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When Henry Kravis started KKR in 1976, the private equity industry was basically nonexistent. This interview from 1987 perfectly encapsulates the mindset and incentive alignment you need to be a good private equity investor Worth a listen "People always call and congratulate us when we buy a company or... show more

Boring_Business

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94,892 görüntüleme • 8 ay önce •via X (Twitter)

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Henry Kravis, co-founder of private equity firm KKR "Dont congratulate us when we buy a company, congratulate us when we sell it. Any fool can overpay and buy a company as long as money will last"

Henry Kravis, co-founder of private equity firm KKR "Dont congratulate us when we buy a company, congratulate us when we sell it. Any fool can overpay and buy a company as long as money will last"

Boring_Business

117,449 görüntüleme • 1 yıl önce

We asked adam porter-price 🇺🇸 to break down how Anduril Industries does M&A. "It's really hard to buy a company that's raised VC because the preference stack is really high." "Our expectations when we buy a company is that we can 5-10x revenue in 3-4 years."

We asked adam porter-price 🇺🇸 to break down how Anduril Industries does M&A. "It's really hard to buy a company that's raised VC because the preference stack is really high." "Our expectations when we buy a company is that we can 5-10x revenue in 3-4 years."

TBPN

21,695 görüntüleme • 1 yıl önce

When Adam’s stock price dropped by 92% he borrowed money to buy back $6 billion in stock. That bet made the company more than $60 billion: “If no one's going to buy our shares why don't we just start buying our own shares? The company at the bottom was worth $3.8 billion. And we were generating over a billion dollars of EBITDA. Well in theory we could buy back 20% of the shares of the company just in the next year if we really believed in the path we were on. So we kicked that off. But we did it a little bit differently than what most companies do. Most companies go out and say I'm going to buy shares from the public markets and just take shares back. But you don't know who's on the other side of that trade. On the other hand we knew that we had a cap table where about 50% of the shares were going to sell at some point over the coming years. We had private equity investors that owned roughly 50% of the shares of the company alongside some other founders that were no longer there. So instead of going to the public we went to the shareholders that we knew were going to sell and got them to agree to sell back to us over time. And so for the following 18 months we ended up deploying around $6 billion of buybacks using our own capital and we leveraged some to buy back shares in the company. And over time that ended up creating somewhere in the neighborhood of $50 to $60 billion of actual proceeds from the buyback. It was one of the most successful buybacks in the history of companies.”

When Adam’s stock price dropped by 92% he borrowed money to buy back $6 billion in stock. That bet made the company more than $60 billion: “If no one's going to buy our shares why don't we just start buying our own shares? The company at the bottom was worth $3.8 billion. And we were generating over a billion dollars of EBITDA. Well in theory we could buy back 20% of the shares of the company just in the next year if we really believed in the path we were on. So we kicked that off. But we did it a little bit differently than what most companies do. Most companies go out and say I'm going to buy shares from the public markets and just take shares back. But you don't know who's on the other side of that trade. On the other hand we knew that we had a cap table where about 50% of the shares were going to sell at some point over the coming years. We had private equity investors that owned roughly 50% of the shares of the company alongside some other founders that were no longer there. So instead of going to the public we went to the shareholders that we knew were going to sell and got them to agree to sell back to us over time. And so for the following 18 months we ended up deploying around $6 billion of buybacks using our own capital and we leveraged some to buy back shares in the company. And over time that ended up creating somewhere in the neighborhood of $50 to $60 billion of actual proceeds from the buyback. It was one of the most successful buybacks in the history of companies.”

David Senra

518,747 görüntüleme • 4 ay önce

When Adam’s stock price dropped by 92% he borrowed money to buy back $6 billion in stock. That bet made the company more than $60 billion: “If no one's going to buy our shares why don't we just start buying our own shares? The company at the bottom was worth $3.8 billion. And we were generating over a billion dollars of EBITDA. Well in theory we could buy back 20% of the shares of the company just in the next year if we really believed in the path we were on. So we kicked that off. But we did it a little bit differently than what most companies do. Most companies go out and say I'm going to buy shares from the public markets and just take shares back. But you don't know who's on the other side of that trade. On the other hand we knew that we had a cap table where about 50% of the shares were going to sell at some point over the coming years. We had private equity investors that owned roughly 50% of the shares of the company alongside some other founders that were no longer there. So instead of going to the public we went to the shareholders that we knew were going to sell and got them to agree to sell back to us over time. And so for the following 18 months we ended up deploying around $6 billion of buybacks using our own capital and we leveraged some to buy back shares in the company. And over time that ended up creating somewhere in the neighborhood of $50 to $60 billion of actual proceeds from the buyback. It was one of the most successful buybacks in the history of companies.”

When Adam’s stock price dropped by 92% he borrowed money to buy back $6 billion in stock. That bet made the company more than $60 billion: “If no one's going to buy our shares why don't we just start buying our own shares? The company at the bottom was worth $3.8 billion. And we were generating over a billion dollars of EBITDA. Well in theory we could buy back 20% of the shares of the company just in the next year if we really believed in the path we were on. So we kicked that off. But we did it a little bit differently than what most companies do. Most companies go out and say I'm going to buy shares from the public markets and just take shares back. But you don't know who's on the other side of that trade. On the other hand we knew that we had a cap table where about 50% of the shares were going to sell at some point over the coming years. We had private equity investors that owned roughly 50% of the shares of the company alongside some other founders that were no longer there. So instead of going to the public we went to the shareholders that we knew were going to sell and got them to agree to sell back to us over time. And so for the following 18 months we ended up deploying around $6 billion of buybacks using our own capital and we leveraged some to buy back shares in the company. And over time that ended up creating somewhere in the neighborhood of $50 to $60 billion of actual proceeds from the buyback. It was one of the most successful buybacks in the history of companies.”

David Senra

154,426 görüntüleme • 3 ay önce

I can’t wait for day we can buy Robocab and put it on the Robotaxi network Imagine it will drive us around and make us money when I don’t need it .. so we can buy more $TSLA 😁

I can’t wait for day we can buy Robocab and put it on the Robotaxi network Imagine it will drive us around and make us money when I don’t need it .. so we can buy more $TSLA 😁

mr fundman

123,352 görüntüleme • 1 yıl önce

This is of the funniest tales from MicroProse. This happened after the company started going to hell about 1992, after it went public. We were all loyal to the company until around that time, when the rot set in. Basically when we learned the company was no longer loyal to US, it cut both ways. The president had replaced his leaders with VPs who were yes-men. We could see Sid Meier, Andy Hollis and other luminaries quietly cutting their losses. And that's when the Brown Bomber put the icing on the cake.

This is of the funniest tales from MicroProse. This happened after the company started going to hell about 1992, after it went public. We were all loyal to the company until around that time, when the rot set in. Basically when we learned the company was no longer loyal to US, it cut both ways. The president had replaced his leaders with VPs who were yes-men. We could see Sid Meier, Andy Hollis and other luminaries quietly cutting their losses. And that's when the Brown Bomber put the icing on the cake.

Sandy Petersen 🪔

18,794 görüntüleme • 7 ay önce

The lyrics in that song say, "We pray for everyone in this community to be employed," But we need to shift away from the mindset of remaining employees forever. It's time for people to start thinking bigger, about building their own businesses and companies, and becoming employers themselves. Too often, when many of us imagine getting a job, we picture working for a white-owned company. We have to break free from that limiting thinking and create opportunities where we employ others, including our own communities.

The lyrics in that song say, "We pray for everyone in this community to be employed," But we need to shift away from the mindset of remaining employees forever. It's time for people to start thinking bigger, about building their own businesses and companies, and becoming employers themselves. Too often, when many of us imagine getting a job, we picture working for a white-owned company. We have to break free from that limiting thinking and create opportunities where we employ others, including our own communities.

SA🇿🇦 FIRST BEFORE AFRICA🌍

61,294 görüntüleme • 8 ay önce

Alex Karp says Palantir will "take money out of our pocket" if it helps the US: "We are highly monogamous in our work." "The only thing we put above [a customer] is US national security." "We prioritize US war fighters over everything else." "When we believe or know that the US war fighter is in danger, we put the whole company against it."

Alex Karp says Palantir will "take money out of our pocket" if it helps the US: "We are highly monogamous in our work." "The only thing we put above [a customer] is US national security." "We prioritize US war fighters over everything else." "When we believe or know that the US war fighter is in danger, we put the whole company against it."

Jawwwn

113,445 görüntüleme • 4 ay önce

Alex Karp says Palantir will "take money out of our pocket" if it helps the US: "We are highly monogamous in our work." "The only thing we put above [a customer] is US national security." "We prioritize US war fighters over everything else." "When we believe or know that the US war fighter is in danger, we put the whole company against it."

Alex Karp says Palantir will "take money out of our pocket" if it helps the US: "We are highly monogamous in our work." "The only thing we put above [a customer] is US national security." "We prioritize US war fighters over everything else." "When we believe or know that the US war fighter is in danger, we put the whole company against it."

Jawwwn

33,227 görüntüleme • 4 ay önce

"When we want to do M&A, we can do it." ABB CEO Morten Wierod says the company is looking at M&A opportunities after agreeing to buy Rotork

"When we want to do M&A, we can do it." ABB CEO Morten Wierod says the company is looking at M&A opportunities after agreeing to buy Rotork

Bloomberg

40,804 görüntüleme • 2 ay önce

"It's basically what we call the Blackstone model, which is, you don't take over the whole company right, you buy the largest stake in it and you use that to control it. And so that's the model starting with the US, but basically every country in the world is being subject to this. And so they have planted through these small focus groups of private intelligence, and it's a combination of private intelligence, private equity, and IT firms, and they're basically coming together as one. And they set up their teams in each country to basically take it over strategically. There's a playbook for this..." Emanuel Pastreich of 🥷 🔗

"It's basically what we call the Blackstone model, which is, you don't take over the whole company right, you buy the largest stake in it and you use that to control it. And so that's the model starting with the US, but basically every country in the world is being subject to this. And so they have planted through these small focus groups of private intelligence, and it's a combination of private intelligence, private equity, and IT firms, and they're basically coming together as one. And they set up their teams in each country to basically take it over strategically. There's a playbook for this..." Emanuel Pastreich of 🥷 🔗

Geopolitics & Empire

18,051 görüntüleme • 6 ay önce

🧸 when we first debuted, the company really wanted to push a "prince" image for us. because of that, they wouldn't let me do things like aegyo when we went on variety shows. 🧸 even though i just wanted to give hearts or do a little aegyo for our fans, they intentionally made us avoid those things. 🧸 i couldn't even make heart gestures. the company banned it, so one time i went on a show and i did some aegyo right before the show ended without them knowing 🧸 but i got caught doing that. the company found out and i actually got in trouble for it 🧸 if i tried too hard to be funny or cute, they would just edit all of it out of the broadcast. i really hated to see us getting a reputation as "boring" group right from the start 🧸 because of that, there was this live streaming platform we used at the time. we all just said “hey, this is live, so the company can't stop us" 🧸 and we decided to just do whatever we wanted, and from that point on, it wasn't really that the company changed their minds, it was more like they just gave up on us.

🧸 when we first debuted, the company really wanted to push a "prince" image for us. because of that, they wouldn't let me do things like aegyo when we went on variety shows. 🧸 even though i just wanted to give hearts or do a little aegyo for our fans, they intentionally made us avoid those things. 🧸 i couldn't even make heart gestures. the company banned it, so one time i went on a show and i did some aegyo right before the show ended without them knowing 🧸 but i got caught doing that. the company found out and i actually got in trouble for it 🧸 if i tried too hard to be funny or cute, they would just edit all of it out of the broadcast. i really hated to see us getting a reputation as "boring" group right from the start 🧸 because of that, there was this live streaming platform we used at the time. we all just said “hey, this is live, so the company can't stop us" 🧸 and we decided to just do whatever we wanted, and from that point on, it wasn't really that the company changed their minds, it was more like they just gave up on us.

녱🐱

712,117 görüntüleme • 4 ay önce

.Bobby from Dupe.com's bet the company moment: "We had three months of runway before we pivoted the company to Dupe Network. We worked with Nikita Bier on it." "No one was using dupe dot com so we reached out to the broker and they wanted the most insane price." "We negotiated a lower price for dupes dot com, went back to the owner of dupe, and said, 'if you don't sell this domain to us we're going to pull the trigger on dupes' and they sold it to us on the spot." "We gave them all of our money. It was a literal bet the company moment."

.Bobby from Dupe.com's bet the company moment: "We had three months of runway before we pivoted the company to Dupe Network. We worked with Nikita Bier on it." "No one was using dupe dot com so we reached out to the broker and they wanted the most insane price." "We negotiated a lower price for dupes dot com, went back to the owner of dupe, and said, 'if you don't sell this domain to us we're going to pull the trigger on dupes' and they sold it to us on the spot." "We gave them all of our money. It was a literal bet the company moment."

TBPN

169,798 görüntüleme • 10 ay önce

The Claude-hype wont stop. Even Jensen admits "We use it all over our company" - and when the CEO of a $4.5T company speaks, you listen. Anthropic makes everythng right at this point.

The Claude-hype wont stop. Even Jensen admits "We use it all over our company" - and when the CEO of a $4.5T company speaks, you listen. Anthropic makes everythng right at this point.

Chubby♨️

34,757 görüntüleme • 8 ay önce

In 2022, when we said we wanted to build giant satellites, people told us “No one is ever going to need satellites that large” and “Building satellites that large would be really difficult.” When we said that we wanted to call our company K2, for a Type 2 Kardashev civilization, people asked us “What is a Kardashev?” Fast forward four years and the Kardashev scale is now a mainstream concept, the entire market is moving bigger, and we just completed 100 days on orbit for our first giant satellite mission. This is the story of Gravitas, from First Round

In 2022, when we said we wanted to build giant satellites, people told us “No one is ever going to need satellites that large” and “Building satellites that large would be really difficult.” When we said that we wanted to call our company K2, for a Type 2 Kardashev civilization, people asked us “What is a Kardashev?” Fast forward four years and the Kardashev scale is now a mainstream concept, the entire market is moving bigger, and we just completed 100 days on orbit for our first giant satellite mission. This is the story of Gravitas, from First Round

Karan Kunjur

61,267 görüntüleme • 2 ay önce

Jeff Bezos shares the advice he received from John Doerr early on at Amazon “When I first met John Doerr who is the partner at Kleiner Perkins who invested in Amazon, one of the things he said really stuck with me,” Jeff Bezos begins. “What startup companies do is they take their precious early-capital dollars and systematically eliminate risks. That’s what the successful ones do.” Jeff continues: “What people often get wrong is that when you’re a startup company, 99% of whether you make it to being a more established company is luck. At Amazon we’ve worked incredibly hard. We’ve cared for our customers. I would put us up against any company in terms of how much we have bled and sweat for our customers. But we had the planets align for us so perfectly in those early days — in terms of the timing and many other things like decisions we made that were poor decisions but turned out to be the right decision anyway — and those early days are when the company’s destiny is not really in its own control.” As a company grows larger and becomes established, Jeff explains, you worry less about externalities.

Jeff Bezos shares the advice he received from John Doerr early on at Amazon “When I first met John Doerr who is the partner at Kleiner Perkins who invested in Amazon, one of the things he said really stuck with me,” Jeff Bezos begins. “What startup companies do is they take their precious early-capital dollars and systematically eliminate risks. That’s what the successful ones do.” Jeff continues: “What people often get wrong is that when you’re a startup company, 99% of whether you make it to being a more established company is luck. At Amazon we’ve worked incredibly hard. We’ve cared for our customers. I would put us up against any company in terms of how much we have bled and sweat for our customers. But we had the planets align for us so perfectly in those early days — in terms of the timing and many other things like decisions we made that were poor decisions but turned out to be the right decision anyway — and those early days are when the company’s destiny is not really in its own control.” As a company grows larger and becomes established, Jeff explains, you worry less about externalities.

Startup Archive

92,848 görüntüleme • 8 ay önce

$Former Palantir / The Antifraud Company Founder Alex Shieh on building a ‘private-sector DOGE’ using AI and investigative journalism to track down fraud: "We're not a SAAS company. We like to use 'snitching as a service.' We only get money when we blow the whistle, and the government gets a recovery." "The business model for investigative journalism is not great as it stands with advertising dollars. You can make content that's equally as engaging for a fraction of the cost." Via TBPN$

Former Palantir / The Antifraud Company Founder Alex Shieh on building a ‘private-sector DOGE’ using AI and investigative journalism to track down fraud: "We're not a SAAS company. We like to use 'snitching as a service.' We only get money when we blow the whistle, and the government gets a recovery." "The business model for investigative journalism is not great as it stands with advertising dollars. You can make content that's equally as engaging for a fraction of the cost." Via TBPN

Jawwwn

109,564 görüntüleme • 8 ay önce

PULAK PRASAD: “The single most important metric in any company is - Historical High Returns on Capital. Our average. Our average portfolio company had a ROCE of 41% when we invested” Src: 7Investing Podcast

PULAK PRASAD: “The single most important metric in any company is - Historical High Returns on Capital. Our average. Our average portfolio company had a ROCE of 41% when we invested” Src: 7Investing Podcast

Ronit Pereira

42,740 görüntüleme • 9 ay önce