Seth Klarman, Benchmark, and seeing the present clearly
Very well written. I like that quote from Peter Fenton.
Added you to related reading on my inv thesis collection https://www.alexanderjarvis.com/vc-investment-thesis-collection/
A perspective I like about value investing with a margin of safety is that of regression to the mean.
When you fundamentally understand that a company is good and well managed, you know that a temporary slump is just that, temporary.
Their usual performance over a long time is better.
So you invest with the expectation that the company will go back to their usual good. Not expecting any amazing sudden prformance. just the average.
That requires deep understanding of the fundamentals, management and industry. The method is simple, doing it though is not easy.
Thanks for sharing, Brett! Appreciate your deep research and insights.
15:39 to 19:14 - https://youtu.be/rQ6GoY2_Ujw?t=939
Also, I believe the clip above will be helpful for those who want to skip to the discussion of engagement & how they were building a math team to address liquidity in real-time. Some additional timestamps below for that video in case anyone is interested:
background and Intro to Uber --> 01:18 to 05:56 - https://youtu.be/rQ6GoY2_Ujw?t=78
godview a few weeks after launch --> 05:57 to 07:01 - https://youtu.be/rQ6GoY2_Ujw?t=357
Is Uber a 1-hit Wonder? --> 08:09 to 12:13 - https://youtu.be/rQ6GoY2_Ujw?t=489
Difference Between Product vs. Process Managers --> 12:14 to 13:30 - https://youtu.be/rQ6GoY2_Ujw?t=734
Travis Discussing Lyft & Other Competitors --> 13:48 to 15:38 - https://youtu.be/rQ6GoY2_Ujw?t=828
Why Uber Has a Math Team --> 15:39 to 19:14 - https://youtu.be/rQ6GoY2_Ujw?t=939
Various "Uber Days" --> 19:23 to 21:38 - https://youtu.be/rQ6GoY2_Ujw?t=1155
Obstacles with DC Taxi Commissioner --> 24:01 to 26:10 - https://youtu.be/rQ6GoY2_Ujw?t=1441
Effectively Thwarting Regulators --> 26:11 to 27:35 - https://youtu.be/rQ6GoY2_Ujw?t=1571
Snir, this is great! The part on Damodoran is awesome. Venture is all about world-changing businesses. Sure trends are great, but they are crowded and most investors bet on crowded spaces and undifferentiated businesses.
I am Mr Harry, I have equity capital for profitable investment and I want to invest in any business in good faith. If you have any business proposal or project plans for review. Get back to me via email: email@example.com
Thanks for sharing ! It's so helpful. But what is your Venn diagrams? (existing tech + behaviour consumer?)