Notwithstanding the Foregoing

Follow the bottleneck. Chips → data centers → grid equipment → power → gas turbines Grid equipment grew 1%/yr for decades. Then data centers showed up as an entirely new buyer. Gas turbine makers shipped 5–7 GW/yr. Last year? Orders hit 100 GW. @maxlbcook on how he follows the bottleneck across the AI power ecosystem ⬇️

@paulswaney3 INTEGRATION

@paulswaney3 Interested

ASSOCIATE’S TOOLKIT Well the integration playbook ran Here is the actual end of the rope Comment, like, follow (so I can DM you) to get

@carrynointerest Can I DM you about this? I’m executing a similar strategy at my fund in TMT (so broader than just software), and am looking for like minded partners (either for partnering on deals or potentially even coming on board as an employee if you’re launching a fund).

The confluence of VC zombies, Carve out zombies, and PE Software Cos loaded with debt makes 'special situations' software investing my favorite corner of PE atm. The deals I see would blow your mind. We are launching a holdco JUST FOR THIS so stay tuned as I'll be profiling some.

THE MOST ATTRACTIVE PE STRATEGY ATM: SOFTWARE SPECIAL SITUATIONS Private equity, as an industry, is kind of f***ed. Many strategies, to me, have an extremely nebulous outlook on IRR over next 4 years...except for one. I'm biased, as I will be launching a LARGE investment vehicle for this strategy, but imma teach ya'll about my favorite pocket of PE investing atm: Software Special Sits.

@27XVII Is this intended to be a junior analyst role or more senior analyst (e.g VP / Principal equivalent in PE)?

@BabaGhanoushLLC I can help him / her if they need a VP or principal.

@hommamunehisa1 @stoiccapital72 Claude has a 10MB limit per file upload, so you may need to redact a few irrelevant pages. But yes this can easily be done by Claude (i've uploaded 10-15 earnings transcripts at a time to ask for narrative changes)

@EVtoTAM @stoiccapital72 Is there a way for me to upload two 10-Ks and ask Claude what’s changed in the Risks section between the two? Apologies if trivial

I had a strong intuition that a lot of analysts dont read 10ks because they have lost the ability to concentrate for a long enough periods of time Now that I am working with the IR team of a public company, I am convinced

working with some private equity guys on a couple deals lately and its SUPER frustrating how these guys work v public mkts. Get bogged down by all sorts of idiotic details that dont matter at certain valuations. must be TONNES of useless work in PE, IB+consulting v2.0

Mgmt when I ask them if they moved assets to an unrestricted sub: twitter.com/asv141/status/…

when the analyst leaves a hardcoded number black

@pvtcreditguy I used to get 2 BR apts in Manhattan for sub $6000 with in unit washer dryer just a few years ago and now there nearly $8k/month 🤷🏿‍♂️

Does it feel like inflation has flattened/stabilized in your personal lives?

@paulswaney3 Why Arena? I’m in their world (special sits / credit) but have heard mixed opinions on quality of talent / investments.

@BATMongoose Large and mid market PE finally doing lay offs, same with banking, what else?

Catching up with friends and seems like things are getting pretty rough in high finance land across the board. Good luck to everyone. WAGMI!

@junkbondinvest The alpha is for GPs, less so for LPs

There is “alpha” in private credit because there’s less competition…🤦‍♂️

@maiab Haven’t met a single one who can put together a simple financial model or perform basic financial analysis, but perhaps that’s not what they’re hired for?

VC associates get a lot of shit but from my perspective (not a founder fundraising) they are actually awesome to meet. they’re super smart, work their butts off, eager and motivated to help out, what’s not to like?

@davidu This sounds like most mid level investment professional roles in a post COVID hybrid work era?

Can I put this in a job description without being destroyed? "You prefer a job where nobody cares if you need to leave for a dentist appointment in the middle of the day, but you also don’t blink when replying to an email at 9pm while watching Netflix on your couch."

@RobertMSterling Have been running this math for a Manhattan condo / coop purchase - can you please share? Thanks!

Friend is considering buying a condo. He reached out over the weekend and asked if I could put together a quick spreadsheet comparing the cost of renting to the 5-year IRR of buying. Would this be helpful to anyone? If so, I'll clean it up tonight and share it tomorrow. 🚀

@_johnsonator One would think a primate can be trained in modeling but I interview candidates from large banks (and even former VC associates) who still struggle with the basics, like getting to FCF and linking cells correctly 🤷‍♂️

Also modeling isn’t that unique of a skill to warrant only selecting for finance backgrounds. You can train a monkey (or better yet AI) to do it.

Nuclear take: I think NYC VC culture holds the ecosystem back. There are too many ex-bankers and who bring that buttoned up, overly concrete culture to the space, making it hard for out-of-the box founders to succeed. So all we get is a bunch of forgettable SaaS and FinTech companies 🙃

equity analysts credit analysts