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Niko Ludwig Profile picture
@Collateral_com
Aug 10, 2023 • 6 tweets • 2 min read • Read on X
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Penn lost $800MM on Barstool Sports

Here's their original pitch deck on the acquisition: Image
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More from @Collateral_com

Niko Ludwig Profile picture
Feb 4
Blackstone released their 2026 investment outlook

Here are the key takeaways:

1) Apps are ballooning from to 100M faster than ever. The durability of that growth is another topic...

(more below) Image
2) Hyperscaler CapEx is shooting to 2.5x growth, but still remains under historical benchmarks as a % of rev Image
3) Corporate business interest expense hits a 50-yr low Image
Read 12 tweets
Niko Ludwig Profile picture
Dec 2, 2025
Ben Evans released 90 slides on "AI eats the world"

Here are the 14 most important ones: Image
Every 10-15 years a new platform changes technology Image
Big Tech is in an AI arms race Image
Read 16 tweets
Niko Ludwig Profile picture
Aug 22, 2025
In 1917, WWI began and America needed money, fast.

They had two options
1. Raise taxes
2. Take loans from citizens

The winner? Liberty Bonds.

In the end, 1 in 3 Americans chipped in.

Here's how Americana sold the dream: Image
The marketing revolution began with America's most recognizable advertisement.

The Statue of Liberty pointing directly at YOU.

"YOU buy a LIBERTY BOND LEST I PERISH"

No interest rates mentioned. Just Liberty pleading for her life. Image
Different posters targeted different emotions with precision.

For women: innocent girl with "Her America Must Stay Free!"

For men: Uncle Sam with rifle "If You Can't Enlist - Invest"

Bond purchases were seen as honorable as military service. Image
Read 15 tweets
Niko Ludwig Profile picture
Aug 15, 2025
Lehman Brothers is the largest ever bankruptcy

They held $691B in assets

Here's the best slides from their 'Risk Management' deck: Image
Image
Image
Read 8 tweets
Niko Ludwig Profile picture
Aug 13, 2025
Picture this:

London, 1609. You've got the craziest pitch in history.

Plant a colony in America.

Nobody's done it.
It'll cost a fortune.
And, half your investors might die crossing the Atlantic.

How do you raise money for that?

The Virginia Company had an answer: Image
They needed serious capital for something that sounded completely insane.

So, they crafted the perfect story.

They created "Nova Britannia".

They painted Virginia as paradise. Flowing with "excellent fruites." Perfect weather. Gold everywhere. Image
And it worked.

"Adventure capitalists" ate it up.

By 1720, London was drunk on investments. The South Sea Bubble was storytelling gone wild.

One company's investment idea?

"For an undertaking of great advantage, but nobody to know what it is."

An people actually invested. Image
Read 8 tweets
Niko Ludwig Profile picture
Aug 5, 2025
Palantir just reported their first $1B quarter

Their co-founder, Alex Karp is all-time eccentric...
- lives in seclusion, without cell phone
- never learned to drive “I was too poor and then I was too rich”
- carries tai chi swords around the office

Here's their earnings deck: Image
First, in Karp's letter to shareholders... Image
Now, their deck... Image
Read 7 tweets

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