Sagnik Dey

Digital products are designed or made for many digital interactions, specially true for social medias. Twitter is designed for you to read 100s of thoughts at one go. So are instagram and emails. Practising it over a prolonged period of time makes you better at context switching.

@Shetty_nhl Loved the contango reference of cost of carry as capital times patience. Whoever closes the spread makes the trade!

Grateful 🙏 nihalshetty.substack.com/p/i-was-reject…

@Restructuring__ If I want a lower vol, multi-strats are selling a better risk-adjusted product

I have massive respect for Viking One of the few hedge funds that actually runs a disciplined portfolio Everyone in a bull market forgets what happens when the tide turns, see 2022 below Serious question, if you are an LP, which of the below do you prefer? 1) Viking: actually provides lower vol 2) Whale Rock: smart levered beta 3) Coatue: somewhere in between

@ABiggerSpalash The play here is that the diffusion of AI in enterprises will be longer than expected. So an asset like that will have high medium-term durability. So, Macro checks. The question now then to make a case for TCS is “How will they be able to compete with the likes of these firms?”

Midas touch Joshua Kushner is buying IT services and consulting companies. In a completely unrelated news, TCS is available like a roadkill - the cheapest it has ever traded in over a decade.

@_zeroxinfinity_ because Korea and Taiwan have rarely had this pace in the index lately.

Bhai msci rebal ka itna impact kabse????

@Ary_Mulchandani @BlumeVentures @sajithpai All the best Aryan!

Career update time - have joined @BlumeVentures as part of their investments team in BLR working closely with @sajithpai Grateful for everything that got me here and great to be back into the ecosystem :)

@vatsalyatandon 🙋‍♂️

Thinking of running a Quiz set in BLR, reply if you'd want to attend

@anirbankundu_ TCI’s investment team is in the hsd. Pretty baller record.

~$20B profits likely w ~80 people. real 80-20 by chris hohn’s TCI hedge fund. other side of 80-20 not too far in the world, $80B profits w 20 ppl…

@puneetiitm Yes :) Super exciting times, we are launching next quarter.

Finally, India is at a stage where someone can do a public market fund focused on new-age/tech stocks. Exciting times ahead for people launching public-focused funds focused on this segment of the market.

Absolutely, there are strong ingredients for a platform to emerge: nodes (service professionals and users), edges (the relationships and connections that determine how professionals and users are queued), and the platform as the layer that binds them together. I still feel UC could be the winner here.

Personal concierge/AI-led human house manager seems to be the theme of the quarter. With FaFF raising funding from a tier 1 VC, Kabeer of Dunzo potentially starting in this category and raising a large SEED round, and another player in late stages of funding talks, it seems like the category will have all the big VCs taking one bet each. Fun times to watch new kinds of consumer internet platforms emerge that will be heavily supported by AI in the future. Do you believe this will be a huge category in the next decade?

The owner and operator of the business can optimise two things here, and the cap-table formation will depend on this: 1. If the high gross margin reflects capital efficiency, look for investors who themselves have a long runway. Chances are that even if the next venture fails, they will come back in the following round. Expand within the same customer profile, maintain the same capital efficiency, and focus on lower dilution, even if it comes with a lower valuation. This sits well with long-runway investors, as this will be a small percentage of their overall holdings, they will come back. 2. If you want to build or maintain market leadership for the hot products/category, raise a large amount and dilute more to build distribution muscle. This will result in an increased cash balance after a couple of years and reduce the need for future capital injections. Future rounds then require only small dilutions and allow acceptance of higher valuations. Depending on the direction they prefer, the choice becomes a 10% dilution for a ₹200 crore valuation or a 20–25% dilution for ₹250–300 crore. The valuation will vary by ±30% depending on the specific details of the business. Hope this helps!

@averagebengali ok… say more please

OK. Finance nerds help me out. 70% RoCE, 50 cr topline. 120% growth rate. DTC business. What is the optimal fundraising situation here. How do you value this business?

In technology investing, hidden gems are often a case of over-engineering. It works in Capital Goods, Industrials, etc., where you are trying to time cycle. In technology, you are buying adoption risk and adoption risk often gets mitigated by buying accelerating topline cos. The second leg of work comes when you start to see negative flows of capital in the broader industry, so as to assess durability.

We, as intellectuals, always want to find the hidden gems as investors, although sometimes the consensus trades are the best way to generate returns. I keep thinking about this in the context of the AI trade in the markets. After the launch of ChatGPT, within months, it was clear that AI was real, and companies such as Nvidia would be crazy-growth stories. One month after ChatGPT's launch, if one invested $1 in Nvidia, it would be $14 now! Insane returns in less than 3 years while being a consensus idea.

@pHequals7 @LightspeedIndia good luck man 🫡

long due update for my TL after a very exciting year @LightspeedIndia i'm moving on to build during the most exciting and confusing times of our lives.. will be in SF/Bay until 2025 (if you're coming to neurips pls hmu!)

We have made trade as our central religion of the state, next steps low-ish social shame and religious and national pluralism. Long India!

@nicochristie Can I get access? Looks very slick

It’s a bizarre sensation seeing the future on your screen and knowing that the world is not quite prepared. Ramping up access

Finance has four simple rules: maintain a clear mind, figure out asymmetries, detect circularities, and never talk to idiots.

In the US, true technological inflections often give rise to entirely new business models, enabling rapid adoption, superior growth, greater visibility, thus accrue large economic outcomes. In contrast, in India, technology typically disrupts and improves existing, operations-heavy business models — especially marketplaces — rather than creating entirely new paradigms. Different games altogether.

VC in the US is a Power law game. Hit the $10B+ outcome and nothing else matters. VC in India is a fidelity game. Outcomes are relatively smaller (today), so consistency matters just as much. US rewards shots on goal. India rewards precision of shots. Two very different sports.

@akothari BKNG & ABNB, BKNG has really crushed it with the shift to merchant from the agency model.

These two companies are rivals. If you asked me to guess from the outside, I'd say the blue company is crushing it. Way more buzz, better product, louder fans. But nope. The yellow company has absolutely crushed it in performance over the last 5 years. Can you guess who's who?

@npparikh6 @PPFAS Congrats Neil! More power to the team PPFAS!

I don’t normally talk about AUM or have any AUM based targets in our organization, but today is special .. PPFAS Flexicap crossed 1 lakh crore AUM today.. I believe it is the first actively managed scheme to do so in India .. congratulations to everyone at @PPFAS , our partners for their support and to all of our investors who have put their trust in us on this journey.. A big Thank you! 🙏

@jbotsch @TwoSigmaVC congrats Joe!

Pumped to finally announce that I am joining the team @TwoSigmaVC. Yes this is a double post from Linkedin, but I am that excited to be teaming up with the folks there!