When you show the MD the addbacks

Last night Bitcoin hit an all time high of more than $125k. It trades 24 hours a day, 7 days a week. 100% liquidity at all times. Compare that to Wall Street. It is open 32.5 hours per week, unless there’s a holiday. That means you are liquid <20% of the week. If you sleep 8

This will just lead to even faster adoption of autonomous driving

. PEoperator ⚡️ is a good example of who you should really follow on X. • cartoon PFP • only good advice • partial trolling/doesn’t care that people say I used to write content for deca-millionaires and centi-millionaires. This is how most of them operate. Way better

I thought this was a good point from Chamath. For some reason, many in PE believe they are immune to a fundamental law of economics: Profits attract competition. That doesn't mean PE as an asset class will die. I just think there will be fewer winners. And I think the ones

The fact that PE is having to defend itself against Chamath Palihapitiya tells you all you need to know.

I worked for this guy in investment banking… He was a great guy, very smart. I learned a ton from him. But no matter how precise the model or how perfect the slide deck, he would have tons of comments. This is normal for investment banking. Analysts work for Associates

The private equity industry has become commoditized. Folks inside the industry will point out how different one firm is to another. But from the outside, they are indistinguishable. Buy a company with debt, cut costs, try to grow, avoid investments that don’t pay back in 3-5

This has been my single biggest struggle as CEO. I guess it’s a good problem to have but it is very easy to rip off ideas when you aren’t the one executing.

Private equity is the doctors and lawyers of 30 years ago. High achievers looking for the highest floor career path.

At its worst, private equity is a spreadsheet and slide deck game. At its best, it is thoughtful investors partnering with great operators to provide capital and help companies level up.

Great read. Feynman was 1/1.

Hokey, but required reading, especially for those in manufacturing. In my opinion, Theory of Constraints is an underutilized methodology (largely because finance guys don’t love it). It is a simpler approach to manufacturing for the non-financial. The two concepts that stuck

GM. Wake up. Workout. Outwork.

Thanks to The Secret CFO for highlighting this post in the most recent newsletter. You should already be subscribed, but if you’re not, go do it now! His current series explaining private equity is a must read if you want to better understand PE.

GM. Wake up. Workout. Outwork.

People love to act like exiting your W-2 is somehow the goal of any career. But I am of the opinion that one of the most noble things you can do with your life is work at a company. Yes, it sometimes requires you to subject yourself to frustration, injustice, bureaucracy, and

Now that Israel’s solved, can we finally invade Greenland?

If you are in the electrical world - transformers, switchgear, or other manuf/distribution - I want to talk to you. DMs open.

GM. Wake up. Workout. Outwork.