⁠iinvested
3Q'24 Voss Capital on $PHIN

More fund letters here:
https://t.co/ccjFhSQnS3 https://t.co/CxNkkimM31
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⁠Investing visuals
Friendly reminder for investors fixated on stock prices: successful investing is about understanding what lies beneath the surface https://t.co/ofECkEA54y
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⁠Stock Analysis Compilation
Montaka on KKR $KKR US

Thesis: KKR is poised to unlock substantial value through structural growth opportunities in Asia, insurance partnerships, and retail wealth channels.

(Extract from their article)

https://t.co/zXhHCUIbWz
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⁠Startup Archive
RT @genomicsdoc: Weird how many people deny this.

Certainly not everyone should feel like they need to do this to lead a decent life. However if you want to make more money than average, and make more impact than average, working much harder than average greatly increases that probability.

LinkedIn founder Reid Hoffman: Founders have no work-life balance

“I actually think founders have no balance… If I ever hear a founder talking about how ‘this is how I have a balanced life’ and so forth, they’re not committed to winning… The really great founders are like: ‘I am going to literally pour everything into doing this. Now it only may be for a couple of years… But while I’m doing this, I am unbalanced at this thing.’ It’s not to say that you don’t take breaks or you don’t go on dates or whatever else. But you’re super focused on this because it’s really hard and there’s lots of ways to die.”

Elon Musk emphasizes this as well:

“If other people are putting in 40-hour work weeks, and you’re putting in 80 hour work weeks, you will achieve in 6 months what takes them a year to achieve, which will greatly improve your odds of success”

Why make such extreme sacrifices?

Well, as Paul Graham puts it in his essay How To Make Wealth:

“Economically, you can think of a startup as a way to compress your whole working life into a few years. Instead of working at a low intensity for forty years, you work as hard as you possibly can for four.”

In the early years, you will have to make lots of sacrifices and shouldn’t really expect much work-life balance if you want your startup to be successful.

But you can view it as an opportunity to compress your whole working life into a few years.

And hopefully excitement about what you’re building and the extremely-talented team you’re building it with make those long hours way more fun and rewarding than a normal 9-to-5 job.

Video source: @ycombinator (2014) - Startup Archive
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⁠Startup Archive
RT @mpawlo: @StartupArchive_ Four years will rarely be enough, but other than that @paulg is, as per usual, on the money. The challenging part here is to accept the price of what @reidhoffman is correctly stating: a very limited life outside of building to win. Most accept it in theory, but few in practice.
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⁠Stock Analysis Compilation
Orbis on Genmab $GMAB US

Thesis: Genmab’s innovative DuoBody platform and robust R&D pipeline are undervalued, offering significant upside with minimal downside risk.

(Extract from their Q3 letter) https://t.co/la9pglRJkE
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⁠App Economy Insights
📊 This Week in Visuals:

Check out the latest earnings! 👇
https://t.co/ithnz8XVcD

🌐 Accenture $ACN
👟 Nike $NKE
⚙️ Micron $MU
🚚 FedEx $FDX
🍪 General Mills $GIS
🛳️ Carnival $CCL
🧑‍🍳 Darden $DRI
👡 Birkenstock $BIRK https://t.co/5nK5CdBxaS
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⁠Startup Archive
Naval Ravikant’s advice for getting a meeting with an investor

“You have to understand that their time is being assaulted in all directions…. you have to respect their time as much as you respect your own.”

This means:

1. Don’t insist on in-person meetings
2. Qualify the leads first
3. Send them something in writing
4. Get a very good introduction from someone who’s trusted
5. Don’t be secretive
6. Don’t browbeat them into an in-person meeting or a phone call

“Let them screen it first via text or a summary or a business plan. And then if they request it, you can follow up with an in-person meeting.”

Video source: @gigaom (2010)
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⁠Stock Analysis Compilation
Diamond Hill on Insperity $NSP US

Thesis: Insperity’s scale, cash generation, and exposure to secular HR trends position it for sustained growth and margin expansion

(Extract from their Q3 letter) https://t.co/63AWFarvWo
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