Offshore
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Stock Analysis Compilation
Diamond Hill on Accenture $ACN
Thesis: Accenture is well-positioned to capitalize on critical technology trends through its differentiated and in-demand services
(Extract from their Q3 letter) https://t.co/qSytsGzyoC
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Diamond Hill on Accenture $ACN
Thesis: Accenture is well-positioned to capitalize on critical technology trends through its differentiated and in-demand services
(Extract from their Q3 letter) https://t.co/qSytsGzyoC
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Investing visuals
Apple $AAPL is nearing a $4 trillion valuation, which I believe is seriously overvalued right now🤷♂️ https://t.co/mgnjBqrZKY
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Apple $AAPL is nearing a $4 trillion valuation, which I believe is seriously overvalued right now🤷♂️ https://t.co/mgnjBqrZKY
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Offshore
Video
Startup Archive
Marc Andreessen on what VCs look for in startups
“The conventional statistics are that about 200 of the 4,000 venture-fundable companies per year will be funded by a top-tier VC. About 15 of those will someday get to $100MM of revenue, and those 15 will generate something on the order of 97% of all of the returns for the entire category of venture capital in that year.”
He continues:
“Venture capital is such an extreme feast or famine business. You’re either in one of the 15 or you’re not.”
As Marc explains, VCs are looking for extreme outliers, and when they’re evaluating your startup, they’re asking themselves if this business is one of the 15 businesses that year that will get to $100MM in revenue.
One principle Marc believes helps firms invest in outliers is investing in strength rather than lack of weakness.
“The default way to do venture capital is to check boxes: really good founder, really good idea, really good product, really good initial customers. Check, check, check, check. ‘Ok this is reasonable, I’ll put money into it.’ But what you find with those checkbox deals is that they don’t have something that makes them really remarkable and special. They don’t have an extreme strength that makes them an outlier.”
The takeaway for founders here is to make sure they highlight to VCs during the funding process that they have a really extreme strength across an important dimension.
Video source: @ycombinator (2014)
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Marc Andreessen on what VCs look for in startups
“The conventional statistics are that about 200 of the 4,000 venture-fundable companies per year will be funded by a top-tier VC. About 15 of those will someday get to $100MM of revenue, and those 15 will generate something on the order of 97% of all of the returns for the entire category of venture capital in that year.”
He continues:
“Venture capital is such an extreme feast or famine business. You’re either in one of the 15 or you’re not.”
As Marc explains, VCs are looking for extreme outliers, and when they’re evaluating your startup, they’re asking themselves if this business is one of the 15 businesses that year that will get to $100MM in revenue.
One principle Marc believes helps firms invest in outliers is investing in strength rather than lack of weakness.
“The default way to do venture capital is to check boxes: really good founder, really good idea, really good product, really good initial customers. Check, check, check, check. ‘Ok this is reasonable, I’ll put money into it.’ But what you find with those checkbox deals is that they don’t have something that makes them really remarkable and special. They don’t have an extreme strength that makes them an outlier.”
The takeaway for founders here is to make sure they highlight to VCs during the funding process that they have a really extreme strength across an important dimension.
Video source: @ycombinator (2014)
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Stock Analysis Compilation
Analysis of Valvoline $VVV US - 2024 Pershing Square Challenge (1st Place)
Thesis: Valvoline is driving growth through new unit development, fleet opportunities, and premiumization, backed by strong economics
(Extract from the Graham Doddsville Fall 2024 Issue) https://t.co/QiegHjq78Z
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Analysis of Valvoline $VVV US - 2024 Pershing Square Challenge (1st Place)
Thesis: Valvoline is driving growth through new unit development, fleet opportunities, and premiumization, backed by strong economics
(Extract from the Graham Doddsville Fall 2024 Issue) https://t.co/QiegHjq78Z
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Stock Analysis Compilation
Silver Beech on Brookfield Corp $BN US
Thesis: Brookfield is simplifying its structure while capitalizing on private market resilience and asset-light fee growth opportunities
(Extract from their Q3 letter) https://t.co/pPhzStjx1L
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Silver Beech on Brookfield Corp $BN US
Thesis: Brookfield is simplifying its structure while capitalizing on private market resilience and asset-light fee growth opportunities
(Extract from their Q3 letter) https://t.co/pPhzStjx1L
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Offshore
Video
Startup Archive
Drew Houston: “Nobody is born a CEO. You learn it.”
“Your job as CEO changes every six months, every year, every couple of years. Just nobody tells you that… Nobody is born a CEO. You learn it. And the challenge is you just don’t know what your blind spots are. The chessboard is a lot bigger than just building a good product.”
As CEO, everything from strategy to building and managing a team is your responsibility.
When asked how he scaled from coding the first version of Dropbox himself to managing an organization with thousands of employees, Drew responds:
“Reading was probably the single most valuable thing that I did.”
To decide what to read, he would also ask himself the question: One, two, and five years from now, when I look back on today, what will I wish I had been learning?
In terms of individual books, Drew recommends High Output Management by Andy Grove and The Effective Executive by Peter Drucker for managing and scaling an organization.
But he also argues that being a good CEO requires having good judgment about a lot of different things, and says Poor Charlie’s Almanac by Charlie Munger is probably the best book he’s read for that.
He also recommends looking at and talking to people who are a few steps ahead in their journey.
Video source: @ycombinator (2017)
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Drew Houston: “Nobody is born a CEO. You learn it.”
“Your job as CEO changes every six months, every year, every couple of years. Just nobody tells you that… Nobody is born a CEO. You learn it. And the challenge is you just don’t know what your blind spots are. The chessboard is a lot bigger than just building a good product.”
As CEO, everything from strategy to building and managing a team is your responsibility.
When asked how he scaled from coding the first version of Dropbox himself to managing an organization with thousands of employees, Drew responds:
“Reading was probably the single most valuable thing that I did.”
To decide what to read, he would also ask himself the question: One, two, and five years from now, when I look back on today, what will I wish I had been learning?
In terms of individual books, Drew recommends High Output Management by Andy Grove and The Effective Executive by Peter Drucker for managing and scaling an organization.
But he also argues that being a good CEO requires having good judgment about a lot of different things, and says Poor Charlie’s Almanac by Charlie Munger is probably the best book he’s read for that.
He also recommends looking at and talking to people who are a few steps ahead in their journey.
Video source: @ycombinator (2017)
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Stock Analysis Compilation
The London Company on Chubb $CB US
Thesis: Chubb combines a diversified portfolio, disciplined underwriting, and global reach to deliver stable growth and profitability.
(Extract from their Q3 letter) https://t.co/002n5ItYkE
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The London Company on Chubb $CB US
Thesis: Chubb combines a diversified portfolio, disciplined underwriting, and global reach to deliver stable growth and profitability.
(Extract from their Q3 letter) https://t.co/002n5ItYkE
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Offshore
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Stock Analysis Compilation
Third Avenue on PBF Energy $PBF US
Thesis: PBF Energy is enhancing shareholder value through strategic financial management and improved refining margins
(Extract from their Q3 letter) https://t.co/YIofNTyrsO
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Third Avenue on PBF Energy $PBF US
Thesis: PBF Energy is enhancing shareholder value through strategic financial management and improved refining margins
(Extract from their Q3 letter) https://t.co/YIofNTyrsO
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