Guy Spier’s Personal Investment Checklist as Master for Venture Investments

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Typical Angel Fallacies (c) 2018 Julian v. Hassell

Earlier this year my friend Alexander Groß introduced me to Guy Spear’s autobiographic vade mecum on value investing: The Education of a Value Investor, My Transformative Quest for Wealth, Wisdom and Enlightenment, NY, 2014. I feel most indebted to Alexander for the simple reason that this is a wonderful book written by a wonderfully modest, humorous, genuine and yet most … Read More

Management Gurus on “Digital” and “Social” Science Fiction is Fiction, Not Science

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(c) Nickelodeon: With everybody striving for originality everything

Individuals, who seemingly buck the trend and give themselves the air of unconventional, “brave” and, of course, politically incorrect opinionizing are a fairly common phenomenon: Officially, civic, political and business worlds alike are very liberal with praise for those kicking against the pricks, while, in reality, they endeavour to maximise homogenous mass behaviour and conformity. It is a phenomenon characteristic … Read More

Rich Man’s Lottery (Part II) The Mystery of the Blind Hunt for Maximum Risk

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Table with three different drawings showing how investors construe fantasy castles on the grounds of rudimentary factual experience

Verdad Capital founder and (small cap) public equity crusader Dan Rasmussen recently published a report authored by his last summer Harvard intern Blake Patterson. The melody of the article matches Rasmussen’s bias towards public – and his highly critical attitude towards private equities as reported last week among other sources by the NY Times. So, is he right? In Venture … Read More

“Rich Man’s Lottery”? VERDAD CEO Rasmussen questions VC Business Model – Is he right?

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Rich Man's Lottery, is Rasmussen right?

  Verdad Capital founder and (small cap) public equity crusader Dan Rasmussen recently published a report authored by his last summer Harvard intern Blake Patterson. The melody of the article matches Rasmussen’s bias towards public – and his highly critical attitude towards private equities as reported this week among other sources by the NY Times. The newsletter report The Lure … Read More

“The Only Thing that Matters for a Start-Up”? Product Market Fit or: When Truisms and Misnomers Replace Judgement

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Like everybody else in the venture scene, I do admire Marc Andreessen for his remarkable achievements in both the tech and venture territories. Yet, admiration is no adulation. If justified, criticism might pay a better tribute to the man than endless quotations of some of his more questionable thoughts. On October 12, 2009 Marc posted a, now famous, article to … Read More

The VC Business Model: Pareto Driven to Extremes

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The VC Business Model: Pareto driven to extremes

Virtually all venture capitalists agree that only a very tiny fraction of their targets accounts for the positive overall return of their funds, while most investments produce either no significant contribution, or even result in complete losses, thus producing negative effects on fund returns. Depending on the individual fund, alternative target industries, investment stages, regional priorities etc. the statistics vary, … Read More

In B2B its’s 2D, not 3D, Dude! Check Lindera!

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Lindera

  Considering my modest financial means, I am actually quite heavily invested in 3D and VR. However, I must admit that now and then I ask myself: Where does all this craze about 3D and VR come from? Our “real” world is already 3D, is it not? And frankly: I do prefer a real reality to a virtual one. True, … Read More

Digitalisation

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Digitalisation

Ever heard a native speaker spell out “di-gi-ta-li-sa-tion”? I guess almost everybody has and almost everybody could have noticed then, that the syllable following the “l” gets somehow swallowed up the same way as the preceding “a” gets mumbled away.  The word does have a tongue twister capacity. This is presumably the main reason why people – unless they refer … Read More

bɪznəs ˈmɒd(ə)l

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Business Model Definitions

What is your business model? Ask any founder. The likelihood that you will have to listen to a fairly long-winded recap of the start-up’s 100 pages business plan or at least its pitch deck is larger than 80 per cent. Why is that so? First of all: There is no uncontested definition of what exactly amounts to a business model. … Read More

Risk Mitigation in the Venture Trade (Part 3): Markowitz does not Work

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Markowitz does not work in the venture trade

I guess (in the course of my two most recent blogs) I have made my basic stance clear that standard portfolio theory fails as far as start-up portfolios are concerned. Let us, just for the sake of the argument 😉, assume Markowitz’s paradigm could somehow be applied, or rather, transferred onto the start-up stage. What would it look like? I … Read More