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A couple of my good friends are starting some companies right now. I spent a little time writing out some of my own learnings from the early days of Lattice to share with them. Thought I’d post for anyone to read:

“Society is over-socialized. Every exceptional person is built in solitude.” —Naval

Mark Rozeboom, CFA @NotQuiteMidlife @Wildcat_Finance Excess Spread Discount rates are blunt instruments that capture continuous risk in operations. Failure risk is discrete & often catastrophic. You cannot bring that into a DCF. It has to be a post DCF adjustment, consequential for young & distressed companies, and for all firms, during crises.