Oleg

112 posts

Oleg

Oleg

@CallOleg

Here to learn. Opinions are my own.

Katılım Mart 2021
153 Takip Edilen21 Takipçiler
Oleg
Oleg@CallOleg·
@STLChrisH depending on the business, there might be an opportunity to group cash assets into operating and excess buckets and deploy that excess into term products (CDs, short term fixed income ) and report duration, blended interest rates, etc.
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Oleg
Oleg@CallOleg·
@STLChrisH A few more to add: Cash on hand: number of days the org can operate without generating cash Cash conversion cycle: days it takes to convert cash outflows associated with production into cash inflows Concentration: cash split across different banks to ensure biz continuity
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Chris Hoffmann
Chris Hoffmann@STLChrisH·
EVERY Monday morning, my CFO sends me this: - cash balance across every operating account - outstanding balance on all credit facilities - availability on revolving facilities - 30/60/90 cashflow forecast What liquidity measures do you monitor in your biz?
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walt
walt@waltrcox·
a) bank culture (1/2) - bank 'operations' dictate which settlement windows they staff (have to review proof/file before send) - NACHA offers accreditation programs (secret sauce) - generally lower-valued positions in bank culture - focused on "customers", fixed file errors
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Oleg
Oleg@CallOleg·
@moseskagan And before responding, find out what the real challenge is. Here is a great video that improved my approach to communicating: youtu.be/Kl0rmx7aa0w?si…
YouTube video
YouTube
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Moses Kagan
Moses Kagan@moseskagan·
Big communication error verbally intelligent people often make: In conversation, bc we understand quickly what the other person is trying to say, we begin formulating our own response before they’re done speaking, and launch into it immediately after they stop. The other person concludes, fairly, that we weren’t really listening, &, sometimes unfairly, that we didn’t understand. Best to pause for a beat after the other person stops before responding, even if we don’t always need to.
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Oleg
Oleg@CallOleg·
@patio11 Going to be interesting to see all this play out. Business breakdowns did a great job covering the challenges around FTX/chapter 11 process. x.com/reustlematt/st…
Matt Reustle@ReustleMatt

Experimental format with today’s @bizbreakdowns We went inside the FTX Chapter 11 with Erin Broderick of @ESgloballaw, who represents the ad-hoc committee for non-US customers. There are tons of interesting dynamics here: fraudulent movement of money, dollarization of claims, lack of traditional players in the cap table, privacy for claims holders, etc. My suspicion was "this isn't a typical Chapter 11" and Erin helped separate the facts and the fiction. Any and all feedback is welcome!

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Patrick McKenzie
Patrick McKenzie@patio11·
“But those dollars are Tether’s and/or Tether’s customers.” I mean there are a number of U.S. banks (and at least one Japanese bank) who got a letter about money in an account that SBF probably disagreed belonged to SBF who immediately wired it out pursuant to instructions.
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Patrick McKenzie
Patrick McKenzie@patio11·
The government is seeking $11 billion from the FTX conspiracy, and after they get that ordered, I wonder whether that paperwork ever gets emailed to Cantor Fitzgerald. “You custody some portion of the Tether reserves. We have the attached judgement. Thanks in advance.”
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Oleg
Oleg@CallOleg·
@chernobelskiy Or you can buy a brokered CD with a liquid secondary market at a better rate.
Oleg tweet media
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
Not investment advice but this Marcus CD feels like a great trade right now - if rates decrease, you've locked in this rate for 13 mo - if rates increase, you can withdraw with no penalty after first 7 days & reinvest Not a sponsored post, just sharing what I did personally
Aleksey Chernobelskiy tweet media
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Oleg
Oleg@CallOleg·
@SecretCFO Another great post! Would love to hear how you structure your treasury area in more detail.
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The Secret CFO
The Secret CFO@SecretCFO·
I once walked into an uninvestable business with less than 6 months runway, and a CEO in denial about how bad things were. In today's newsletter I tell the story, and how we worked together to save the business and embed a 'cashflow first' culture. This is the last of an 8 part series in how to build a cashflow obsessed business. This is where it all comes together. Get it for free here: cfosecrets.io/p/cashflow-cul…
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Oleg
Oleg@CallOleg·
@patio11 Great read! As a newer treasury practitioner, I'm still surprised at the current use of checks in US and the various bank offerings that exist to support/enhance it (lockbox, positive pay, echecks). I look forward to the next deep dive.
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Oleg
Oleg@CallOleg·
@chernobelskiy Thanks for the context. Sounds like poor capital/liquidity management on the GP’s part. I get that it’s not a fund but the same practices should apply. Don’t use 100% of commitments, have contingency funding in place. Also, wouldn’t the new capital impact ownership weighting?
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
@CallOleg 1) these typically aren't funds (syndications, most of the time, are only for one deal) 2) different than an accordion feature because, again, it was expected... that's a lender agreeing to extend more capital. here you have a fully capitalized deal with an unexpected request
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
Capital call template I keep seeing: - everything is great, but we need money - no comment on equity valuation today - we have a plan, but I'll share that later - wiring instructions attached, you have 5 days Drives me absolutely nuts
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Oleg
Oleg@CallOleg·
@chernobelskiy I see, that sounds more like a debt accordion than a capital call. Curious, do you typically advise your LPs to ensure that a fund has adequate access to funding (committed/uncommitted LOC, etc).
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
@CallOleg Right.. you already bought the property and the expectation (by everyone) was that it was fully capitalized Then things go sideways, and you need more money
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Oleg
Oleg@CallOleg·
@chernobelskiy Oh interesting, so are you saying that RE capital calls go beyond LPs commitments?
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
@CallOleg Right.. this is different. Most syndicated deals are capitalized up front and although docs do state that a capital call can come, it's not planned (until there's no way out)
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Oleg
Oleg@CallOleg·
@chernobelskiy So I’m used to seeing capital call request with mostly details around amounts (how much is due, how much has been called, etc), payment instructions and a due date. So what’s abnormal about your examples?
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Oleg
Oleg@CallOleg·
@chernobelskiy Interesting, I’ve only done deals where you’d typically fund x% of committed capital up front and the rest can be called at a certain schedule (expected) or based on a certain trigger (unexpected), agreed upon in the deal docs.
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Oleg
Oleg@CallOleg·
@chernobelskiy I’m starting to think that RE universe doesn’t use the financial terminology correctly. In traditional finance, capital call means asking investors/LPs to fund a portion/remainder of their commitment (there is a typically a schedule). What you’re describing is almost a new round
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
I hope this is really clear, but for the abundance of caution: This is satire... you need to explain to LPs why they should invest (again) despite what happened
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Rex Salisbury
Rex Salisbury@rexsalisbury·
Wealthfront news buried the lead...40% EBITDA margins. $50+ B in aum => 25 bps fee => $125+ M rev => 40% ebitda => $50M EBITDA same EBITDA margin as Schwab which has 50x more assets ($2.5T in aum). helpful to understand what scale you need to get what margins in asset management business.
Rex Salisbury tweet mediaRex Salisbury tweet media
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Oleg
Oleg@CallOleg·
@chernobelskiy I agree that the airbnb/STR market is not large enough to cause any system issues but the segment did get a bit too frothy in some regions. Here is a good article on lenders underwriting based on per night rate to folks who wouldn't otherwise qualify. #xj4y7vzkg" target="_blank" rel="nofollow noopener">bloomberg.com/news/features/…
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
Don't understand the Airbnb/STR doom on here These are a tiny portion of overall housing stock and won't collapse housing pricing or solve affordability Maybe someone can convince me otherwise...
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Oleg
Oleg@CallOleg·
@chernobelskiy You’d been surprised how many large institutions, corporations rely on excel for FPNA/budget planning process. Luckily for most, they won’t make the news for hard coding a number.
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
Holy smokes I did not have academic relations with this institution 🤣
Aleksey Chernobelskiy tweet media
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Oleg
Oleg@CallOleg·
@EllliotttB @chernobelskiy @moseskagan Agreed. The NAV lending space has been fairly active for larger players. Was just reading about PE tranching, the fund will finance up to a certain threshold of PE portfolio's NAV and reslice it into preferred and common equity. #xj4y7vzkg" target="_blank" rel="nofollow noopener">bloomberg.com/news/articles/…
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Aleksey Chernobelskiy
Aleksey Chernobelskiy@chernobelskiy·
@moseskagan Yeah I agree.. very difficult, but I also do think it's a real business at scale because many will consider liquidating (even including the discount)
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Oleg
Oleg@CallOleg·
@patio11 Thanks for sharing! Its still surprising to me that there aren’t any solid TMS’s with quality UI/UX that can support needs of f500 firms. Had to send the Mercury demo to my systems team as an example of a great end user interface.
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Patrick McKenzie
Patrick McKenzie@patio11·
“How many times did you do this in October?” Four. “How many people were involved in doing that?” At least eight unique individuals. “Like bookkeepers or AP clerks?” Half were highly paid professionals. Waste of time and talent! Now avoidable! Yay!
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Patrick McKenzie
Patrick McKenzie@patio11·
The Mercury payments flow is pretty sweet. (Payer causes Mercury to send a link to a business they need to pay, which lets them fill in name, entity, W-9, bank details, etc or prefill most of that by signing into their own Mercury account. Payer then can send within Mercury.)
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Oleg
Oleg@CallOleg·
@patio11 @SMTuffy Agreed and I think both were a result of low interest rates environment paired with a desire to “stick it to the system”
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Patrick McKenzie
Patrick McKenzie@patio11·
@SMTuffy Yes; the right way to think of them is an interated improvement on ICOs with less securities regulatory risk. ICOs made promoters a huge amount of money and little was clawed back; iterations were inevitable unless aggressively policed.
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Keşfet

@STLChrisH @waltrcox @moseskagan @patio11 @chernobelskiy @SecretCFO @elonmusk @BarackObama