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Startup Archive
RT @IndigoSvn: Love these kind of stories. Great reminders to keep building and grinding f
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RT @IndigoSvn: Love these kind of stories. Great reminders to keep building and grinding f
Baiju Bhatt on raising Robinhood’s seed round and being rejected over 70 investors
Baiju Bhatt and Vlad Tenev were five years into their entrepreneurial journey when they came up with the idea for Robinhood.
As Baiju puts it:
“We had been entrepreneurs for the better part of five years and didn’t have a whole lot to show for it.”
And when they tried raising seed funding for it, they were rejected by somewhere between 70 and 110 investors.
These investors told the founders all the reasons Robinhood would fail — “no one wants to trade stocks from their phones,” “you didn’t know how to build consumer products,” “there’s a ton of other brokerage products out there people can use.”
Baiju reflects on this experience:
“There were a lot of no’s and it was very difficult back then. But over time I learned to channel it and use it as positive motivation.”
Then Baiju and Vlad finally caught a break when prominent venture capitalist Tim Draper decided to take a chance on them. Initially however, Draper said no because he didn’t think they’d be able to secure a broker-dealer license and the founders were paying themselves ~$70k salaries:
“Great idea, but it’s never going to happen, and you guys are paying yourselves too much,” he said.
The founders left the meeting confused — they could barely make rent and pay back their student loans with what they were paying themselves. But then they got an idea:
“We’ll tell him that we’re not going to pay ourselves until we get this approval.”
Draper said yes, and the Robinhood founders got to work on building a company that is today worth almost $50 billion.
Video source: @ThePeelPod @TurnerNovak (2025) tweet
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Stock Analysis Compilation
White Falcon Capital Management on AMD $AMD US
Thesis: AMD is facing disappointment over potential shortfalls in AI chip revenues but remains poised to benefit from its other businesses and could still capture a small share of the expansive AI chip market.
(Extract from their Q4 letter)
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White Falcon Capital Management on AMD $AMD US
Thesis: AMD is facing disappointment over potential shortfalls in AI chip revenues but remains poised to benefit from its other businesses and could still capture a small share of the expansive AI chip market.
(Extract from their Q4 letter)
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Hidden Value Gems
Has anyone actually read The Art of the Deal?
Probably a few clues on what to expect in the next 4 years... https://t.co/0qS4lqxNUS
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Has anyone actually read The Art of the Deal?
Probably a few clues on what to expect in the next 4 years... https://t.co/0qS4lqxNUS
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App Economy Insights
$PLTR Palantir Q4 FY24:
• Net dollar retention 120% (+12pp Y/Y).
• Customers +43% Y/Y to 711.
• Revenue +36% Y/Y to $828M ($46M beat).
• Non-GAAP EPS $0.14 ($0.03 beat).
FY25 guidance:
• Revenue +31% Y/Y to $3.75B ($0.2B beat).
• Adj. operating margin 42% (+3pp Y/Y). https://t.co/K6zBMLnSSP
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$PLTR Palantir Q4 FY24:
• Net dollar retention 120% (+12pp Y/Y).
• Customers +43% Y/Y to 711.
• Revenue +36% Y/Y to $828M ($46M beat).
• Non-GAAP EPS $0.14 ($0.03 beat).
FY25 guidance:
• Revenue +31% Y/Y to $3.75B ($0.2B beat).
• Adj. operating margin 42% (+3pp Y/Y). https://t.co/K6zBMLnSSP
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InsideArbitrage
Inari Medical $NARI announced that on January 17, 2025, the company and Stryker $SYK filed all required Notification and Report Forms under the HSR Act for the merger with the Antitrust Division and the FTC.
On February 3, 2025, the waiting period under the HSR Act applicable to the Offer expired.
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Inari Medical $NARI announced that on January 17, 2025, the company and Stryker $SYK filed all required Notification and Report Forms under the HSR Act for the merger with the Antitrust Division and the FTC.
On February 3, 2025, the waiting period under the HSR Act applicable to the Offer expired.
Eagle 1 Merger Sub, Inc., a wholly owned subsidiary of Stryker Corporation $SYK, commenced the tender offer to acquire Inari Medical $NARI, for $80.00 per share. The offer will expire on February 18, 2025. tweet
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Dimitry Nakhla | Babylon Capital®
PayPal $PYPL Reports a Solid Q4 🎯
✅ Revenue: $8.37B vs $8.28B (est)
✅ Adjusted EPS: $1.19 vs $1.12 (est) https://t.co/DXrXB4Ctmu
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PayPal $PYPL Reports a Solid Q4 🎯
✅ Revenue: $8.37B vs $8.28B (est)
✅ Adjusted EPS: $1.19 vs $1.12 (est) https://t.co/DXrXB4Ctmu
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InsideArbitrage
📢 $J Jacobs Delivers Strong Fiscal Q1 2025 Results; Board Approves $1.5 billion share repurchase program – The largest in the company's history! Equals ~9% of its current market cap
Results Highlights
📈 Backlog Up 18.9% YoY with a TTM Book-to-Bill Ratio of 1.3x
🔄 $202M in share repurchases completed in Q1
📊 Dividend Raised to $0.32/share – A 10% YoY Increase 💵
📢 FY 2025 Adjusted EPS Guidance Raised 📈
https://t.co/2GymPn4z0C
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📢 $J Jacobs Delivers Strong Fiscal Q1 2025 Results; Board Approves $1.5 billion share repurchase program – The largest in the company's history! Equals ~9% of its current market cap
Results Highlights
📈 Backlog Up 18.9% YoY with a TTM Book-to-Bill Ratio of 1.3x
🔄 $202M in share repurchases completed in Q1
📊 Dividend Raised to $0.32/share – A 10% YoY Increase 💵
📢 FY 2025 Adjusted EPS Guidance Raised 📈
https://t.co/2GymPn4z0C
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Offshore
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Startup Archive
Robinhood founder Baiju Bhatt on the importance of qualitative user research
One of the more formative insights Baiju came to while building Robinhood was the difference between quantitative and qualitative user research.
Asking a user to use a prototype and talk through it is an example he points to as qualitative research. If you show the prototype to 5 people and they can’t figure out how it works, it becomes very obvious what about the prototype is giving users trouble.
However, if you only do quantitative research — A/B tests, surveys, looking at your metrics, conversion analysis, etc. — you probably would not come to same insights.
As Baiju puts it:
“If you just do quantitative stuff, you gloss over stuff like that. You gloss over the questions you didn’t ask. And the questions you didn’t ask might be more important than the questions you did ask.”
He continues:
“Another way of putting it is that in the breakdown between qualitative research and quantitative research, the qualitative side is valuable for hypothesis generation. It’s like: ‘We talked to 10 people and 7 of them said this thing. We think that a lot of people might be experiencing this, so let’s try to solve it because it might be a problem for a bunch of people.’”
Then you can use a combination of quantitative and qualitative research to verify that your hypothesis was correct.
Video source: @ThePeelPod @TurnerNovak (2025)
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Robinhood founder Baiju Bhatt on the importance of qualitative user research
One of the more formative insights Baiju came to while building Robinhood was the difference between quantitative and qualitative user research.
Asking a user to use a prototype and talk through it is an example he points to as qualitative research. If you show the prototype to 5 people and they can’t figure out how it works, it becomes very obvious what about the prototype is giving users trouble.
However, if you only do quantitative research — A/B tests, surveys, looking at your metrics, conversion analysis, etc. — you probably would not come to same insights.
As Baiju puts it:
“If you just do quantitative stuff, you gloss over stuff like that. You gloss over the questions you didn’t ask. And the questions you didn’t ask might be more important than the questions you did ask.”
He continues:
“Another way of putting it is that in the breakdown between qualitative research and quantitative research, the qualitative side is valuable for hypothesis generation. It’s like: ‘We talked to 10 people and 7 of them said this thing. We think that a lot of people might be experiencing this, so let’s try to solve it because it might be a problem for a bunch of people.’”
Then you can use a combination of quantitative and qualitative research to verify that your hypothesis was correct.
Video source: @ThePeelPod @TurnerNovak (2025)
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InsideArbitrage
Davidson Kempner Proposes to Acquire Vacasa $VCSA -
🏨Davidson Kempner has proposed acquiring all outstanding shares of Vacasa at $5.25 per share in cash.
🏨The firm has engaged Moelis & Co. as its financial advisor and Dechert as its legal counsel for the proposal. The non-binding offer is not subject to any financing condition.
🏨"(Vacasa's) strategic review resulted in the acceptance by the Board of an inadequate and conditional offer by Casago that undervalues Vacasa," Davidson Kempner said in a letter.
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Davidson Kempner Proposes to Acquire Vacasa $VCSA -
🏨Davidson Kempner has proposed acquiring all outstanding shares of Vacasa at $5.25 per share in cash.
🏨The firm has engaged Moelis & Co. as its financial advisor and Dechert as its legal counsel for the proposal. The non-binding offer is not subject to any financing condition.
🏨"(Vacasa's) strategic review resulted in the acceptance by the Board of an inadequate and conditional offer by Casago that undervalues Vacasa," Davidson Kempner said in a letter.
Casago Announces Acquisition of Vacasa $VCSA in An All-Cash Transaction :
🏨 As per the terms; the premier vacation rental management company Casago will acquire all the outstanding shares of Vacasa at $5.02 per share, subject to adjustment as set forth in the merger agreement.
🏨The acquisition price represents a 31.76% premium over Vacasa's last close as on December 27, 2024.
🏨The transaction is expected to be completed towards the end of the first quarter or the early part of the second quarter of 2025. tweet