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Quiver Quantitative
This might end up being one of our more well-timed reports.
We noticed Congress selling stock in a Canadian pipeline company last month.
We posted this in early January: https://t.co/cb23ncKVEb
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This might end up being one of our more well-timed reports.
We noticed Congress selling stock in a Canadian pipeline company last month.
We posted this in early January: https://t.co/cb23ncKVEb
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Quiver Quantitative
Representative Tim Burchett just said:
"We need to eliminate members of Congress from trading individual stocks."
We have not seen Burchett buy any stocks while in Congress.
He doesn't even hold any individual stocks in his portfolio. Just one ETF, and a couple mutual funds. https://t.co/3nLPY7gq8F
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Representative Tim Burchett just said:
"We need to eliminate members of Congress from trading individual stocks."
We have not seen Burchett buy any stocks while in Congress.
He doesn't even hold any individual stocks in his portfolio. Just one ETF, and a couple mutual funds. https://t.co/3nLPY7gq8F
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Offshore
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App Economy Insights
📊 Earnings season visualized.
What surprised you this month?
Grab the latest report!👇
https://t.co/h5hegFpbh4 https://t.co/4MS1GpooGi
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📊 Earnings season visualized.
What surprised you this month?
Grab the latest report!👇
https://t.co/h5hegFpbh4 https://t.co/4MS1GpooGi
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Stock Analysis Compilation
Laughing Water Capital on Thryv Inc. $THRY US
Thesis: Thryv Inc. is a fast-growing small and medium business software company poised for significant market appreciation due to strong execution, impressive year-over-year customer growth, and positive financial metrics despite recent challenges with equity financing.
(Extract from their Q4 letter)
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Laughing Water Capital on Thryv Inc. $THRY US
Thesis: Thryv Inc. is a fast-growing small and medium business software company poised for significant market appreciation due to strong execution, impressive year-over-year customer growth, and positive financial metrics despite recent challenges with equity financing.
(Extract from their Q4 letter)
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Startup Archive
Tobi Lutke explains what the VCs who passed on Shopify got wrong
Tobi recounts pitching Shopify to VCs on Sand Hill Road a few years after founding Shopify.
Investors passed because they thought the addressable market was too small. At the time, there were about 40,000-50,000 online stores, and even if Shopify captured 50% of the market, that still wouldn’t be a venture-scale business.
When Tobi ran into the VC partner a few years ago, the partner asked Tobi what he missed (Shopify is valued at almost $100 billion today).
Tobi explained:
“You were actually correct, but what you didn’t realize was that Shopify was the solution to the very problem you identified. The reason there was only 40,000 online stores was because it was hard, expensive, and everyone who tried ran into all these brick walls of complexity, which Shopify, one after another, smoothed over and made simple to do.”
Tobi believes this is a common mistake:
“What a lot of free-market thinkers don’t understand is that between the demand and eventual supply lies friction. And I actually think that friction is probably the most potent force for shaping the planet that people just generally do not acknowledge… That was my theory when I turned my snowboard store into Shopify: there was a lot more people like me except there was too much friction which we needed to solve. And Shopify has proven out that every time we make the process simpler, there’s more consumption. At this point, we have a million merchants on Shopify, which is a mind-blowing number. So friction is a major component, and it’s something that software is uniquely good at reducing.”
Video source: @danmartell (2019)
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Tobi Lutke explains what the VCs who passed on Shopify got wrong
Tobi recounts pitching Shopify to VCs on Sand Hill Road a few years after founding Shopify.
Investors passed because they thought the addressable market was too small. At the time, there were about 40,000-50,000 online stores, and even if Shopify captured 50% of the market, that still wouldn’t be a venture-scale business.
When Tobi ran into the VC partner a few years ago, the partner asked Tobi what he missed (Shopify is valued at almost $100 billion today).
Tobi explained:
“You were actually correct, but what you didn’t realize was that Shopify was the solution to the very problem you identified. The reason there was only 40,000 online stores was because it was hard, expensive, and everyone who tried ran into all these brick walls of complexity, which Shopify, one after another, smoothed over and made simple to do.”
Tobi believes this is a common mistake:
“What a lot of free-market thinkers don’t understand is that between the demand and eventual supply lies friction. And I actually think that friction is probably the most potent force for shaping the planet that people just generally do not acknowledge… That was my theory when I turned my snowboard store into Shopify: there was a lot more people like me except there was too much friction which we needed to solve. And Shopify has proven out that every time we make the process simpler, there’s more consumption. At this point, we have a million merchants on Shopify, which is a mind-blowing number. So friction is a major component, and it’s something that software is uniquely good at reducing.”
Video source: @danmartell (2019)
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Offshore
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Startup Archive
RT @mikemcg0: "Friction is probably the most potent force for shaping the planet that people just generally do not acknowledge"
- Tobi Lutke, founder of Shopify
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RT @mikemcg0: "Friction is probably the most potent force for shaping the planet that people just generally do not acknowledge"
- Tobi Lutke, founder of Shopify
Tobi Lutke explains what the VCs who passed on Shopify got wrong
Tobi recounts pitching Shopify to VCs on Sand Hill Road a few years after founding Shopify.
Investors passed because they thought the addressable market was too small. At the time, there were about 40,000-50,000 online stores, and even if Shopify captured 50% of the market, that still wouldn’t be a venture-scale business.
When Tobi ran into the VC partner a few years ago, the partner asked Tobi what he missed (Shopify is valued at almost $100 billion today).
Tobi explained:
“You were actually correct, but what you didn’t realize was that Shopify was the solution to the very problem you identified. The reason there was only 40,000 online stores was because it was hard, expensive, and everyone who tried ran into all these brick walls of complexity, which Shopify, one after another, smoothed over and made simple to do.”
Tobi believes this is a common mistake:
“What a lot of free-market thinkers don’t understand is that between the demand and eventual supply lies friction. And I actually think that friction is probably the most potent force for shaping the planet that people just generally do not acknowledge… That was my theory when I turned my snowboard store into Shopify: there was a lot more people like me except there was too much friction which we needed to solve. And Shopify has proven out that every time we make the process simpler, there’s more consumption. At this point, we have a million merchants on Shopify, which is a mind-blowing number. So friction is a major component, and it’s something that software is uniquely good at reducing.”
Video source: @danmartell (2019) tweet
Offshore
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Stock Analysis Compilation
Fiduciary Management on Donaldson Company Inc. $DCI US
Thesis: Donaldson Company Inc. is a leading global filtration products manufacturer with a strong market position, solid financials, and attractive valuation, poised for growth despite cyclical challenges.
(Extract from their Q4 letter)
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Fiduciary Management on Donaldson Company Inc. $DCI US
Thesis: Donaldson Company Inc. is a leading global filtration products manufacturer with a strong market position, solid financials, and attractive valuation, poised for growth despite cyclical challenges.
(Extract from their Q4 letter)
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Startup Archive
RT @tjparker: Couldn’t agree with this more. Big companies are completely incapable of making bets on individuals, while, simultaneously, venture capital has never been more abundant.
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RT @tjparker: Couldn’t agree with this more. Big companies are completely incapable of making bets on individuals, while, simultaneously, venture capital has never been more abundant.
Marc Andreessen explains IBM founder Thomas Watson‘s famous “Wild Ducks” program
Marc believes that the organizational complexity is one reason you don’t see innovation at large companies. But that’s not the only reason:
“I think there’s another deeper thing underneath that that people really don’t like to talk about, which is the sheer number of people in the world who are capable of doing new things is just a very small set of people. You’re not going to have a hundred of them in a company… You’re going to have 3, 8, or 10, maybe.”
Marc learned this early in his career at IBM, which was one of the most powerful companies in the world and had over 440,000 employees at the time.
“They had a system that worked really well for 50 years. Most of the employees in the company were expected to basically follow rules… But they had this category of people they called ‘Wild Ducks.’ This was an idea that the founder Thomas Watson came up with. They often had the formal title of an IBM Fellow and they were the people who could make new things.”
He continues:
“There were eight of them and they got to break all the rules and invent new products. They got to go off and work on something new, they didn’t have to report back, they got to pull people off of other projects to work with them, they got budget when they needed it, and they reported directly to the CEO.”
Marc recalls one wild duck, Andy Heller, putting his cowboy boots on the conference room table “amongst an ocean of men in blue suits, white shirts, and red ties.” It was fine for Andy Heller to do that, but it was not fine for you to do that.
“They very specifically identified almost like an aristocratic class within our company that gets to play by different rules… Their job is to invent the next breakthrough product. We, IBM management, know that the 6,000 person division is not going to invent the next product. We know it’s going to be crazy Andy Heller and his cowboy boots.”
Marc believes companies like IBM and HP ultimately collapsed when venture capital emerged as a parallel funding system for these wild ducks to start their own companies.
Video source: @hubermanlab (2023) tweet
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Stock Analysis Compilation
Optimist Fund on ThredUp $TDUP US
Thesis: ThredUp is a leading second-hand managed marketplace in the U.S. that offers significant potential for free cash flow growth, currently undervalued due to past challenges, while uniquely providing a full-service selling experience.
(Extract from their Q4 letter)
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Optimist Fund on ThredUp $TDUP US
Thesis: ThredUp is a leading second-hand managed marketplace in the U.S. that offers significant potential for free cash flow growth, currently undervalued due to past challenges, while uniquely providing a full-service selling experience.
(Extract from their Q4 letter)
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