Everywhere I look investors are saying SaaS companies now "have religion" on running efficiently & that we'll soon see dramatic margin improvements. Maybe. But it's hard for management teams raised on the catechism of growth to suddenly convert to the altar of free cash flow.

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$ZM closed yesterday @ $78.11. Exactly 3 years ago Zoom closed at $77.69. In the interim ARR grew 6x ($4.5B vs. $750m) & FCF is now $1B+ (in fact, it was $1B+ in the first 9 months of 2022 vs. $23m in all of 2019). But YoY growth is now <5%. Long run for a short slide.

Nobody loves paying taxes. And cuts make for great politics. But we have $140B in unfunded pension liabilities in IL. Just 2.5 years ago JB Pritzker was pushing for a graduated income tax to help increase revenues. Let's use excess 2021 tax receipts to pay down liabilities

Would respectfully disagree with Paul here. I think duration can be a significant advantage*, and further it seems to be an advantage that is hard for computers and money to compete away. Humans aren’t getting more patient or less myopic. *in the right circumstances with the

I asked GPT4 to turn Zuckerberg's blog post from last week into a tweet storm. The results were excellent. Amazing way to quickly turn long form writing into social content.

Headed to the Berkshire AGM in early May with Tom & Mike (founders of Tegus by AlphaSense) along with the team at PFC (formerly IGSB) and a few others. Who's going? Who has advice for how to best spend the weekend besides (obviously) listening to Warren & Charlie??

Agreed 100% Andy Dunn. '08-'09 was a great time to be building - similar today. When we raise in '09, the first money raised was $125k at a $1M pre, when we had ~$100k in revenue. 6 months later we raised $1m at $3m pre, at which point we had $1m in revenue.

Going to the Berkshire AGM in May? Like this or DM me and let me know. Tegus by AlphaSense is throwing a great event in Omaha and hoping to have lots of friends there :)

1/ This is a love letter to the Midwest. Haters gonna hate. Lovers gonna love Growing up on the East Coast, I never thought much of the Midwest. I first visited Chicago in the summer 10 years ago & was in awe. Idk if there is a city more vibrant than Chicago in the summertime

For no particular reason (😔) some thoughts on what a recession would look like for SaaS. To be clear, macro is above my pay grade, but I try to stay aware that recession is well within the fan of outcomes and, in the long run, inevitable. First (because it’s been so long and

BRM saved us $100k+ in the first month by identifying over-provisioned software licensing Tegus by AlphaSense. Our team went from blind on software utilization to a full picture of how vendor spend was translating into usage and value. I love BRM. Proud to be an investor & early customer!

you can waste your entire life overthinking it: the window will slam shut, they will move on, your coffee will get cold, and you get tired and old. just act decisively, stop thinking so much.

Aldermanic prerogative is terrible for Chicago. I wrote about we can incrementally reform it over at A City That Works 1/n

I think about this tweet a lot. Moiz Ali did a great takedown of wealth management. Conflicts of interest & principal/agent problems abound. Firms push their own products. Layers of fees on fees. Advisors focus on new assets, not serving clients. And PE is rolling it all up.

Affordable housing is anything but affordable! When you have units costing almost $1 million, with almost 100% of the financing coming from government, it’s time to rethink “affordable housing”