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Frederik Gieschen Profile picture
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Feb 16 • 5 tweets • 2 min read
🔥pieces by @kwharrison13 on changes in VC

"The reallocation of trust from brands to individuals is impacting the way founders view who to invite into their companies. Influence within venture has progressively decentralized away from the core brand into renegades."
"For the longest time people thought often of VC funds as “The Firm.” Amorphous blobs that judged you harshly and spit out cash."

The Unbundling of Venture Capital
investing1012dot0.substack.com/p/the-unbundli…
"There is a long-tail of super talented people who may not be the best investor for everyone, but for a specific group they'll be the perfect investor."
The Productization of Venture Capital

"The world is changing to become more dictated by value proposition because it reframes the question. What do founders want? They don't particularly care what stage or sector you want to focus on."

investing1012dot0.substack.com/p/productizati…
"There is power in creating a scaffolding [of best practices] because it's more than just people. There is value in preparation, rituals, and familiarity."

investing1012dot0.substack.com/p/the-professi…

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More from @NeckarValue

Frederik Gieschen Profile picture
Feb 18
Some nuggets from the excellent new documentary on @Carl_C_Icahn on HBO

"You get a great feeling when you find a company, when you find something you can do. You get excited by it. Something goes 'click,' and you know it's good. When I hear the click, I know I won." Image
I need this pillow: "Happiness is positive cash flow"😭 Image
It's not about money (okay, it is not *only* about money):

"The money is just sort of a goal. It's like, the explorers, why do they keep doing it? They believed in going for the gold, like Cortes and these guys. But the finding and doing is much more exciting than having it ...
Read 22 tweets
Frederik Gieschen Profile picture
Feb 17
In 2002, a young hedge fund analyst was sifting through the rubble of the dotcom bust.

Scott Shleifer had joined upstart Tiger Global, formed by Chase Coleman after his mentor Julian Robertson had shut down legendary Tiger Management at the peak of the bubble. Image
Shleifer dug through a spreadsheet with tech stocks until he stumbled upon a group of Chinese internet companies. Sina, Sohu, and NetEase were not yet profitable but they were growing rapidly and their stock prices had imploded.
Shleifer saw growth and high incremental margins - much of future growth would fall to the bottom line.

He set up calls with management. When he heard that he was the first Western investor to call in some time he got really interested.
Read 7 tweets
Frederik Gieschen Profile picture
Feb 15
Stan Druckenmiller on what he looks for in a money manager:

"Number one, passion. If you’re not passionate, it is so invigorating to certain individuals, they’re going to
work 24/7, and you’re competing against them. Every time you buy something, one of them is selling it.
If you‘re with one of the lazy people or one of the people that are just doing it for the money, you’re going to get run over by those people."
No. 2:
"When I look at their record, I immediately go to the bear markets and see how they did. I want to make sure I’ve got a money manager who knows how to make money and manage money in turbulent times, not just in bull markets."
Read 5 tweets
Frederik Gieschen Profile picture
Feb 15
Larry Robbins of Glenview on consistency of effort in hockey and investing:

"Consistency of effort often makes the difference between who wins and who loses.
You never know when that lucky break will be, so you
always need to be working hard and paying attention."
"On January 1, when the sheet reads zero point zero,
we have to remember that it’s not about what you did
before, but about that persistence and continuity of
work effort."
"Glenview Capital, is named after Glenview, IL, where I started playing hockey when I was 5 years old.

"You need to have a certain talent level to be on the team and in the game, but what differentiates people in hockey who win games and who don’t is the consistency of effort."
Read 4 tweets
Frederik Gieschen Profile picture
Feb 13
Bireme's @evantindell crushing it. Must-read letter.

Short $SPCE

"The worst offender was Virgin Galactic, the stock whose success ignited the SPAC boom.

"Sponsors projected $398m in 2022 sales.
Today, analysts estimate just $8m."

"Insiders have ... unloaded more than $1.7b worth of shares on the public."
"The most egregious valuations in the EV space probably belong to the retail charging companies...

Would you pay 50-100x sales for a gas station operator with large capital requirements and massively negative margins"
Read 4 tweets
Frederik Gieschen Profile picture
Feb 12
“I don’t think most whistleblowers and even short sellers start with the idea that, like, Wow, this can be a great business; all I need to do is pick fights with corporate sociopaths, and I can do really well."

Must-read on @ClarityToast
"Anderson was operating a small brokerage and a software firm that offered due-diligence services to hedge funds. He struggled to make a living. In 2017, his landlord filed suit to evict him from his Inwood apartment. His brokerage reported a net-capital balance of just $58,482"
$NKLA "The rolling truck was the killer detail — the spark that incinerated a high-flying stock to the career-making benefit of Nathan Anderson."

"He used to poke around in shadowy corners, but lately he has been seeing fraud sitting right in the blazing light of day."
Read 8 tweets

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