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A Thought Experiment
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…
Eric Bjorndahl
Jul 23
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A Thought Experiment
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July Update
The biggest challenge for me right now is maintaining a strict valuation discipline, with a focus on individual companies and margin of safety, while…
Eric Bjorndahl
Jul 21
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July Update
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Unforced Errors
Margin of safety, objective ignorance, uncertainty
Eric Bjorndahl
Jun 3
2
3
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Unforced Errors
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Investment Journal #1
Notes to self
Eric Bjorndahl
May 31
2
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Investment Journal #1
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Durability
And its impact on cash flows and valuations
Eric Bjorndahl
May 3
3
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Durability
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2021 Performance Review
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…
Eric Bjorndahl
Jan 1
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2021 Performance Review
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Shifting Baselines
Callum Roberts, author and marine conservation biologist, describes shifting baselines as: …intergenerational changes in how we perceive our world. Each…
Eric Bjorndahl
Sep 30, 2021
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Shifting Baselines
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Thoughts on Growth
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…
Eric Bjorndahl
Aug 27, 2021
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Thoughts on Growth
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China
The Hang Seng Tech index in Hong Kong has declined 40% in the past six months. This is greater than the S&P 500 drawdown of 32% in March 2020, when fear…
Eric Bjorndahl
Aug 17, 2021
1
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China
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Market Timing
Cash and "market timing"
Eric Bjorndahl
Jun 4, 2021
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Market Timing
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Yelp Redux
Taking another look at Yelp
Eric Bjorndahl
May 26, 2021
1
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Yelp Redux
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When to Sell: Weight Watchers (WW) Case Study
The endowment effect, commitment bias and a brief example
Eric Bjorndahl
Apr 24, 2021
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When to Sell: Weight Watchers (WW) Case Study
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