⁠Startup Archive
"I have never, not once, seen a slow-moving founder be really successful."

- Sam Altman

"Focus & Intensity" by @sama https://t.co/cWQhq0OKj9 - The Founders' Tribune
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⁠iinvested
No Street GP LP Top 5 Positions at Q2 2024
% of portfolio, symbol and quarterly change

13.58 $GTLS -5%
9.22 $APP -41%
7.24 $BEEP 49%
6.09 $UBER 239%
5.90 $DESP -1%

https://t.co/ec2wNkyB2Z
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⁠Finding Compounders
Joel Greenblatt co authored this article :

How the small investor can beat the market https://t.co/p88gaZjBa4
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⁠Investing visuals
$HIMS Q4 earnings tomorrow are highly anticipated. Here are 5 visuals breaking down the business 🧵👇 https://t.co/NwpRH922mo
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⁠Stock Analysis Compilation
Clearbridge Canadian Equity Strategy on Constellation Software (CSU) $CSU CN

Thesis: Constellation Software is a compounding success story specializing in acquiring niche vertical market software companies, supported by a strong track record of capital deployment and improved intrinsic valuation.

(Extract from their Q4 letter)
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⁠Quiver Quantitative
Last year, we published a report on a trade filed Senator Tina Smith that caught our eye.

She bought up to $200K of stock in a company called Artivion.

It’s a medical devices company.

Smith is on the Senate Committee on Health.

The stock has now risen 112% since then. https://t.co/g3z5h9tinz
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⁠App Economy Insights
📊 This Week in Visuals:
$WMT $BABA $BKNG $ANET $MELI $ADI $CDNS $NTES $NU $NET $XYZ $OXY $DDOG $LYV $TOST $LENOVO $GRAB $KVYO $GLBE $ETSY $LYFT $TRIP

Check out the latest earnings 👇
https://t.co/oo4QwtgVNx https://t.co/IChABqIhR5
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⁠Hidden Value Gems
great story on @JohnArnoldFndtn experience with Citadel

There are many paths to success, but all start with a niche!

Can confirm this story. As head trader at Enron when it filed for bankruptcy, I received many calls from firms that were recruiting. I was busy trying to close out the trading book and wanted to take some time to decide my future so didn’t take any meetings. But Citadel was by far the most aggressive. Other companies set up a few interviews with Enron’s senior people. Citadel interviewed seemingly everyone in the trading operation, all functions at all levels.

Citadel's team called me twice but I declined to meet. It was apparent to me that their intent was to reverse engineer the business and I wasn’t going to help them. They knew that people looking for a job, particularly if they didn’t have a fiduciary responsibility to a current employer, would be very free with info. Interview everyone and you get a 360 perspective of the industry, how the business makes money, its competitive edge, who the best employees are, etc. Citadel probably interviewed several hundred Enron employees. In the end, they maybe hired 5. Much more importantly, they built the framework for how to enter the energy business, which, as Ken notes below, has been an enormous success.

I did eventually talk with Citadel. On their third call to me, they asked if I would talk with Ken directly. I was at the airport heading to Aspen for a quick industry event. I didn’t know Ken personally but had great respect for what he’d built and so told his rep he could call me when I got back to Houston the following week. She said great, but called back a few minutes later with a question: if Ken flew to Aspen to meet me in person the next day, would I? Out of respect, I said of course. The next day I had a great meeting with him and later that week he offered me a job as head gas trader. I wanted to fully run an operation and thought there was more upside if I could have my own fund so I declined.

I ended up building my own firm starting with traders and hiring deep fundamentals expertise. Citadel started with the research (as is their DNA) and built up a trading operation around it. Both models worked fabulously well. I came away from the experience with an even deeper respect for both Ken and Citadel and remain friends with him to this day. I started with a niche, gas trading, built a niche fund and burnt out after 17 years. Ken started with a niche, convert arb, and built one of the most successful financial firms ever and has never tired.

blurb below via @ByrneHobart - John Arnold
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