1.) Perspective might be everything, but knowledge is power.
2.) You are constantly faced with decisions and there is always incomplete information. This paralyzes most people. Not you. Make fast decisions and move forward knowing that at best 50% of decisions are going to be right. Move the ball forward every day. Be quick to spot mistakes and correct. Put the lid on what smells bad.
3.) The cost of failure is not high. The cost of failure is calculated.
4.) Don’t celebrate when you’ve raised money. Know that you’ve signed up for more obligation.
5.) Tap expertise of others in the organization or elsewhere.
6.) Be thorough, just like what an analyst needs to be.
7.) Be clear about what is opinion and what is fact. Understand different types of investors and views on a particular idea. See the macro as well as the micro. Use technical analysis to augment fundamental work. Be obsessive about managing time. Focus on a few critical factors when analyzing and communicating a stock idea.
8.) Filter out the noise. Easy to say, difficult to do.
9.) Include perspective of others garnered in interviews and surveys. Cite sources, make concise summaries of findings. Seek out opinions and alternative ideas from readers/others to help in research.
10.) Have insatiable curiosity and intense focus on work.
11.) Do not confuse analysis paralysis with zero analysis.
12.) Attitude over Aptitude
13.) Entrepreneurship is Entrepreneurshit. Reality versus Perception.
14.) In the end they’re usually just that – a story. Sometimes a fantasy.
15.) Maybe they’ll be proved right some day. Liquidity killed the cat.
16.) Execution proves your worth. Period.
17.) Don’t promise unrealistic things.
18.) It does require an absolute, singular commitment level.
19.) Wake up extra early (often before 6am) to get my runs in.
20.) Schedule runs with teammates and even with customers.
21.) The work pressure mounted, the food piled in, the sleep disappeared and the exercise was non existent.
22.) I am not “dieting.” No crazy plans for me.
23.) … being an entrepreneur is very unsexy. Long hours. Time away from family. Low salary. High risk. High stress. It only looks sexy when you read TechCrunch. There is no shame in being an exec at a company or whatever.” – Mark Suster
24.) what gets lost in reading about the glamor of Facebook, Twitter, Zynga, GroupOn and the like is that most startups fail.
26.) No deal is ever done until the ink is dry and the money is in your bank account. Never take your win for granted.
27.) Losing sucks. But it makes one a better competitor.
————and sometimes I’m just tired. But everyone else seems relentless. Hate the fact that money never sleeps in other people’s minds.
Fear of Missing Out Drives Deals
How much an acquirer will pay for a business is determined in the course of merger negotiations by reference to comparable companies trading in the public markets, comparable M&A transactions, and the projected discounted future cash flows of the target business, overlaid by the competitive dynamic of the sale process. At the end of the day, the acquirer pays what it decides owning the target business and its associated cash flows would be worth to it, moderated by what it has to and can afford to pay. The book value of assets on the target company’s balance sheet has nothing to do with it.