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Just hit 1k followers! (thx @SuperMugatu) so here's a quick intro:
I spent 10 years studying great companies, & hope to write about investing, mastery, and awesome products.
Here are 5 personal/5 business things + My biggest learning in these years.
(1/8)
I spent 10 years studying great companies, & hope to write about investing, mastery, and awesome products.
Here are 5 personal/5 business things + My biggest learning in these years.
(1/8)
Personal
1. Moved to US when I was 6 and have lived in 6 states
2. Avid rock climber (sport & trad)
3. Middling tennis player
4. Once ranked #2 in the world in online tetris
5. Relentless wordsmither (good thing Twitter has edit, wait-)
(2/8)
1. Moved to US when I was 6 and have lived in 6 states
2. Avid rock climber (sport & trad)
3. Middling tennis player
4. Once ranked #2 in the world in online tetris
5. Relentless wordsmither (good thing Twitter has edit, wait-)
(2/8)
Business
1. Run small fund for 8.5+ yrs
2. Launch team @afterpayUSA from 0 to ~$1bn in GMV. also CFO @Sendle
3. Helped $PRPL ipo via SPAC, b4 SPACs were cool
4. Invests in stocks & startups w/ great products
5. Aspires to build Earth's most customer-centric investco
(3/8)
1. Run small fund for 8.5+ yrs
2. Launch team @afterpayUSA from 0 to ~$1bn in GMV. also CFO @Sendle
3. Helped $PRPL ipo via SPAC, b4 SPACs were cool
4. Invests in stocks & startups w/ great products
5. Aspires to build Earth's most customer-centric investco
(3/8)
My biggest takeaway from my years of investing/operating: it's about the customer.
Investors AND operators can focus too much on metrics (cashflow, EPS, revenue, LTV) - these point at something intrinsic, but they are not the thing itself.
The customer is the thing.
(4/8)
Investors AND operators can focus too much on metrics (cashflow, EPS, revenue, LTV) - these point at something intrinsic, but they are not the thing itself.
The customer is the thing.
(4/8)
It's not about "moat" - it's about your customer's experienced felt-sense while using or paying for your product.
When's the last time you thought about moat while you were googling something?
(5/8)
When's the last time you thought about moat while you were googling something?
(5/8)
Amazon separates btw input & output metrics.
You put in input, you get output out. It's correlated, but one drives the other. (I.e. net daily calories -> your weight)
Customer value is the input metric - it drives profits, growth, all else investors care about.
(6/8)
You put in input, you get output out. It's correlated, but one drives the other. (I.e. net daily calories -> your weight)
Customer value is the input metric - it drives profits, growth, all else investors care about.
(6/8)
Because they're correlated, it's possible to use metrics as a proxy for customer value. This is useful, but it's better to get to truth. Especially for 1) startups which have shorter histories, and 2) when things change (startups + all companies, especially today)
(7/8)
(7/8)
Of course you need profits. Moviepass = awesome product, unsustainable business.
But *don't* maximize for profits. Just make sure the economics work, then maximize for customer value.
Companies that do this well are building the true long-term moats.
Thx! More to come.
(8/8)
But *don't* maximize for profits. Just make sure the economics work, then maximize for customer value.
Companies that do this well are building the true long-term moats.
Thx! More to come.
(8/8)
