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Jesse Daugherty Profile picture
Jesse Daugherty
@jtdaugh
Building, skiing, watching football, tweeting or golfing. filbz forever.
Feb 11, 2021 • 10 tweets • 3 min read
Accredited Investor requirements are the single biggest barrier preventing you from investing in startups, VC and other incredible asset classes.

What's the point of accreditation requirements?

Hint: It's NOT about preventing you from making risky bets.

👇👇👇 I see this all the time on Twitter:

"You can buy lotto tickets, gamble away your savings at the roulette table, or buy OTM call options. So why do you have to be accredited to invest in startups?"

This simple answer is it's not just a question about risk
Feb 9, 2021 • 7 tweets • 3 min read
For all the new followers, heres a meta-thread! A thread of my favorite threads on the markets over the past month:

👇👇👇 1/ A deep dive on the DTCC and how their capital requirements forced @vladtenev to turn off purchases of $GME and other risky stocks back on Jan 28 (nailed the details before Robinhood's own blog confirmed it)
Feb 3, 2021 • 15 tweets • 3 min read
So @vladtenev at Robinhood wants real-time settlement.

Settlement was T+3 four years ago. It’s T+2 now. How low can we go?

Well, real-time seems too low.

👇👇👇 Real-time sounds sexy, and would reduce credit risk and lessen clearing deposits.

But it would *strangle* liquidity, at least in today’s world.

That means a worse, more volatile market for you...

Why?
Jan 29, 2021 • 22 tweets • 5 min read
Surging capital requirements led to liquidity issues that led to the Robinhood $GME PR mess

This doesn't mean that Robinhood is doomed.

It has to do with the DTCC & rules to protect our capital markets

The DTCC is under-appreciated. Let's use this opportunity to dig in 👇👇👇 When a stock trades, transactions are handled through two subsidiaries of DTCC, the NSCC and DTC.

NSCC and DTC clear and settle nearly all retail securities transactions in the United States.
Jan 28, 2021 • 4 tweets • 1 min read
What would happen if $GME announced a $1B follow-on offering tomorrow at 50% discount to the current share price? Sounds crazy in every sense to raise that far below market, but:

To $GME it’d be $1B of fresh capital raised at 500% their 5-year high before this spike.

It would get eaten up because of the spread.

It might stabilize the price by being an “out” for those being squeezed.