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Been studying why it is so hard for investors to capture the epic ride of right tail managers.
Sam walton's first store was in 1962 (44Y old).
IPO 1970 - retained 60% ($8M)
1985 - $2.8B (350x in 15Y)
1990 - steps down; dies 1992 w $25B (9x again in 7Y)
Kooj Bekker at Naspers
Sam walton's first store was in 1962 (44Y old).
IPO 1970 - retained 60% ($8M)
1985 - $2.8B (350x in 15Y)
1990 - steps down; dies 1992 w $25B (9x again in 7Y)
Kooj Bekker at Naspers
is the only one close with their epic Tencent investment. $32M in 2001 to $300B today with only one sale (3/18).
Nick Sleep with AMZN was close.
I am curious - what is the end state portfolio concentration for top decile VC/PE funds? Ie do their winners run to levels deemed
Nick Sleep with AMZN was close.
I am curious - what is the end state portfolio concentration for top decile VC/PE funds? Ie do their winners run to levels deemed
imprudent for public portfolios?
Riding monster winners is a profoundly difficult art.
Path dependency affects the odds of capturing the rail tail. Some epic drawdowns for all the greats. natural part of the journey.
#1 trait of all 10-20Y right tail managers is they survived.
Riding monster winners is a profoundly difficult art.
Path dependency affects the odds of capturing the rail tail. Some epic drawdowns for all the greats. natural part of the journey.
#1 trait of all 10-20Y right tail managers is they survived.
