How to build a market neutral portfolio, and why it may not be right for you
I recently had a good friend ask me to explain how to construct a market neutral portfolio, since I currently do most of my personal...
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Sales in SF, Infrastructure in SV: Crunchbase data reveals what cities are building
Last week, I posted a word cloud I made with the descriptions from a thousand recent startups on Crunchbase. The (not so surprising)...
Four lessons Criteo, the $3.5bn ad-tech company, can teach us about machine learning business models
With the rise of ML/AI as the start-up flavor du jour, I’m seeing more and more companies that have software as their core, but business...
Spruce Point's short report on WIX: 13 points I disagree with
Yesterday a renowned short-seller called Spruce Point Capital (SP for short) published a short report on Wix. I'm very familiar with Wix:...
Innovation vs. the retail apocalypse: the future of brick & mortar as the "edge" of th
I grew up in a small town in Northern Maine where my family has owned an eponymous store selling grocery and apparel for over a hundred...
Why EV/Rev is almost always the wrong way to value companies
In a previous post, I wrote about why investors in SaaS companies feel forced to use EV/Revenue to value them. With profits absent and a...
How we wound up using EV/Rev to value high growth tech companies
As an investor in publicly traded SaaS companies, valuation was a primary concern. Again and again, I met with companies with "stories"...
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