The horse is too small, the jockey too big, the trainer too old, and I’m too dumb to know the difference. – Charles Howard, owner of Seabiscuit addressing comments about his horse, Seabiscuit and the team of people he had assembled to train and race Seabiscuit. Red Pollard was Seabiscuit’s jockey and Tom Smith was […]
Venture Capital
Ceteris Paribus: When A Startup’s History Really Matters
Once in a while I meet a startup that makes me scratch my head in bewilderment. At first glance everything looks fine, but I can’t help but wonder if I might be missing something. In such instances I think to myself; Is there some important detail that is not so obvious, and that is concealed […]
A Reexamination: Can Venture Capitalists be Value Investors?
Let’s begin with some disclaimers. I have never actually been a value investor. I have also never made individual picks of stocks traded on the public markets. I was completely oblivious of stock markets until soon after I had graduated college in 2001. Before I arrived in the United States in 1997, I would not […]