PE Associate

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PE Associate

PE Associate

@PE_Associate

I share tips, humour and commentary about my experience as growth / private equity investor at mega fund

California, USA Присоединился Mayıs 2014
179 Подписки140 Подписчики
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PE Associate
PE Associate@PE_Associate·
Today I woke up and read that PE is dead. Then I got into the office and saw that they have removed access to Diet Coke. Now I know for sure that PE is dead.
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PE Associate
PE Associate@PE_Associate·
@StateDept I am begging you to please also try and resurrect cloud software trading multiples. Exit liquidity in sponsor portfolios across the US and the globe is banking on it
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PE Associate
PE Associate@PE_Associate·
@Bitcoin_Teddy Exactly, this is why we need to keep the sponsor LBO marker churning. To create opportunities for everyone
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Bitcoin Teddy
Bitcoin Teddy@Bitcoin_Teddy·
For all the morons who say capitalism doesn’t work
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PE Associate
PE Associate@PE_Associate·
@SecRubio Mr Secretary, I am begging you to please also try and resurrect cloud software trading multiples. Exit liquidity in sponsor portfolios across the US and the globe is banking on it
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PE Associate
PE Associate@PE_Associate·
@NYCMayor Mr Mayor, I am begging you to please also try and resurrect cloud software trading multiples. Carry pools across each of the NY boroughs is riding on this
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Mayor Zohran Kwame Mamdani
Mayor Zohran Kwame Mamdani@NYCMayor·
Happy Easter, New York! Today, millions of New Yorkers celebrate the resurrection of Jesus Christ and the victory of hope over despair and faith over fear.  As the air warms and cherry blossoms begin to bloom, this holy day is a sacred time to pause and reflect on a season of rebirth. Whether you spend this day singing in pews, parading on Fifth Avenue, joining a processional guided by the bamboo trumpets of Haitian Rara music, or hunting for painted eggs amidst the spring grass, I wish every New Yorker celebrating a joyous day. Let us all embrace this holiday's spirit of hope and renewal as we build the City — and the world — that we deserve.
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PE Associate
PE Associate@PE_Associate·
@Pontifex Mr Pope, I am begging you to please also try and resurrect cloud software trading multiples. Exit liquidity in sponsor portfolios across the US and the globe is banking on it
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Pope Leo XIV
Pope Leo XIV@Pontifex·
In this reality, the Passover of the Lord invites us to lift our gaze and open our hearts. The Lord is alive and remains with us. Through the cracks of resurrection that open up in the darkness, he entrusts our hearts to the hope that sustains us: the power of death is not the final destiny of our lives. We are all directed, once and for all, on the path to fulfilment, because in Christ we also have risen. #Easter
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PE Associate
PE Associate@PE_Associate·
@JaredKubin It’s a JPM equity research chart. I’m curious what you think the crime is
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PE Associate
PE Associate@PE_Associate·
@TheIcahnist We spoke to a leading software sellside IB last week (think Qatalyst, Union Square etc.) and they said right now is the least live tech sellsides they have had since the pandemic first hit…
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The Icahnist
The Icahnist@TheIcahnist·
Private Equity exits collapsed 36% in Q1. Software was supposed to be the golden goose. The AI selloff crushed software multiples. Sponsors holding 2021-vintage assets can't clear their valuation hurdles. Several flagship software exits have stalled.
The Icahnist tweet media
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NFW
NFW@NFW987·
@PE_Associate @TheSalonDon IWC??? Now tell us about your Acura and your premium economy international flights
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Tanning Salon Don
Tanning Salon Don@TheSalonDon·
Whoop invented one incredible feature that Apple, Garmin, and Nike are still too arrogant to copy The feature is no screen The ability to keep your favorite watch
Will Ahmed@willahmed

You have no experience. You’ve never started a company. You’ve never had a full time job. Nike is going to kill you. You’re a kid. You don’t have technical skills. You shouldn’t build hardware. Apple is going to kill you. You can’t build hardware. You can’t measure heart rate non-invasively. Athletes don’t care about recovery. Under Armour is going to kill you. It won’t be accurate. You don’t listen. You’re an ineffective leader. You can’t recruit great talent. You’re going to have to pay every athlete. You can’t measure sleep non-invasively. It’s too expensive to research. Athletes are a small market. The product costs too much to make. The product costs too much to sell. Your valuation is too high. Consumers aren’t going to want it. Hardware is too hard. You should measure steps. Fitbit is going to kill you. You can’t build a marketing engine. You can’t raise enough money. You need a real CEO. Google is going to kill you. You can’t be a subscription. You can’t build a brand. You can’t do consumer in Boston. Your valuation is too high. You shouldn’t make accessories. You shouldn’t make apparel. Lululemon is going to kill you. You can’t predict Covid. Stay in your niche. You are going to run out of money. You can’t build a health platform. Amazon is going to kill you. You can’t measure blood pressure. You can’t get medical approvals. The market is too small. You don’t understand AI. The market is too competitive. It won’t work internationally. The supply chain is too complicated. You can’t build an AI. You can’t raise enough money. It’s too competitive. Healthcare isn’t going to want it. … Just keep going ✌️

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Patient Investor
Patient Investor@patientinvestor·
Howard Marks: "When you buy the S&P 500 at a 23x P/E, your 10-yr annualized return has always fallen between +2% and –2%, IN EVERY CASE, EVERY CASE!"
Patient Investor tweet media
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Mark Moran for U.S. Senate
Mark Moran for U.S. Senate@itsmarkmoran·
Today, I am putting Virginia & America First, to announce that I am running as an Independent for U.S. Senate.
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PE Associate
PE Associate@PE_Associate·
Why I think PE is (maybe) dying: We pay way too much: Prices are no longer connected to cash flow (and as a result LTVs are very low) meaning leverage drives little value and there is more downside risk than upside risk on exit multiple. This basically shifts the entire returns distribution to the left. Less fixable businesses: Businesses today are run much better than they were 25 years ago. If you try to buy a large/mid-cap business in almost any sector, the founder will be savvy enough to have pulled most of the value creation levers you would have. Much less primary value = lower incremental value provided by control and lower returns Less engaged leadership: Senior leaders really don’t seem to care as much anymore (most of them have already made their money). All of them deserve credit for the funds they’ve built but it is very obvious to juniors at every large fund that ICs have stopped underwriting deals as though their careers / the future of the fund depends on it. Which is why every major fund got caught flat footed by the SaaSpocalypse even though juniors at every major fund were begging seniors not to buy SaaS at these prices in the last year
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PE Associate
PE Associate@PE_Associate·
@jenny_wen Completely agree - what’s the point of an AI notes transcript you don’t remember
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jenny wen
jenny wen@jenny_wen·
one silly AI thing i can’t get myself to fully adopt is meeting notes. there’s something about taking my own notes that locks things into memory for me, and seeing the notes in my own voice makes it easier to jog what happened.
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PE Associate
PE Associate@PE_Associate·
@exec_sum Yes but Jim Cramer said the credit markets are safe so it’s all good
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Exec Sum
Exec Sum@exec_sum·
NEWS: Credit investors have pulled nearly $14B from junk bonds this year in a flee to safety
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PE Associate
PE Associate@PE_Associate·
@JadeCole2112 Completely agree. The problem is it takes quite a while to learn how LLMs work. No senior leader is willing to put in the time
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PE Associate
PE Associate@PE_Associate·
@NoahKingJr I think a lot of people forget how quickly Anthropic caught up to OpenAI - the inference being that the “winner” might not be any of the big names today
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Noah
Noah@NoahKingJr·
Who's gonna win this AI race?
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PE Associate
PE Associate@PE_Associate·
The KKR CoolIT deal is awesome. But the part I find most interesting is that it was out of their Impact Fund. Almost every outsized return for large GPs these days comes outside of their core PE strategy (because they aren’t paying 20x+!). Lesson in that
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@StateDept @Bitcoin_Teddy @SecRubio @NYCMayor @Pontifex @JaredKubin @TheIcahnist @NFW987