Francois
325 posts
Francois
@0xF00DF00D
into Web3, security, coding the future. Smart investing, always learning. Join me!
Katılım Kasım 2024
340 Takip Edilen78 Takipçiler
My 5 year old set up a lemonade stand on the driveway this morning
By 11am he'd cleared $10
I sat him down at the kitchen table to walk through the financials
Lesson one: taxes
Had him lay all ten singles flat on the table
Pulled $3.70 for federal at the top marginal rate
$1.53 for self-employment
$0.83 for state and local
Slid $3.94 back across the table
He stared at it
I told him that's why owners don't pay themselves W-2
Lesson two: adjusted EBITDA
We rebuilt the income statement
Cups. Added back
Lemons. Added back
Sugar. Added back
Water. One-time normalization
Driveway rent. Above-market related party
Founder hours marked to a $25/hr opportunity cost
By the end he had $10 of revenue and $47 of adjusted EBITDA
I told him to apply a 12x multiple
Enterprise value of $564
Lesson three: continuation vehicles
I stood up Brooks Lemonade II, LP
Son sold the stand from Fund I to Fund II at 14x
I took 20% carry on the markup
He kept the rest
Said it didn't feel like he sold anything
I told him that's the point
Now for Monday
He's mapped three other kids on the cul-de-sac running stands
Plans to acquire all three at 4x at recess
Roll them into the platform
Piggy bank provides the unitranche. SOFR plus 600. Covenant lite
Mark the platform at 16x in Brooks Lemonade III
LPs are first graders with allowance money
Take a recap dividend
Reset the clock
I didn't say anything
He was already in Excel
Make common sense common again
Sent from my iPhone
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@a2_masters Theres enough wealth to pay the price...govt will print
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The Housing Market is quietly dying as people simply run out of money.
This isn't a temporary blip I'm afraid sweetheart, this is the end, it isn't coming back. There is no wealth being created to pay your price.
The Nation's debt was leveraged by a bubble that's just popped.
The i Paper@theipaper
At 70, I’m trapped in my £850,000 family house – I can’t sell it trib.al/x2Wccm6
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Genuinely, is there a better financial tool in the world than the Stocks & Shares ISA?
• Invest up to £20,000 per year tax-free
• No UK tax on dividends or capital gains inside the ISA for life
• Ability to invest in funds, ETFs, bonds, and shares
• You can withdraw money anytime - no penalties
I’m not fully aware of all the different types of accounts across other countries, but this seems by far the best in the world! 🇬🇧
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Getting in the left lane early is an example of the incorrect, try-hard, over-polite herd-like behaviour that has become a fatal defect of our race.
RŌNIN@ronin21btc
Can we just normalise using both lanes
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@SebJohnsonUK @_rockt Would have been really impressive if it funded itself
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A secretive 4-year old AI company incorporated in the UK has just raised $500m at a $4bn valuation.
The startup - Recursive Superintelligence, is building a new kind of AI that teaches itself.
One of the founders, Tim Rocktäschel (@_rockt), is a professor of AI at University College London and was, very recently, a principal scientist at @GoogleDeepMind.
The rest of the team is also STACKED and includes researchers from Meta, OpenAI and Google.
The FT (linked below) has reported that the company has raised $500m at a $4bn valuation led by @GVteam.
The round was so oversubscribed that it could end up raising $1bn.
According to the FT:
"Recursive has not yet officially announced its existence, but a filing at the UK’s Companies House register shows that it was incorporated in London at the end of last year"
Amazing news if the company is actually HQ'ed in London.
The city is having a huge tech resurgence and we LOVE TO SEE IT
Amazing stuff as always from the FT team @tim @IvanLevingston @GeorgeNHammond
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Say you are an extremely skilled person who is one of the only people in the world who can do what you do - so you earn a lot of money.
(Let’s use a quant researcher for example…)
🇬🇧: capped at around £250k - after tax this is around £150k
🇺🇸 (Florida e.g.): could make around $1m - after tax this is around £700k
Why would any highly skilled person work in the UK?!?
Politics UK@PolitlcsUK
🚨 NEW: 65% of Brits support the Green Party's policy of capping CEO pay at ten times the pay of the lowest paid employee
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Hacking the #EU #AgeVerification app in under 2 minutes.
During setup, the app asks you to create a PIN. After entry, the app *encrypts* it and saves it in the shared_prefs directory.
1. It shouldn't be encrypted at all - that's a really poor design.
2. It's not cryptographically tied to the vault which contains the identity data.
So, an attacker can simply remove the PinEnc/PinIV values from the shared_prefs file and restart the app.
After choosing a different PIN, the app presents credentials created under the old profile and let's the attacker present them as valid.
Other issues:
1. Rate limiting is an incrementing number in the same config file. Just reset it to 0 and keep trying.
2. "UseBiometricAuth" is a boolean, also in the same file. Set it to false and it just skips that step.
Seriously @vonderleyen - this product will be the catalyst for an enormous breach at some point. It's just a matter of time.
Paul Moore - Security Consultant @Paul_Reviews
.@vonderleyen "The European #AgeVerification app is technically ready. It respects the highest privacy standards in the world. It's open-source, so anyone can check the code..." I did. It didn't take long to find what looks like a serious #privacy issue. The app goes to great lengths to protect the AV data AFTER collection (is_over_18: true is AES-GCM'd); it does so pretty well. But, the source image used to collect that data is written to disk without encryption and not deleted correctly. For NFC biometric data: It pulls DG2 and writes a lossless PNG to the filesystem. It's only deleted on success. If it fails for any reason (user clicks back, scan fails & retries, app crashes etc), the full biometric image remains on the device in cache. This is protected with CE keys at the Android level, but the app makes no attempt to encrypt/protect them. For selfie pictures: Different scenario. These images are written to external storage in lossless PNG format, but they're never deleted. Not a cache... long-term storage. These are protected with DE keys at the Android level, but again, the app makes no attempt to encrypt/protect them. This is akin to taking a picture of your passport/government ID using the camera app and keeping it just in case. You can encrypt data taken from it until you're blue in the face... leaving the original image on disk is crazy & unnecessary. From a #GDPR standpoint: Biometric data collected is special category data. If there's no lawful basis to retain it after processing, that's potentially a material breach. youtube.com/watch?v=4VRRri…
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I wish the Allbirds people luck in their attempt to pivot to GPUs. Maybe they can do it. But i regard this as the first definitive sign that things have gone too far. What a bunch of jokers and mountebanks they are..
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This monstrosity should never be on UK roads.
Gary Mark⚡️Blue Sky Kites 𝕏 🈴@blueskykites
Cybertruck📐 with California plates spotted in UK
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I have about £10,000 in cash atm
Unsure whether to lump it into the market now or dca it and wait for a better opportunity to lump in
What would you do rn?
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@TheEUInvestor Its more of a pure CRM play and less diversified than Salesforce but they are investing heavily into AI and I think its under valued right now
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@0xF00DF00D Interesting! Never looked into it, how do you see it compared to $CRM?
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SaaSpocalypse, you can’t paint them all with the same brush👇
$CRM: Agentforce reached $800 million in ARR last Q, a 169% y-o-y increase
$NOW: Now Assist reached $600 million in net new ACV last Q, more than a 2x
$ADBE: Firefly AI reached $250 million ARR last, more than 3x for AI-First ARR
Which SaaS stocks are you buying?
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Doom and gloom writing, speaking, whatever, always fuels these rallies
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@Brian_Stoffel_ Legacy means they are getting replaced by something. What is it?
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What many SaaS bulls ignore at their own peril:
* Terminal Value: 50%+ of a company's value is from discounted FCF 10 Years from now
So you're betting on...
* Mediocre improvement: Think Mythos is impressive? Imagine what's coming in another 6 months
* No pricing pressure: With alternatives that are viable, margins will compress
* Culture of innovation: Behemoths had it made. Start ups are hungry. Who are you betting on?
* Numbers never showing up: Clearly, the most recent 10Ks won't reflect a new landscape. But how long will that last?
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I am sitting on more cash than I have ever had, and I simply do not know what to do with it.
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Here’s a tweet that software investors are not going to want to hear
$CRM should be $50
$ADBE should be $30
$INTU should be $50
$NOW should be less than $10
$MNDY should be less than $10
$HUBS should be $5
$WDAY should be $5
$APP should be $30-$50
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@JLima29426 @HodlMagoo @BrometheusPound institutional investors arent dumb enough to ape in at IPO. They wait until retail gets cooked first
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@HodlMagoo @BrometheusPound This, and perhaps large positions are dollar cost averaging out of some of the high cap companies to invest in upcoming IPOs
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@DoubleEph So the bank won't let someone on median income buy an average house
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