Here is a simple thought experiment: In 2021, US venture capital backed companies raised $330B, roughly $180B above the average of 2018-2020 (source) VC backed companies spend roughly 50% of funds raised on marketing (source, source) This implies an “excess marketing spend…
The biggest challenge for me right now is maintaining a strict valuation discipline, with a focus on individual companies and margin of safety, while…
1
2
Margin of safety, objective ignorance, uncertainty
2
3
Notes to self
2
And its impact on cash flows and valuations
3
In 2021, my portfolio returned 21.16% and the S&P 500 index returned 28.71%. Cash holdings averaged 60.75% for the year. Personal Performance vs. S&P…
1
2
Callum Roberts, author and marine conservation biologist, describes shifting baselines as: …intergenerational changes in how we perceive our world. Each…
An increasingly prevalent model for growth, especially in the tech / startup world, is: Spend (and lose) a lot of money to buy users Monopolize the…
See all

This Time Is Different