This is from 2018 but an amazing conversation.

"In order to have, you have to do. And, in order to do, you have to be."

"You are fit before your body ever gets in shape. You have to be fitness"
tim.blog/2017/12/20/ter…
"I didn’t have a penny. But when you do things, and you say, okay, now that I’m rich, what would a rich man do?" Image
After beating up his abusive father:
"This is the revenge I’ve dreamed about my whole life. And I remember just feeling empty, cold. It’s probably the darkest place I’ve ever been. I’ll never forget. It was just the most hollow, hollow feeling I’ve ever had."
"I have to use my strength for good because everybody can knock somebody out. But to give a hug with muscles is a whole other matter. And I said that is how – that’s the vulnerability. That’s the authenticity. That’s where real healing takes place because shame wants punishment."
"'God will not have his work made manifest by cowards.' It’s my favorite quote. Ralph Waldo Emerson.

Fear begets more fear. But courage just begets more courage. Any great thing, any – literally, creating a business to making art, it takes this courage."

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More from @NeckarValue

3 Oct
In 1929, a young lawyer named Floyd Odlum raised millions which he used to roll up distressed assets after the crash.

And yet, the Great Depression’s most successful investor, is completely forgotten today. This is the story of an unlikely triumph with a tragic ending. Image
Odlum was born in 1892 in Michigan the youngest son of a minister. He worked throughout school and college, piling scrap lumber, selling kitchenware, even riding racing ostriches one summer.

The family moved to Colorado where he attended law school – his ticket to a better life.
After a stint at a utility, he was recruited by prestigious NYC law firm Simpson Thatcher.

He joined their client Electric Bond and Share, one of the biggest utility companies. Odlum worked closely with Ebasco’s president and ran acquisitions in England and the Americas. Image
Read 22 tweets
1 Oct
Interesting piece by @kevinakwok coining a term I've been looking for: "narrative leverage" as the ability to lower cost of capital, attract/retain talent, and acquire customers.
"The best founders have figured out that owning their narrative gives them meaningful leverage. Founders and companies can increasingly communicate their narrative in a direct and compounding way to investors."
Types of fundraising pitches: narrative, inflection, and traction raises.
Narrative: compelling story of what could be
Inflection: secrets discovered.
Traction: driven by the results Image
Read 6 tweets
28 Sep
"Almost to a person, the biggest technology successes were thought of as idiotic at the time, or going after small prizes"

"Almost all great companies go through a desert of disillusionment, where investors decide that they're not worthy of sticking with"
Financing Netflix after the dotcom bubble popped
"And the company had not yet achieved cashflow positive. There was not a penny available in the world, much less millions for a consumer facing eCommerce company in the spring of 2001. It really was a post bubble nuclear winter"
Fundraising
"We gave 188 presentations around the globe to ultimately raise $100 million, TCV One. But there was incredible stress during that point in time. One of the stresses was people didn't like Crossover. They wanted it either a private fund or a public fund."
Read 5 tweets
28 Sep
Rolex and hyper-inflation, fantastic by @DoombergT
"Rolex is the government, dealers and shady resellers are the corruptible intermediaries, a trading app is the back alley, and desperate buyers are seeking monetary calories for future consumption."
doomberg.substack.com/p/what-does-pr…
"Rolex cares deeply about the resale value of its watches and has a long tradition of carefully managing new supply to protect historical buyers. ... their value as an inflation hedge has made them especially interesting, ... as a data point for trends in consumer psychology."
"For reasons nobody fully understands, supply has dried up. Visit any authorized dealer today and you will find almost nothing to buy. The display cases are literally empty."
Read 6 tweets
15 Sep
If you're thinking at all about inflation and China, this piece by @ByrneHobart is a fantastic read.

"There was a vigorous debate in the 90s about why inflation had dropped so much. One school of thought credited Greenspan...But a lot of it was Deng Xiaoping and Malcolm McLean."
"something interesting happened in the 90s and early 2000s: commodities price spikes didn't get passed through to consumers."

"the higher cost of components was offset by the lower cost of the people who turned those components into finished goods."
"if you want to compete with Shenzhen's human and institutional capital—the people, the experience, the dense network of suppliers—step one is to start about thirty years ago."
Read 6 tweets
27 Aug
Love the story of the Chandler brothers, Richard & Christopher, who turned $10mm into $5bn.

They hopped the globe searching for value facing off with CEOs and oligarchs. It’s a wild sequence of concentrated bets from Hong Kong to Brazil, from Korea to Russia.
The brothers grew up in New Zealand where their parents built Chandler House, a leading department store. The kids learned about business early on.

"We are great believers in the idea of having audacious goals, breaking out and doing something out of the ordinary."
Richard wrote his thesis on corporate governance and the gap between owners and managers.

They sold the family biz for $10mm and started their investment firm, Sovereign Global in 1986.

"We said, 'Let's do something that we love to do, not just something that we are good at."
Read 29 tweets

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