Everyone knows about Dan Sundheim, who is among the best investors of the past 20 years. His fund D1 runs $30bn+ w/ stakes in Stripe, Ramp, etc

What's less known is that Dan used to post his research on VIC in his early 20s ('02-'04)

A few takeaways from those writeups below 👇 Young Sundheim was focused on small caps/microcaps. Many of the best investors start out this way. Simpler businesses to understand, less competition, higher likelihood of massive mispricing.

In the past, I’ve written about Tiger Global, Coatue, Dragoneer, Greenoaks: crossover funds that take minority positions in hypergrowth companies.

Today, I want to write about a firm with a different approach. This firm, Invus, is less well known but just as interesting.👇 1/ You probably haven’t heard of Invus, but their track record speaks for itself. They’ve 27x’d investor money in their evergreen fund since ’98 & manage more than $8bn today.

But more interesting is how they did it: they’re a PE firm, but structured diff. from most PE shops.

Modern Treasury is one of the hottest enterprise software companies out there, having recently raised $38m from Altimeter and Chetan P. at Benchmark. They’re focused on payment ops. But what is that, what do they do, and where are they going?

My longest deep dive yet 👇 1/ One of the reasons I chose to write about Modern Treasury today is b/c the quality of the team and the investors are so high that there is clearly something there.

The Investment Group of Santa Barbara (IGSB) has one of the best long-term investing track records out there, and was the training ground of Dragoneer founder Marc Stad. But since they don’t manage external $ and are super low-profile, few have heard of them. Let’s change that 👇 1/ IGSB describe themselves as “business builders” - they started out in public equities way back in the late 70s, but increasingly have shifted towards incubating & building businesses themselves with a team of <20 people.

Greenoaks is the best investment firm that you’ve never heard of. They've returned 51% annually since 2012 on the back of early bets on Coupang, Deliveroo, etc.

But because they’re ultra-secretive, they’re talked about way less than they should be. I'll try to change that.👇 1/ First, some more details on Greenoaks. They’re tech-focused, based in SF, and manage well over $15bn (exact AUM is not public) with a <15-person investment team.

Last week, I did a deep dive into the backstory of Tiger Global. After, I got a lot of requests for a similar deep dive into their $48bn peer Coatue, another super successful Tiger Cub.

So here it is: everything you need to know about Coatue and its founder, Philippe Laffont. 👇 1/ Philippe graduated from MIT in 1991 w/ a degree in Computer Science.

He applied for jobs in 3 different divisions at Apple, and got rejected from all 3. Instead of becoming an engineer, he decided to take a job at McKinsey in Madrid.

Everybody has heard of Tiger Global these days. But the firm and its founder, Chase Coleman, are notoriously secretive... so I did some research on the backstory.

Everything you need to know about Chase Coleman and the rise of Tiger Global (warning: long thread)👇 1/ Coleman was born into wealth, and he was childhood friends with Julian Robertson's son on Long Island.

His first job out of college was as an analyst for Robertson at Tiger Management.

Why I think $ANGI could be a $70bn+ company in 10 years (vs. ~$7.5bn today). Long thread below 👇

In short, it's fixed price, fixed price, fixed price. 1/ First, some context.

Angi is the clear leader in home services. Nobody else is even close. And it’s a really hard market to get into - you have to (1) onboard hundreds of thousands of SPs, many of whom are not very tech-savvy and (2) build demand from millions of customers

$GDS reported earnings last night. It’s the leading carrier-neutral data center operator in China, and it’s a company I follow pretty closely. My takeaways from earnings, both the good and bad 👇 1/ First, a bit about the company: GDS operates in T1 cities in China (mainly, Beijing, Shanghai, Shenzhen, Guangzhou) where land & power for DCs within 100km of city center is very scarce.

Yesterday, I bought $DGNS (Dragoneer’s 2nd SPAC) and $AGCB (Altimeter’s 2nd SPAC) at $10.65. Seemed pretty asymmetric at that price. 👇 Max downside is $0.65 per share (assuming you hold until deal announcement/SPAC expiry).

The more I think about it, the more I think $ANGI mgmt is totally sandbagging their guidance for the size of fixed price (FP) in the future.

In other words, I think FP will be much bigger than they’re saying it’s going to be. Read why below:👇 1/ On the latest earnings call, CEO Brandon Ridenour guided towards FP being about half the overall business by revenue, 5-7 years from now.

I’ve been spending a lot of time learning about the online gambling space lately. To understand online gambling, though, I had to understand the "land-based" gambling ecosystem first.

There are many players - so explainer thread below👇 1/ There are two types of companies in gambling: B2C and B2B. B2C actually interface with end customers (gamblers). B2B provide products + services to B2C companies.

Why I think $JD is a $700bn+ company in 10 years (vs. <$150bn today).👇

This is a long thread and maybe not as exciting as watching $GME, but I think it'll be worth your time :) 1/ Chinese retail sales in 2020 were RMB ~40tn. 25% online = RMB ~10tn online sales. Let's say in 2030 total retail sales are RMB 70tn (inline w/ GDP growth) and online penetration is 50% = RMB 35tn online sales. That's 13% e-com mkt. size CAGR over next decade.

1/ In his interview with @goodinvestingc, @CliffordSosin gives the best articulation of the 15-year investment case for $CVNA that I have seen. I'll summarize his argument for how $CVNA could be a $800B+ company in 15 years: 👇 2/ There are currently ~25m <10 yr-old used cars sold in US per year. Add in Canada + economic growth over time and you get to ~33m <10 yr-old cars/year in 2035. This is Carvana's TAM.