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Tyler Hogge 🎯 @thogge
, 7 tweets, 2 min read Read on Twitter
investment firms i find endlessly fascinating:

-Vista Equity
-Constellation Software
-3G capital
Vista
-never lost money on a deal
-perhaps the best software investors in the world (or next to sequoia)
-their “VSOPs” consulting principles -- secrets they use to turn around old on-prem software co's
Constellation
-some guy in canada starts buying small, vertical software co’s
-rolls them up into a massive public co with 2b in revenue
-"We buy Good vertical market software companies. Now and again, we buy an Exceptional company"
csisoftware.com/about-us/being…
3g:
-brazilian geniuses who win over Buffett's trust
-say they basically learned their playbook by studying jack welch case studies from GE
-ruthless efficiency creators
-Zero based budgeting zealots
"Nobody ever taught these guys the blocking and tackling of running a software company, and we do it better than any other institution on the planet." Robert Smith, Vista Equity CEO
forbes.com/sites/nathanva…
“His funds have already made distributions of $14 billion, including $4 billion in the last year alone.”

!!
the Vista secret sauce: VSOPs — the playbook to running software co’s
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More from @thogge see all

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the ultimate question of the silicon valley experiment:

Does putting more money into the ecosystem lead to an expansion of high quality startups?

or

is the # of high quality startups hard capped (e.g. by a scarce resource such as exceptional founders)?
the hard-cap hypothesis is Fred Wilson's POV: avc.com/2009/04/the-ve…
And presumably the soft cap hypothesis is the big bet @ycombinator is making (along with the flood of other early stage money)
Read 4 tweets
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you know what most people don't realize with outbound?

-the goal of the email is to get a 10-min call
-the goal of the call is to get a 20-min mtg
-the goal of the mtg is to get the "sale"

ONE ask per step.

Ask gets bigger each step.

Reel them in.
too many try to put it all in the first email. wrong. email ignored.

instead:

"Here's 3 <VERY TAILORED> reasons why you should listen to me.

Can we speak for 10 minutes max on the phone?"

(and... ^ double space between reasons + ask is key :)
btw-- This is basically Cialdini's "Consistency" -- but in everyday life.
Read 3 tweets
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Silicon Valley likes to think it has overcome the evils of credentialism signaling

but here, it’s just “YCS14” instead of “Harvard 08”
these biases, like halo effect, are human bugs.

can’t overcome with with pure intentions.
there was an old thread where a smart dude was asking @pmarca why only the top 20 VCs had great returns.
Read 6 tweets

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[THREAD] As a systematic public market investor, #VentureCapital was an asset class that felt opaque to me based on only my limited exposure of #AngelInvesting & my friends in the industry. In this article, I set the context for Unpacking Alpha in Venture Capital.
1.) It is a challenging asset class to digest & I am sure a majority of large institutional pools of capital would struggle to list more than a handful of brand name VC firms or investors.
2.) That said, top decile returns in VC are extremely impressive so I decided to take a deeper look with a view to create an ecology map & building an institutional footprint from first principles.
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1/ Things about CPG that people wouldn’t understand unless they live in the industry. Most of these relate to how difficult it is to be an entrepreneur in that space- and how unfair it is for them historically.
2/ The inefficiency is crazy. No Silicon Valley, no TechCrunch or YC of scale that comes close. There is an absurd amount of networking- it would dwarf what is considered normal in tech.
3/ The data providers in CPG are horrible. Most are high precision with very low breadth. In addition, there is so much money in CPG (the industry is HUGE $15 trillion) that the same few data providers are used by everyone - thus commoditizing the impact.
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Dana Rohrabacher (CA-48) is well known as "Putin's favorite congressman" for voting against the Magnitsky Act.

Now, it looks like there are some seriously shady business deals going down that haven't previously been reported on. #ThursdayThoughts
comraderohrabacher.com
In 2012, Congressman Dana Rohrabacher made an investment in a privately-held company called ISI Life Sciences, Inc. Rohrabacher does not have a background in biotech and prior to this investment, Rohrabacher hadn't reported any investments in privately-held companies.
Rohrabacher's investment was less than $1,000. For an investment of this size, Rohrabacher was not required to report the transaction on his financial disclosures.
Read 62 tweets
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1/ [Thread]
Russian investors, Facebook Connect and Groupon’s sprint to a $1 billion valuation
2/ Two years ago, Russian oligarch Leonid Boguslavsky and Michael Angelakis invested $250 million in Groupon. Angelakis is the Chairman of the Board at the Federal Reserve Bank of Philadelphia and the former CFO of Comcast.
bit.ly/2M2qY6d
3/ That same month, Groupon sold its Groupon Russian subsidiary to Boguslavsky “without receiving any proceeds” from the sale.
bit.ly/2wz7K3c
Read 82 tweets
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If I were to distill my prime directive for #investing; my overriding philosophy, it would be this - Never leave money lying fallow. #Thread #InvestInYou #Investment
I believe without a shadow of a doubt, that you should get to a point where you live off your returns, not capital. A point where you've invested so much, that the returns become a steady stream that takes care of your needs.
A point where you only dip into capital for major things like buying a house and then, only rarely.
Read 5 tweets
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1/ @telegram chose, from a place of strength, to use a #cryptoasset as their monetization model, instead of an equity.
2/ @telegram's *choice* to say: #cryptoasset > #equity, is the single most important takeaway for me from the $TON sale.
3/ I'm not sure everyone appreciates how much VCs have yearned to invest in @telegram over the years, and @durov was never having it.
Read 7 tweets

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