees but make the experience elevated.

Everything had to be top-notch.
We knew we needed full-time professional effort.

Thankfully, @Clayton_Dorge had been doing national events and had recently moved from Chicago to mid-Missouri.

He came on board in March of 2018 and we got to work, with @keliemorgan heavily contributing.
Next year was nutty. Kind of like operating a company, if you’ve never created 3 days for 200+ people, it’s hard to describe the challenges. Your backup plans must have backup plans.

Rain? Heat? Cold snap? Bus breakdown? Injury? Sickness? Last-minute cancellations? Supply chain?
As May 2019 approached, we weren’t sure if Capital Camp was going to be a blast or a flop.

I had nightmares that groups of angry people were yelling at me for bringing them to the middle of Missouri for a waste of their time...or worse.
We had challenges, like two tornadoes, one of which came close and ended an evening. I idiotically decided against name tags, so no one could recall who they talked to. Travel to Columbia was wrecked by terrible weather seemingly nation-wide.

But, despite that, it went well.
All was set for CC2020, but…ya know…the COVID. So we pushed the date. And pushed it again. And again. (Insert “push it real good” lyrics)

Finally, we went for it last week with everything possible outside or in large air column spaces and plenty of rapid tests available.
Eventually we ended up with 280 attendees and a 1200 person waitlist.

This year was about 40% returning campers. We love the deepening of relationships that continuity brings, but also want serendipity.
We chose speakers from a variety of backgrounds, specialities, and focuses across asset classes like @KatColeATL, @verdadcap, Sejal Patel, @mjmauboussin, @anuhariharan, @_ram_, @BrettHagler, @jasonillian, @AliBHamed, Scott Wilson, and @samteller.

They did great.
Stage time was only about 1/4 of the day, with the rest being filled by masterclasses on endurance running, butchering a halibut, how to win a bar fight, tactical shooting with special forces, and a special film screening with the director, as well as classes taught by attendees.
Evenings are for relaxing, eating well, and conversation.

The running joke is that @patrick_oshag runs an investing conference while I put on a food and wine festival.

We all have our strengths and as a fat kid, I choose to embrace mine. The Nashan brothers are our chefs.
The last night is particularly special, set on a beautiful farm north of Columbia.

It’s the best food, drink, music, and setting we can muster, punctuated by professional fireworks, hot air balloons, and even some nitro ice cream for dessert.
If you’re curious what attendees thought, here’s some of them in their own words:

@tsludwig:

@magdalenakala:

@_ram_:

@tomowenmorgan:

@TommyVCMartin:
@pratyushbuddiga:

@AlexRubalcava:

@petelehrman:

@lpolovets:

@doctor_parth:

@dzmitry9:

@BurakYngn:
An event like this doesn’t work at 500 people, let alone more than that.

We’re going to experiment with other styles of events and keep Capital Camp around 300 people.

So if you’re interested, join the waitlist and we’ll be in touch about possibilities: capitalcamp.com

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More from @BrentBeshore

Brent Beshore Profile picture
26 Aug
We often get questions about how @PermanentEquity works with companies post-close, especially as we’ve scaled. Who's involved? What roles do they play?

Thread about growth, governance, and opportunities, including a senior-level role to join our team and manage a portfolio:
Before diving in, it’s important to know how we’re different.

Unlike traditional PE, we don't use debt, buy with no intention of selling, and never have a 90-day plan. We try to listen and learn how we can be good partners.

We also don’t use boards of directors.
While boards can add a variety of skillsets and perspectives, they also can quickly devolve into a hairball of misaligned incentives, poor communication, and chaotic decision-making.

We have a dual hook-in structure post close with a financial partner and a portfolio partner.
Read 7 tweets
Brent Beshore Profile picture
16 Aug
What Farbood is articulating is a classic secular materialist worldview, and one that I previously shared.

Creating our own meaning assigns purpose to something, which inherently has none, based on our feelings. Subjective meaning is a fiction, while perhaps a helpful one.
If you find meaning in your relationships, it’s a feeling, not a reality.

And while you may have a preference towards having relationships, it’s merely that: a preference. The subject of my meaningful feelings will die and eventually all of humanity will cease to exist.
Read 9 tweets
Brent Beshore Profile picture
8 Jun
In what might be the biggest, hugest, most crazy story ever, financial journalist discovers taxpayers, some of which were highly successful, didn't pay taxes on unrealized gains, per the tax code followed by everyone.

Other journalists agree and are outraged.
In other crimes-against-humanity news, millions of ordinary Americans are now declared morally bankrupt and should be cancelled because they failed to pay taxes on rising home values.

Financial journalists everywhere call for a national day of mourning and repentance.
Said one well known financial journalist, "I haven't seen this level of moral filth since I heard about companies having the freedom to use their free cash flow as they please, including to buy back stock."
Read 4 tweets
Brent Beshore Profile picture
30 May
This is the end of a memoir from the famous 20th c. atheist and formerly socialist historian Will Durant called "Fallen Leaves" which was discovered and published after his death at 96 in 1981. It's packed with beautiful prose and raw observations.

Here are some quotes:
"Our children bring us up by showing us, through imitation, what we really are."

"Childhood may be defined as the age of play; therefore some children are never young, and some adults are never old."
"Most men of forty are but a reminiscence, the burnt-out ashes of what was once a flame. The tragedy of life is that it gives us wisdom only when it has stolen youth."
Read 18 tweets
Brent Beshore Profile picture
21 May
Politely disagreeing with friends is fun. @BillDA you're wrong and you suck. JK.

In all seriousness, yes, debt is a tool. Not sure most people need the nudge to use more.

Here's why @PermanentEquity hasn't used debt in our last 6 deals (gasp!) and why we think that's correct.
Debt is not a source of returns. It’s an amplifier. It’s a way of taking good returns and making them better. Or taking mediocre returns and creating problems.

Let’s state the obvious: With perfect information, you’d always employ max leverage.
The challenge is that the world is messy and unpredictable. We think we’re far more in control than we are. People go off the rails. Pandemics hit. The price of oil goes negative. Digital shared fictions become a $1T asset class. Musical chairs look available until they’re not.
Read 8 tweets
Brent Beshore Profile picture
16 May
I get it Neville. I too thought similar things at one time, but decided to dig in and study Jesus. What I found surprised me and amazed me. I think it would surprise you too.

Here's a summary of what I learned in case it's helpful.
Jesus was a radical whose ideas turned the world upside down.

He believed in the inherent value of all human life, which is the basis for human rights. He fiercely defended the poor and oppressed, condemning only the self-righteous religious elites.
He proclaimed truth with love, warning against the distortive effects of money and power. He was a friend to outcasts, prostitutes, and criminals, treating them with compassion, respect, and graciousness. He forgave his enemies, asking God to forgive them as He hung on the cross.
Read 19 tweets

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