Offshore
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Startup Archive
RT @rvivek: Also known as the Parkinson's law: Work expands to fill the available time
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RT @rvivek: Also known as the Parkinson's law: Work expands to fill the available time
Keith Rabois tells the story of Elon Musk observing interns waiting in line for coffee at SpaceX
Keith is asked how Elon Musk gets so much done, to which he replies:
“If you approach every day and every week of your life with the question, ‘What did you accomplish this week?’ I think that compounds, and very few people do that. I think that’s the number one ingredient.”
As for the second ingredient, Keith tells a story he heard from some friends at SpaceX where Elon observed a line of interns piling up around the coffee machine. This prompted Elon to send a memo to the company asking:
“Why are all the interns wasting all this time? If you feel like you have nothing better to do than waiting in line, you’re at the wrong company. And by the way, I’m installing cameras to make sure that we don’t have lines at the coffee shop.”
Keith believes that stamping out entitlement and expecting people to accomplish things every day also compounds over decades in Elon’s career. He recalls a principle PayPal cofounder Max Levchin taught him where he compares startups to gas in chemistry:
“Gas expands to the size of the container… If you tell people they have a month, it’ll take a month. If you tell people it takes two weeks, it’ll take two weeks. Tell them a week, it’ll take a week. So you want to constantly compress the container size because those accomplishments add up over months, quarters, years, and decades.”
Video source: @imchrisvasquez (2024) tweet
Offshore
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Stock Analysis Compilation
Royce IP on Kyndryl Holdings $KD
Thesis: Kyndryl is in the process of repricing contracts and implementing transformational measures, with a focus on improving margins as it strengthens its leadership position in IT infrastructure services
(Extract from their Q3 letter) https://t.co/3wTiANBTOJ
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Royce IP on Kyndryl Holdings $KD
Thesis: Kyndryl is in the process of repricing contracts and implementing transformational measures, with a focus on improving margins as it strengthens its leadership position in IT infrastructure services
(Extract from their Q3 letter) https://t.co/3wTiANBTOJ
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Offshore
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Stock Analysis Compilation
Black Bear VP on ARCH Resources $ARCH US
Thesis: The merger between ARCH and CONSOL is set to create modest synergies as global demand for metallurgical coal rises, driven by development in Asia and limited supply
(Extract from their Q3 letter) https://t.co/1SQBbJEXE7
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Black Bear VP on ARCH Resources $ARCH US
Thesis: The merger between ARCH and CONSOL is set to create modest synergies as global demand for metallurgical coal rises, driven by development in Asia and limited supply
(Extract from their Q3 letter) https://t.co/1SQBbJEXE7
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Offshore
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Stock Analysis Compilation
Pernas Research on Upwork $UPWK US
Thesis: Upwork, despite recent concerns over growth and AI disruption, presents a strong long-term investment opportunity with 70% upside potential driven by continued demand for freelancers
(Extract from their Q3 letter) https://t.co/riu7I8zjNi
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Pernas Research on Upwork $UPWK US
Thesis: Upwork, despite recent concerns over growth and AI disruption, presents a strong long-term investment opportunity with 70% upside potential driven by continued demand for freelancers
(Extract from their Q3 letter) https://t.co/riu7I8zjNi
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Offshore
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iinvested
3Q'24 Upslope Capital Management on $CME, $CMPO
More fund letters here:
https://t.co/ccjFhSPQ2v https://t.co/y7lcdPaLQk
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3Q'24 Upslope Capital Management on $CME, $CMPO
More fund letters here:
https://t.co/ccjFhSPQ2v https://t.co/y7lcdPaLQk
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Offshore
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Capital Employed
Another big batch of quarterly letters added. 56 added so far with more to come 👇
https://t.co/z8VTurKKQI https://t.co/SPdJhBURvE
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Another big batch of quarterly letters added. 56 added so far with more to come 👇
https://t.co/z8VTurKKQI https://t.co/SPdJhBURvE
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Capital Employed
What the fudge. That's nuts.
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What the fudge. That's nuts.
"South Korea is also implementing a policy to boost the stock market where excess cash on the balance sheet will be taxed" tweet
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Offshore
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Stock Analysis Compilation
Night Watch IM on X-FAB Global Foundries $XFAB FP
Thesis: X-FAB Global Foundries (XFAB FP) offers a strong upside with potential earnings growth and major catalysts in semiconductor demand, alongside insider ownership backing
(Extract from their Q3 letter) https://t.co/qvuS99A5E7
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Night Watch IM on X-FAB Global Foundries $XFAB FP
Thesis: X-FAB Global Foundries (XFAB FP) offers a strong upside with potential earnings growth and major catalysts in semiconductor demand, alongside insider ownership backing
(Extract from their Q3 letter) https://t.co/qvuS99A5E7
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Offshore
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Hidden Value Gems
Pretty impressive: Mag7 stocks responsible for most of earnings growth of the S&P500 index 👇🏼 https://t.co/mAt6qQrdrG
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Pretty impressive: Mag7 stocks responsible for most of earnings growth of the S&P500 index 👇🏼 https://t.co/mAt6qQrdrG
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Offshore
Video
Startup Archive
Keith Rabois explains “Founder Mode” and its similarities to how PayPal was run in the early days
“At PayPal, we never promoted anybody based on their management skill. We promoted everybody based on their craft. So if you wanted to run the design team, you had to be the best designer. If you wanted to run the engineering team, you had to be the best engineer. If you wanted to run product, you had to be the best product person. The CFO had to be the best finance person.”
The elimination of middle management from company org charts that Airbnb founder Brian Chesky talks about and Paul Graham’s viral essay Founder Mode, Keith argues, “re-popularized ideas that are pretty old school… It’s the antithesis of hiring someone whose expertise is managing versus someone whose expertise is building.”
Keith points out that Elon Musk has always run his companies in “founder mode” with the slashing of headcount by 80% and promoting individual contributors to managers at X being perhaps the most prominent example.
But Apple has been run this way for a lot of its history too:
“At Apple you get promoted by mastering something. Not by being a generalist… Apple collates and collects a bunch of people who are literally the best in the world at 26 different things and mixes them together. That’s a much better model.”
When asked what to do if, say, the best salesperson can’t grow into a VP of sales, Keith replies that most people should be able to and you should try it anyway:
“Sometimes its mentoring, pairing them with the right person, giving them the right feedback. But at least if you promote that person, you’re not going to demoralize your team because everybody knows that they were the best salesperson… They may have to learn how to coach and mentor other people, but you have enthusiasm and energy from the rank and file.”
He contrasts this to the alternative scenario:
“If you bring in someone who’s never hit a quota, never proven that they can sell product X, and you’re like ‘Oh, you’re the new manager.’ Sometimes people are like, ‘Who the hell are you?’ And it’s a very valid critique.”
Video source: @imchrisvasquez (2024)
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Keith Rabois explains “Founder Mode” and its similarities to how PayPal was run in the early days
“At PayPal, we never promoted anybody based on their management skill. We promoted everybody based on their craft. So if you wanted to run the design team, you had to be the best designer. If you wanted to run the engineering team, you had to be the best engineer. If you wanted to run product, you had to be the best product person. The CFO had to be the best finance person.”
The elimination of middle management from company org charts that Airbnb founder Brian Chesky talks about and Paul Graham’s viral essay Founder Mode, Keith argues, “re-popularized ideas that are pretty old school… It’s the antithesis of hiring someone whose expertise is managing versus someone whose expertise is building.”
Keith points out that Elon Musk has always run his companies in “founder mode” with the slashing of headcount by 80% and promoting individual contributors to managers at X being perhaps the most prominent example.
But Apple has been run this way for a lot of its history too:
“At Apple you get promoted by mastering something. Not by being a generalist… Apple collates and collects a bunch of people who are literally the best in the world at 26 different things and mixes them together. That’s a much better model.”
When asked what to do if, say, the best salesperson can’t grow into a VP of sales, Keith replies that most people should be able to and you should try it anyway:
“Sometimes its mentoring, pairing them with the right person, giving them the right feedback. But at least if you promote that person, you’re not going to demoralize your team because everybody knows that they were the best salesperson… They may have to learn how to coach and mentor other people, but you have enthusiasm and energy from the rank and file.”
He contrasts this to the alternative scenario:
“If you bring in someone who’s never hit a quota, never proven that they can sell product X, and you’re like ‘Oh, you’re the new manager.’ Sometimes people are like, ‘Who the hell are you?’ And it’s a very valid critique.”
Video source: @imchrisvasquez (2024)
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