Author of the “Messy Marketplace”
I did a traditional search fund in 2017, bought in 2018, sold in 2022
2 mo ago, I turned my back on the SF model, signed a PG, and bought an SMB
7 BIG diffs btw “Search CEO” and “SMB Owner” 🧵👇
It's called the Kinsmen Journal. Highly recommended!
It’s throwing off $600,000 in SDE
Can you provide the financing for this transaction?
Well, Twitter world, do you think this will pencil out ?
Great thread for those looking to acquire a SMB or are following the space. Takeaways: 1) Cost of senior secured debt for small businesses is currently around 10%. 2) 4X multiple w/ 80-10-10 structure doesn’t work in today’s environment.
Must-read thread of beautiful wisdom here. If we parents practiced these principles, we'd not only love our families well today, but halt long-suffering cycles of brokenness and provide an inheritance for generations to come. Everyone needs to be known and loved. Start at home.
A literary rockstar at 24
Almost gets executed by a firing squad at 28
Exiled to Siberia
Returns to write some of the greatest novels ever
In his lesser-known letters and essays, we get a more intimate look at what he loved, hated, fiercely believed in
Dig in👇🏻
Great thread @oldbooksguy! I'm glad you're shining the spotlight on Dostoevsky. I was surprised you didn't mention his faith, which was central to his life and philosophy: “It is not as a child that I believe and confess Jesus Christ. My hosanna is born of a furnace of doubt.”
Quite a quote from @sygarte’s excellent book “The Works of His Hands.” Dr. Garte is a biochemist and former division director for the NIH. He was raised in NYC by parents who were deeply committed atheist Marxists. He shared their views until his study of science led him to God.
Fascinating study on how we perceive ourselves as victims, build identities on top of that perception, and the unlikely consequences. Highly recommend a quiet read.
Kind of @pcordway to share his "Big Ideas About Investing" two-pager. It's the table stakes for all investors, is packed with wisdom, and worth a slow read. If you don't understand a concept, I recommend stopping and researching it.
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The best thread I’ve read in years on SMB ownership, search funds, time horizon, and leadership. There’s no right model, only tradeoffs and incentives.