Sarah Davis

If you sell a bag to buy a bag, it's basically free! That isn't just girl math. Works for Patek, Rolex & AP too!

At that size & run rate & with that size investment they're likely saas. If you assume $120k salaries for the team (which is low for saas), they still have marketing, saas, G&a etc. They're breakeven at best. But with that slow growth and runway prob overspending marketing & tech stack which add up quick

@rohitdotmittal Why are they still burning money with 9 people

Talked to a founder this week: Raised: $10.4m across seed and Series A Last valuation: $42m post Current ARR: $2.1m Growth last 12 months: 4% Gross margin: 71% Team: 9 Runway: 12 months of cash Years since Series A: 3 This company could be a real business, but it'll never return the fund. The founder keeps grinding, thinking that his investors care. But his investors have already moved on to companies that are working. Some founders also like the "founder lifestyle." They stay stuck with low salaries because they want to be called founders, and not employees. Nikesh Arora shared what Masayoshi Son told him: "You’re spending too much time on the mistake. Don't bother. Your time is better spent with the winners." The investors keep not writing the company off because it's a call option for them. If it works, great; if not, they have others. But the team keeps showing up and grinding to return the invested capital. Any sale will not clear the prefer stack, so they don't sell. They can't shut down because it's a running business with customers and a team. They can't raise - 4% growth doesn't justify it. They can't quit - they've been underpaid for five years and have no savings. They are stuck - metaphorically and structurally. Helium Ventures is a standard exit path for founders stuck on the wrong cap table. The goal isn't to be the only option on the table. It's to be one of the good options, so founders can actually choose.

There's a reason we call them "investment pieces"!

@ptnyc Ahhh! Thanks so much. You should have introduced yourself. Appreciate you including me/ us in your write-up & your coverage of resale!

@Sarahdavis Enjoyed hearing you speak at the resale conference last week in NYC; so much going on in resale!

@bryce @stance You've got to toss the grenade when the pin has been pulled.

Had no idea ⁦⁦@stance⁩ sold for parts last year…

@jessewardclark He's you guys 😆

@Sarahdavis 🥹

My son thinks I don't know he's using my Chat account.

The family group chat helping my loyalty program research...

@elonmusk Me too!

Custom orders of the Tesla Model S & X have come to an end. All that’s left are some in inventory. We will have an official ceremony to mark the ending of an era. I love those cars. This was me at production launch 14 years ago:

@bbculp @SahilBloom Hey wait! You literally just did this! Can you confirm @jessewardclark

@SahilBloom The best running in America is in this circle

I ran 12 miles through the backroads of Franklin, Tennessee early this morning. I think this may be on my list of best places to live. Beautiful scenery. Peaceful, open spaces. Quiet, but near a fun, lively city. Proximity to a major airport. Nice weather but still some seasons.

@WSJ Word's getting out @altcap

Measuring cholesterol levels has long been the main way doctors assess the risk of heart disease. Increasingly, people are opting, too, for a simple, relatively affordable test: a coronary artery calcium scan, or CAC. on.wsj.com/4diRusm

@SFGate Alt headline: "SpaceX Investor Steve Jurvetson buys home in Nevada ahead of IPO"

SpaceX investor reportedly buys record-shattering Tahoe home as IPO nears sfgate.com/renotahoe/arti…

Because my daughter is not on social media my algorithm is working overtime to serve me content that I can share with her! It's a heavy burden but I'm sure she loves it 😆 T minus 39 days till 1st grandbaby joins us on this side of the veil!

@heshie @ayaboch Hahaa! But really, with the Louis Vuitton x League of Legends' collab bags & Balenciaga x Fortnite, I feel like we're almost there!

@ayaboch @Sarahdavis make this happen :)

I always dreamed of a luxury x tech collab

@paulg Nice company @Seanfrank

Brands I love: Lego, Leuchtturm, Oxford University Press, Pentel, Schöffel, Aqualung, Paradores, Staedtler, Birkenstock, Braun, Knoll, Patagonia, Herman Miller, Iittala, L.A. Burdick, Artemide, Aman, Thames & Hudson, Yeti, Rimowa, L.L.Bean, Timbuk2, Eschenbach, Ridge, Maui Jim.

@jessewardclark Ahhh! They look perfect so that would help! Lupe had one of those!

@jessewardclark I love corn tortillas but have never tried making them! How advanced are they 😬

Reminder that Saturday’s brisket is taco Tuesday’s carne asada! Bonus was some flawless from scratch corn tortillas

@shauna_howell1 Your kinda people @stefeskander

Sometimes by the end of a season I’m burned out enough that I just need to do *something* different to reset. Today that looked like grabbing a ballpoint pen and doodling like a bored 8th grader in homeroom.

@RosenZone @Delta Let's goooo!!! ✈️

Since when was @Delta offering Nerds Gummy Clusters on flights???

@mjolley22 Nailed it. And are all the best Hymals "British Racing Green"? Even has the same gradient when it hits the light!

That’s 1985 hymn book green.

They say to do things that don't scale & I wonder if this move from "@GrandpaBecks" (the creator of our favorite game Cover Your Assets) is one of the reasons for its success other than the fact that it's a banger game!