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A TIME TO CELEBRATE
This month we deliver our annual break from data and analysis to wish you and yours a very happy holiday season. There are portions of 2022 to which many of us are no doubt happy to say goodbye, but there is also a lot to celebrate. We hope you will get some time with family and friends to toast to the best of 2022, and to a great year to come!
Venture Capital Red Flag Checklist | Bill Gurley
Following the chaos unfolding at FTX, Bill Gurley published an interesting list highlighting the red flags in early-stage investing. This may sound obvious to most readers of this newsletter but waiving an annual audit is generally not a good idea. On the topic of bad ideas:
Related to the point on audits, some companies will insist on presenting corporate data in a way that is (a) inconsistent with traditional corporate accounting, and (b) impossible to square with traditional accounting. Many times, this involves creating a whole new language around unit economics specific to that company. There are also frequent claims of being “profitable” on some definition of “margin” that is specific to the company.
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A great discussion from the Chief Investment Strategist at CPPIB, Geoffrey Rubin. The Canadian pensions have defined a style of investment worth emulating, and many around the world certainly do. This interview goes deep on the culture and transformation at CPPIB and is a worthwhile listen for most Canadians (we have a vested interest!).
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This would fall into the category of finding insight in unexpected places.
I was just with Ralph Lauren and we were talking about our success, which we call “luck.” People ask, “What’s the formula?” And he goes, “There is none, is there?” I go, “No, you just keep doing what you do naturally, and sometimes you arrive at a place you never expected to be.”
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A classic and inspirational talk that is well worth a listen over the holidays. Coach John Wooden urges us all to pursue the best in ourselves.
Your reputation is what you are perceived to be, your character is what you really are
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