Sunday Reads …The Glut of Overpriced Companies in The Private Markets
I am heading out on my long weekly ride after I finish this post.
Tomorrow I am excited to be attending Springboard at The Coronado Navy Seals Base for a one day workshop on leadership and networking with special operator entrepreneurs. I’ve lived on Coronado for years but never gotten a tour of the base.
Yesterday I mentioned that I have been reading quarterly letters and mea culpa’s from some of the ‘best in the investing business. I know of two funds that I am a personal investor in that are down over 50 percent the last year and that does not count their private sidecar investments.
I will start with Softbank and Masa who somehow has already lost 2/3 of his fortune. That seems impossible since the Nasdaq is only down 30 percent from all-time highs. Anyways, he is cutting investments by 50-75 percent.
YC (Y Combinator) is advising founders to ‘plan for the worst’ amid the market teardown . Much respect for YC, but they have been so loose with this last generation ‘notes and high valuations’ that will take years to work through the system.
Josh Wolfe, a very successful venture capitalist shared excerpts from his quarterly letter that had some great ‘what were we thinking‘ anecdotes. Definitely have a scroll and a read.
I have written here before that I never could have imagined a post Softbank/WeWork and Theranos world filled with 10 more Softbanks, but that we got (Tiger, (Read more...)