Andres Garcia-Amaya, CFA

This is the story of how @ZoeFinancial came to be. hubs.ly/H0pTctv0

@fintechjunkie This is a powerful observation that I am guessing only a seasoned investor picks up on it early. I had modeled this "Multipiclative Momentum" and the numbers start to look silly 18 months out...now I have a name for it :)

2020 + 2021: Most “valuations relative to traction” were crazy 2022 + 2023: Bridge rounds helped startups grow into their valuations Now + 2024: Most “valuations relative to traction” will be reasonable But some startups can raise at high multiples due to momentum:🧵👇

@JaredSleeper @jrichlive Happy to chat. I have dedicated my life to solving what you are discussing and have the institutional knowledge to do something scalable about it

@jrichlive I know exited startup founders who were fleeced beyond belief- 1% annual mgmt fee + capital invested into mutual funds with 1%+ annual fees and 5% upfront load fees (with some share of that kicked back to the advisor). I'm generally anti-regulation but load fees really get me.

Private wealth management remains a massive TAM with a dramatically underserved customer base. Crazy in this day and age but reminded of it daily. Someone will solve this…🤞

@fintechjunkie in some cases, it's because they don't know it is there..but in others is unfortunately hubris.

@andrgarc Agreed. A bit of ostrich syndrome going on.

Strong suggestion to Founders and VCs: Take a few hours and study the $Billion+ public companies in whatever space you care about. You’ll learn to appreciate what it takes to earn and keep a unicorn valuation. And you’ll realize that fundamentals matter while narratives don’t.

@BrentBeshore I call it "Patience arbitrage"

I want this as an eyelid tattoo: “If everything you do needs to work on a three-year time horizon, then you’re competing against a lot of people. But if you’re willing to invest on a seven-year time horizon, you’re now competing against a fraction of those people… Just by lengthening the time horizon, you can engage in endeavors that you could never otherwise pursue.” -A guy from the Amazon

@heyalexfriedman Truly knowing who you are (the good, bad, ugly) and still liking yourself. Cause then external praise or hate doesn't affect you as much.

Serious question: people with “thick skin”… how did you condition yourself to be that way?

@jspujji @AskAmex yea, I have seen it become worst over time. do you have any better options?

Wow. I’ve been a Amex member for 20 years. I’ve had every type of their cards (including centurion). Their travel services have become absolutely abysmal. @AskAmex

@EdrizioCruz 99% just don't do the hard things..so at times you don't need to be a contrarian..just doing the hard things puts you in a different position

If you want to be better than 99% of founders, you have to do things that 99% of founders don't do. Learn to be ok with being a contrarian #startups #founders #tips #success 🙌📌

@PeterMallouk @stats_feed

Most innovative companies in 2023 per @stats_feed. Two questions I would love to hear differing opinions on: 1. Why are so many of the top companies in America? 2. Why are so many of them led by immigrants? 1. 🇺🇸 Apple 2. 🇺🇸 Tesla 3. 🇺🇸 Amazon 4. 🇺🇸 Alphabet 5. 🇺🇸 Microsoft 6. 🇺🇸 Moderna 7. 🇰🇷 Samsung 8. 🇨🇳 Huawei 9. 🇨🇳 BYD 10. 🇩🇪 Siemens 11. 🇺🇸 Pfizer 12. 🇺🇸 Johnson & Johnson 13. 🇺🇸 SpaceX 14. 🇺🇸 Nvidia 15. 🇺🇸 ExxonMobil 16. 🇺🇸 Meta 17. 🇺🇸 Nike 18. 🇺🇸 IBM 19. 🇺🇸 3M 20. 🇮🇳 Tata Group 21. 🇨🇭 Roche 22. 🇺🇸 Oracle 23. 🇩🇪 BioNTech 24. 🇬🇧 Shell 25. 🇫🇷 Schneider Electric 26. 🇺🇸 P&G 27. 🇨🇭 Nestlé 28. 🇺🇸 General Electric 29. 🇨🇳 Xiaomi 30. 🇺🇸 Honeywell . 31.🇯🇵 Sony 34. 🇺🇸 McDonald’s 38. 🇺🇸 Dell 40. 🇺🇸 🇮🇪 Stripe 43. 🇩🇪 Mercedes-Benz Group 48. 🇨🇳 Lenovo 49. 🇩🇪 BMW 50. 🇬🇧 Unilever

@EdrizioCruz I like that analogy. But I would say that for some..they go from the running back to the GM over time..which extends the time frame

Being a startup founder its a bit like being an NFL running back, you're gonna take lots of hits, and you probably have 7 to 10 good years max 🏉 #cultivateGrit 😓💪🏾 #founders #startups

@jspujji @Dillydillll (VP of Product) and I went to clients' houses with a shredder and a scanner to help them go through all their old financial folders. We wanted to get a raw picture of what families have to do to get organized. We rode the subway carrying all this heavy equipment

What are the most ridiculous/surprising things you’ve done as a founder/ceo that are the opposite of the sexy narrative?

@SecretCFO Your account is insightful & unique. Hope haters don't dissuade you from posting!

I haven’t had to deal with much hate on Twitter. But the little bits I get always come from the same place. People who have experience in finance, but often in a different field (IB, Startups, etc) to my niche. So they read something I’ve shared that they haven’t seen in the wild, and is maybe incompatible with their understanding from the textbooks. So they assume it’s stupid or bull shit. I started this account because there is a whole bunch of stuff that is really important / common place in a finance leadership role in a big business. But it’s also not covered on the path to CPA, CFA, CMA, etc. Or maybe is even totally incongruous with the textbooks. I figured that’s why it’d be interesting for some people… If it’s not, that’s fine, just scroll on. Or if I’m in your feed and it’s annoying, just block my account.

@snyatta the self view is a big one. I also got rid of it a couple of months back.

I did 2 things recently that I think are related: 1. Hid "self-view" on Zoom 2. Stopped wearing strain/sleep tracker after ~2 yrs of daily wear Both actions reduced self-consciousness and stress. Sometime you just gotta BE rather than constantly thinking about how you are

@chrisfralic crazy thought..but could be that the tech startup ecosystem you operate & live in..is not a great representation of the broader job market?

Is there a term for when the reported numbers don’t match what you’re seeing in the real world? Feels like it’s been that way in both directions over the last few years.

@modestproposal1 Yea I agree that that is what MJ would say. But that doesn't mean that Giannis can't get similar results with his approach.

i get what he's saying, but i think if you asked michael jordan, he would say yes.

The MBAs asked Qs that they thought would make them seem smart. And they mostly asked Qs to have a moment to share 'what they would do in my place' once my response was given. (Keep in mind that none of them had been founders prior to school.)

@_NateNorman in my opinion..is about getting them enough exposure to navigate any combo. I don't follow the NFL, but I know that at bbq with other dads during play offss..that is the only topic. So I read 1-2 articles and see the standings before going. Just enough for me to be involved.

I feel bad sometimes for my son The boys on his team are talking about current stuff from YouTube or TikTok He has no clue and I can see he feels left out I want him to have friends but I more so want to raise him different than this world This is the cost of difference

@Austen @Metathea11 @DanielleFong Just to close the loop. Yea government stepped in. Moved over assets to a newly created bank. Record holds of no depositors loosing their money/

@andrgarc @Metathea11 @DanielleFong Welp lol

Was wild to watch a lot of tech Twitter slowly move from jokes and memes about a run on a bank… To slowly realizing how devastating it would be if SVB simply went under. Truly catastrophic. Thousands of companies dead. Tens of thousands losing jobs. Systemic shock.

@Austen @Metathea11 @DanielleFong that is if the FDIC has to actually take over the account which hasn't happened since 1934. The FDIC becomes the "receiver" and arranges a different, healthy bank to take over the failed bank's deposits. The FDIC then transfers your money to another FDIC-insured bank.

@Metathea11 @DanielleFong Short answer: not really. Only for first $250k/account.

@Austen With a default, Equity & bondholders would be wiped. Deposit holders might be stuck without having the ability to withdraw for a few days. But the FDIC would then move those deposits to another bank. There has not been loss of deposits for savers since 1934. Not even in 2008.