Offshore
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Startup Archive
Steve Jobs on his strategy for saving Apple from bankruptcy
Apple was on the verge of bankruptcy when Steve Jobs returned to the company in July of 1997. The clip below is from a CNBC interview three months later.
When asked about his strategy for turning the company around, Jobs shared the following advice:
“Somebody taught me a long time ago a very valuable lesson which is if you do the right things on the top line, the bottom line will follow. And what they meant by that was: if you get the right strategy, if you have the right people, and if you have the right culture at your company, you’ll do the right products. You’ll do the right marketing. You’ll do the right things logistically and in manufacturing and distribution. And if you do all those things right, the bottom line will follow.”
Video source: @CNBC (1997)
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Steve Jobs on his strategy for saving Apple from bankruptcy
Apple was on the verge of bankruptcy when Steve Jobs returned to the company in July of 1997. The clip below is from a CNBC interview three months later.
When asked about his strategy for turning the company around, Jobs shared the following advice:
“Somebody taught me a long time ago a very valuable lesson which is if you do the right things on the top line, the bottom line will follow. And what they meant by that was: if you get the right strategy, if you have the right people, and if you have the right culture at your company, you’ll do the right products. You’ll do the right marketing. You’ll do the right things logistically and in manufacturing and distribution. And if you do all those things right, the bottom line will follow.”
Video source: @CNBC (1997)
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iinvested
4Q'24 Palm Valley Capital Fund on $KELYA, $SEB, $HTLD
More fund letters here:
https://t.co/dVDkhhvUUk https://t.co/N3TAPqvE8Y
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4Q'24 Palm Valley Capital Fund on $KELYA, $SEB, $HTLD
More fund letters here:
https://t.co/dVDkhhvUUk https://t.co/N3TAPqvE8Y
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Offshore
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Stock Analysis Compilation
Baron Real Estate Fund on Equinix $EQIX US
Thesis: Equinix is well-positioned for long-term growth with strong demand, pricing power, and favorable market conditions, potentially compounding earnings per share at around 10% while offering compelling shareholder returns.
(Extract from their Q3 letter)
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Baron Real Estate Fund on Equinix $EQIX US
Thesis: Equinix is well-positioned for long-term growth with strong demand, pricing power, and favorable market conditions, potentially compounding earnings per share at around 10% while offering compelling shareholder returns.
(Extract from their Q3 letter)
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Offshore
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App Economy Insights
📊 This Week in Visuals:
🛩️ Delta $DAL
🍺 Constellation $STZ
🌿 Tilray $TLRY
https://t.co/a36V1ZL7hT
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📊 This Week in Visuals:
🛩️ Delta $DAL
🍺 Constellation $STZ
🌿 Tilray $TLRY
https://t.co/a36V1ZL7hT
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Offshore
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Hidden Value Gems
Howard Buffett on Berkshire culture when he takes over as Chairman: “The culture is to keep things simple, to do what you need to do but don’t do a lot of things you don’t need to do, treat people fairly, respect your managers, respect your shareholders. Tell them the bad news upfront, be honest."
$BRK.A $BRK.B
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Howard Buffett on Berkshire culture when he takes over as Chairman: “The culture is to keep things simple, to do what you need to do but don’t do a lot of things you don’t need to do, treat people fairly, respect your managers, respect your shareholders. Tell them the bad news upfront, be honest."
$BRK.A $BRK.B
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Offshore
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App Economy Insights
Earnings season is back!
What are you watching this week?
• Wednesday: $JPM, $WFC, $C, $BLK.
• Thursday: $TSM, $BAC, $GS, $MS, $UNH.
All visualized in our newsletter! https://t.co/vUfAUP1ypj
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Earnings season is back!
What are you watching this week?
• Wednesday: $JPM, $WFC, $C, $BLK.
• Thursday: $TSM, $BAC, $GS, $MS, $UNH.
All visualized in our newsletter! https://t.co/vUfAUP1ypj
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Offshore
Video
Startup Archive
Brian Armstrong tells the founding story of Coinbase: “Nothing was working”
After quitting his job in 2012 and joining Y Combinator to build Coinbase, Brian faced setback after setback:
“I was struggling to find anybody who would join my team and work with me... I almost cofounded it with one person and that all exploded in dramatic fashion… I finally found the right cofounder, Fred Erhsam, we got off to the races, and someone sued us three months later.”
But as Brian explains, this is the norm for startups:
“Startups are moving from one setback to the next with enthusiasm… nothing is working, and that’s kind of the default state… If it feels like that, just don’t give up. That’s the main thing. A lot of times I’ve seen people: they have an idea, they have a team that comes together, it doesn’t work, and four months they have a big cofounder fight, blow up, and they all go home… And it’s like, well, you didn’t really try it because there’s no idea that works on the first try.”
He continues:
“You have to put something out there, and then grind it out for two or three years. Talk to your customers, improve the product, talk to your customers, improve the product… If you look at almost every successful startup, it feels like it was an overnight success, but really that’s just how history gets written in hindsight. If you talk to most of those founders in the early days, there was a period where any reasonable person would have quit. Nothing was working… And all of them somehow persevered and pushed through and finally found something that started to work.”
This was especially true for Coinbase. There was no way to buy and sell crypto in the first version. A couple hundred people signed up after Brian posted it on Reddit, and they all left. After emailing five of the people who signed up and churned, he realized some people liked the app but couldn’t use it because they didn’t have Bitcoin:
“I remember this light bubble that went off in my head, and I was like, well if there was a simple way to buy [Bitcoin] in the app, would you have done it? He’s like, yeah, probably. And so I hung up and the next few months I had to start thinking about how do we build a simple buy button? And there were a million things that had to go into that: bank partners, legal, licensing, and all this kind of stuff. But that’s when we finally got product/market fit. And that was just one example of hundreds of times where I did that. And I was trying to find something that works… So talk to your customers, improve the product. That’s all we did. And that was one of the things I would recommend.”
Video source: @a16zcrypto (2023)
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Brian Armstrong tells the founding story of Coinbase: “Nothing was working”
After quitting his job in 2012 and joining Y Combinator to build Coinbase, Brian faced setback after setback:
“I was struggling to find anybody who would join my team and work with me... I almost cofounded it with one person and that all exploded in dramatic fashion… I finally found the right cofounder, Fred Erhsam, we got off to the races, and someone sued us three months later.”
But as Brian explains, this is the norm for startups:
“Startups are moving from one setback to the next with enthusiasm… nothing is working, and that’s kind of the default state… If it feels like that, just don’t give up. That’s the main thing. A lot of times I’ve seen people: they have an idea, they have a team that comes together, it doesn’t work, and four months they have a big cofounder fight, blow up, and they all go home… And it’s like, well, you didn’t really try it because there’s no idea that works on the first try.”
He continues:
“You have to put something out there, and then grind it out for two or three years. Talk to your customers, improve the product, talk to your customers, improve the product… If you look at almost every successful startup, it feels like it was an overnight success, but really that’s just how history gets written in hindsight. If you talk to most of those founders in the early days, there was a period where any reasonable person would have quit. Nothing was working… And all of them somehow persevered and pushed through and finally found something that started to work.”
This was especially true for Coinbase. There was no way to buy and sell crypto in the first version. A couple hundred people signed up after Brian posted it on Reddit, and they all left. After emailing five of the people who signed up and churned, he realized some people liked the app but couldn’t use it because they didn’t have Bitcoin:
“I remember this light bubble that went off in my head, and I was like, well if there was a simple way to buy [Bitcoin] in the app, would you have done it? He’s like, yeah, probably. And so I hung up and the next few months I had to start thinking about how do we build a simple buy button? And there were a million things that had to go into that: bank partners, legal, licensing, and all this kind of stuff. But that’s when we finally got product/market fit. And that was just one example of hundreds of times where I did that. And I was trying to find something that works… So talk to your customers, improve the product. That’s all we did. And that was one of the things I would recommend.”
Video source: @a16zcrypto (2023)
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Stock Analysis Compilation
Baron Small Cap Fund on GCM Grosvenor $GCMG US
Thesis: GCM Grosvenor Inc. is a resilient alternative asset manager with $79 billion AUM, strong growth potential, and significant upside due to its discount valuation and experienced management, aiming to double fee-related earnings over the next five years.
(Extract from their Q3 letter)
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Baron Small Cap Fund on GCM Grosvenor $GCMG US
Thesis: GCM Grosvenor Inc. is a resilient alternative asset manager with $79 billion AUM, strong growth potential, and significant upside due to its discount valuation and experienced management, aiming to double fee-related earnings over the next five years.
(Extract from their Q3 letter)
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