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jerryking : ipos   29

This is nut loaf, will Beyond Meat crash? | FT Alphaville
9 HOURS AGO By: Jamie Powell

Beyond Meat is the only pure-play plant-based protein company listed.
Beyond_Meat  green  hamburgers  Impossible_Foods  IPOs  new_products  plant-based  pure-plays  shifting_tastes  Tyson  vegetarian 
4 weeks ago by jerryking
What You Need to Know to Pick an IPO
April 7, 2019 | WSJ | By Andy Kessler.
Dig up dirt on the competition and board members, and buy to hold long-term.......How do you know which IPOs to buy? No, not to trade—you’d never get it right. Lyft priced at $72, traded at $85 on its first day, then closed at $78, only to fall to $67 on its second day. It’s now $74. I’m talking about buying and holding for a few years. Yes I know, how quaint.

The trick is to read the prospectus. What are you, crazy? That’s a couple hundred pages. Well, not the whole thing. But remember, where the stock trades on its first day is noise....... So understanding long-term prospects are critical. Here are a few shortcuts.

(1) First, glance at the underwriters along the bottom of the cover. On the top line are the banks putting their reputation on the line. If the one on the far left is Goldman Sachs , Morgan Stanley or JPMorgan , you’re probably OK.
(2) open the management section and study the directors. Forget the venture capitalists or strategic partners with board seats—they have their own agendas. Non-employee directors are the ones who are supposed to be representing you, the public investor. And their value depends on their experience.
(3) OK, now figure out what the company does. You can watch the roadshow video, look at prospectus pictures, and skim the offering’s Business section. Now ignore most of that. Underwriters are often terrible at positioning companies to the market.......when positioning companies, only three things matter: a monster market; an unfair competitive advantage like patents, algorithms or a network effect; and a business model to leverage that advantage. Look for those. If you can’t find them, pass. Commodities crumble........read the Management’s Discussion and Analysis. Companies are forced to give detailed descriptions of each of their sectors and products or services. Then flip back and forth to the Financials, looking at the items on the income statement and matching them up with the operations being discussed. Figure out what the company might look like in five years. And use my “10x” rule: Lyft is worth $25 billion—can they make $2.5 billion after-tax someday? Finally there’s the Risk section, which is mostly boilerplate but can contain good dirt on competition.
(4) Put the prospectus away and save it as a souvenir. Try to figure out the real story of the company. Do some digging.
(5) My final advice: Never, ever put in a market order for shares on the first day of an IPO.
10x  advice  algorithms  Andy_Kessler  boards_&_directors_&_governance  business_models  competitive_advantage  deception  due_diligence  howto  IPOs  large_markets  long-term  Lyft  network_effects  noise  patents  positioning  prospectuses  risks  stock_picking  think_threes  Uber  underwriting  unfair_advantages 
10 weeks ago by jerryking
‘We Know Them. We Trust Them.’ Uber and Airbnb Alumni Fuel Tech’s Next Wave.
March 13, 2019 | The New York Times | By Erin Griffith.

......“There are just not that many places to find people who have seen that kind of scale,” said Ryan Graves, Uber’s former senior vice president of global operations and a member of the company’s board.

Each city that Uber, Airbnb, Lyft or Postmates expanded into created a new set of operational, regulatory and business challenges. Regulators balked. Rival business operators resisted. Neighbors protested. And people abused the platforms, over and over.

Uber managers ran each city like a mini-start-up. “If you were the general manager of San Francisco or of Atlanta, you were the C.E.O. of your region,” ..... “It led to a really entrepreneurial approach from everyone.”......
Airbnb  alumni  Andreessen_Horowitz  gig_economy  IPOs  networks  new_businesses  on-demand  scaling  Silicon_Valley  start_ups  Uber  vc  venture_capital 
march 2019 by jerryking
Stanford dropout with a magical touch
Jul 14, 2017 | Financial Times | by: Hannah Kuchler.

Evan Spiegel refuses to be scared of Facebook. Confidence helped the 27-year-old Snap chief executive take a photo messaging app from a Stanford University coursework project to an almost $20bn initial public offering. The threat of Facebook has been following all the way.

In 2013, when the company behind Snapchat was just two years old, its co-founder (his partner was a fellow student, Bobby Murphy) was quizzed on stage about Poke, Facebook’s first attempt at imitating the app’s photo messaging. “Certainly it is scary when a giant enters your space and you are a small company,” Mr Spiegel said at the TechCrunch Disrupt conference. He laughed it off: Poke failed, and that became the “greatest Christmas present we ever had”.

But the world’s largest social network does not give up and has relentlessly imitated Snapchat since Mr Spiegel turned down its $3bn acquisition offer in 2013. Earlier this year, just as Snap headed for the public markets, Facebook finally succeeded in popularising a version of “Stories” in four of its apps — the Snapchat feature that expires after 24 hours.......an unlikely analogy..... “Just because Yahoo, for example, has a search box, it doesn’t mean they are Google.”......Mr Spiegel, who dropped out of Stanford, was the first chief executive from a new wave of highly valued tech start-ups to brave the public markets. It paid off personally: he became a multi-billionaire when he took Snap public....Spiegel is soaking up advice “like a sponge” from senior management and the board, which includes Michael Lynton, former chief executive of Sony Pictures and AG Lafley, former chief executive of Procter & Gamble.....Praised as a product genius who instinctively understands the desires of his young audience, Mr Spiegel now has to learn to be a public company leader, managing the expectations of investors who want to compare Snap to Facebook and Mr Spiegel to Mark Zuckerberg......By designing the disappearing photos that made Snapchat famous, Mr Spiegel completely rethought the camera. Photos became transient conversations, not kept for posterity; social media became a way to be creative — and silly — with your close friends, not flick through a feed of near strangers.....Sir Martin Sorrell, chief executive of WPP, told the Financial Times it plans to double its spending to $200m on Snap this year. But, he added, WPP will spend over 10 times more on Facebook.

...
dropouts  Stanford  IPOs  Snap  Snapchat  CEOs  Evan_Spiegel  WPP  Martin_Sorrell  product_development  product-orientated  public_companies  investors'_expectations  10x 
july 2017 by jerryking
Snap Makes a Bet on the Cultural Supremacy of the Camera - The New York Times
Farhad Manjoo
STATE OF THE ART MARCH 8, 2017

The rising dependence on cameras & picture-based communications system is changing the way we communicate and could alter society in big ways. ...Snap’s success or failure isn’t going to be determined this week or even this year. This is a company that’s betting on a long-term trend: the rise and eventual global dominance of visual culture.Snap calls itself a camera company. That’s a bit cute, considering that it only just released an actual camera, the Spectacles sunglasses, late last year. Snap will probably build other kinds of cameras, including potentially a drone.

But it’s best to take Snap’s camera company claim seriously, not literally. Snap does not necessarily mean that its primary business will be selling a bunch of camera hardware. It’s not going to turn into Nikon, Polaroid or GoPro. Instead it’s hit on something deeper and more important. Through both its hardware and software, Snap wants to enable the cultural supremacy of the camera, to make it at least as important to our daily lives as the keyboard.....the rising dependence on cameras is changing our language. Other than in face-to-face communication, we used to talk primarily in words. Now, more and more, from GIFs to emoji, selfies to image-macro memes and live video, we talk in pictures.
Farhad_Manjoo  Snap  Snapchat  visual_culture  cameras  big_bets  Communicating_&_Connecting  IPOs  Ikea  trends  Instagram  imagery  Polaroid 
march 2017 by jerryking
Hunt for IPO-worthy startups harder than it looks - The Globe and Mail
MARJO JOHNE
Special to The Globe and Mail
Published Wednesday, Jul. 06, 2016
IPOs  start_ups 
july 2016 by jerryking
Shopify paves the way for Canadian tech IPOs - The Globe and Mail
SEAN SILCOFF AND JACQUELINE NELSON
Shopify paves the way for Canadian tech IPOs
SUBSCRIBERS ONLY
The Globe and Mail
Published Thursday, Apr. 16 2015
Shopify  IPOs 
april 2015 by jerryking
Beware the Tech Bubble—But Stay Calm - WSJ.com
By Farhad Manjoo

Dec. 29, 2013

two-step guide for reaping the best from tech while staving off the next bout of irrational exuberance. Think of it as my year-end gift to you, a clip-and-save guide for preventing a new tech bubble.

Step 1: Worry. If you're an investor, employee, founder, tech journalist or in some other way connected to the tech business, worrying about the bubble is your best defense against the bubble. Worrying keeps you sharp. Worrying keeps magical thinking at bay. As in the 1990s, the tech industry is pushing grand, society-transforming novelties on the rest of the world. If you're not worried that some of these claims are crazy, you're not paying attention.

Step 2: Don't panic. Don't let your anxiety become all-consuming. If you study the last dot-com boom, you'll see profound differences between what happened then and what's happening now. Unlike in the 1990s, today's public markets have yet to fully buy in to the boom; it's difficult to take a tech company public, and a newly public company can expect to be judged harshly by the press and investors if it shows any sign of weakness. This factor—the stock market's demand for results—is an enormous difference from the last boom. And it is reason enough to hold off on any panic.

Now, I know that my plan—worry, but don't panic—sounds like a glib, easy way to deal with tech's rise. As a columnist, I strive for firmer, less squishy opinions. I want to say, "Hey, keep partying, there's no bubble!" or "Everyone hide, doom awaits, the end is nigh!"

But unfortunately, the truth is more nuanced and complicated. People with an interest in tech should be on guard against the bubble at the same time they are open to the transformative powers of tech.
Silicon_Valley  technology  bubbles  IPOs  skepticism  paranoia  happy_talk  Farhad_Manjoo  keep_calm  wishful_thinking  worrying  panics  tech-utopianism  pay_attention 
december 2013 by jerryking
In Search of the Next Big Thing
May 2013 | HBR | Adi Ignatius interviews Marc Andreessen.

Tries to find CEOs who are product innovators, have bandwidth and discipline to become CEO. It is hard to pair those skills if they do not reside in one person. It is easier to train an innovator to become CEO than to train a CEO to become an innovator. Andreessen is counter-intuitive: he went into venture capital precisely because the prior decade to his launch had been the worst decade in the industry's history. He believes in cycles and so thought that 2009 was a good time to launch Andreessen Horowitz... Take/Understand a long view....Build "fortresses"--a company so big, so powerful , so well defended that it can withstand the pressures of going public. Focus on the substance of what your company is all about. Be about the substance....companies that are built to be independent are the most attractive...generally companies need to have at least two years' worth of cash on the balance sheet in case your revenue goes to zero....takes sales and marketing seriously--lots of products are being sold and you need a way to get the word about your company into the public space...companies are worth investing in (it's value)only if its going to be an innovation factory for years to come....We are in the early phases of Andreessen's "Software is Eating the World" thesis....best of companies AH is looking at today are unbelievably good at analytics. Good at the feedback loop created by analyzing data and feeding those number sback into the process in real time, running a continuous improvement loop....The best founders are artists in their domain. They operate instinctively in their industry because they are in touch with every relevant data point. They‘re able to synthesize in their gut a tremendous amount of data—pulling together technology trends, their companies’ capabilities, their competitor's’ activities, market psychology, every conceivable aspect of how you run a company.
Marc_Andreessen  product-orientated  Andreessen_Horowitz  venture_capital  start_ups  vc  HBR  hedge_funds  SOX  IPOs  lean  analytics  lessons_learned  fingerspitzengefühl  counterintuitive  specificity  long-term  software  virtuous_cycles  software_is_eating_the_world  pairs  skills  founders 
december 2013 by jerryking
Breakingviews-Moleskine turns over new leaf with ambitious IPO
Mar 13, 2013 | Reuters | By Quentin Webb.

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
Moleskine  IPOs 
march 2013 by jerryking
The Superball Economy - WSJ.com
March 3, 2003 | WSJ | By ANDY KESSLER.

Design is cheaper. If you look closely, Silicon Valley has very few manufacturers left. Chips are made in Taiwan, boards assembled in China or Thailand. We are now a Valley of designers. And there are lots of programmers and chip-heads and communications protocol folks walking the streets willing to work for much cheaper than three years ago. Office space is plentiful. Word has it there is space available for 50 cents per square foot per month, down from $12.

Bandwidth is cheaper. Global Crossing spent $12 billion on undersea fiber optics that someone is going to buy for $250 million. WorldCom and others have strung the U.S. with more fiber than in Frosted Mini-Wheats. And it won't be just for phone calls. Find companies that use that cheap bandwidth, and you'll find the boom.

Video is cheaper. Napster music sharing was child's play compared to what is next. Hours of video can be captured, stored and shared with today's cheap PCs and broadband lines. Jack Valenti, call your office.

Wireless data is cheaper. The Federal Communications Commission set aside frequencies for hospitals and microwave ovens that might interfere with phones or radar. This Industrial, Scientific and Medical block of spectrum is known as the junk band. While stupid telecom companies overbid for spectrum for third generation 3G cell phone devices, clever engineers figured out how to hop around the junk band -- letting out-of-work programmers surf job listings at Starbucks. Intel is putting these radios in many of their chips.

Distributed computing is cheaper. Google uses 12,000 cheap PCs to log the Internet so you can look up your neighbor and figure out how much she makes. Even distributed programming is cheaper. Microsoft's biggest problem is far-flung programmers creating operating systems like Linux at home in their pajamas. Bill Gates is reportedly all over the Valley asking for help to combat this "Open Source" nuisance.

About the only thing not cheap is capital. Venture capitalists are stingy, the IPO window is closed, and stocks are at four-year lows. Hmmm. Forget that last boom, it's ancient history. Look for new products not possible or too expensive three years ago. Slam down your new Superballs and be ready.
Andy_Kessler  Silicon_Valley  economic_downturn  protocols  recessions  optimism  design  bandwidth  open_source  new_products  distributed_computing  venture_capital  IPOs  inexpensive  cheap_revolution  abundance  economic_dynamism  leaps_of_faith  FCC  overpaid  wireless_spectrum 
may 2012 by jerryking
After Facebook, the Next Wave of Tech IPOs - WSJ.com
March 1, 2012 | WSJ | By PUI-WING TAM and BEN WORTHEN.

What's a Splunk? Part of the Next Wave of Start-Ups Going Public
Pui-Wing_Tam  Ben_Worthen  IPOs  Splunk  start_ups 
march 2012 by jerryking
Leaders: Poking goes public
Nov 17th 2011 | The Economist | Martin Giles
Facebook  IPOs 
january 2012 by jerryking
Zynga's Tough Culture Risks a Talent Drain - NYTimes.com
November 27, 2011, 9:26 pmI.P.O./Offerings
Zynga’s Tough Culture Risks a Talent Drain
By EVELYN M. RUSLI
IPOs  Zynga  games  Silicon_Valley  organizational_culture 
november 2011 by jerryking
China's fevered bank IPOs could be making investors delirious - ProQuest
Grimmer, Tom. The Globe and Mail [Toronto, Ont] 29 June 2005: .10.
China  banking  IPOs 
november 2011 by jerryking
Glencore IPO brings out the rah rah in London traders
May. 18, 2011 | The Globe and Mail | ERIC REGULY.

Glencore is part miner and part trader, making it hard to value.

The mining assets are easy to value. For the public ones, like Xstrata, owner of Canada’s Falconbridge, all you have to do is look at the share price. The value of non-public mining assets can be estimated by attaching a peer-group trading multiple to them.

The trading side is where things get tricky. Trading is a huge business at Glencore, accounting for more than a third of its 2010 earnings before interest, taxes, depreciation and amortization (EBITDA) of $6.2-billion; mining made up the rest.

What valuation to attach to this hybrid beast? That’s hard to say, because no directly comparable company exists. While trading oil, coal, wheat and other commodities can be hugely profitable, it can also be hugely risky. Trading profits, it turns out, can fall just as hard and fast as mining profits, though some investors might think otherwise.
Eric_Reguly  IPOs  Xstrata  Glencore  mining  traders  valuations 
october 2011 by jerryking
Groupon's fall to earth swifter than its fast rise - The Globe and Mail
MICHELLE CONLIN
NEW YORK— The Associated Press
Published Friday, Oct. 21, 2011
Groupon  IPOs  buying_group  grouping 
october 2011 by jerryking
Zipcar revs up for initial public offering
Apr. 12, 2011 Associated Press CHRISTINA REXROD
Zipcar  IPOs  automobile  rentals 
april 2011 by jerryking
Twitter's Suitors Talk in Billions - WSJ.com
* FEBRUARY 10, 2011 Twitter as Tech Bubble Barometer By SPENCER E. ANTE, AMIR EFRATI And ANUPREETA DAS
Twitter  valuations  IPOs  exits  Google  Facebook  Spencer_Ante  bubbles 
february 2011 by jerryking
Investors Strain to Sell Start-Up Companies
Jan 6, 2009 | New York Times (Late Edition (East Coast)). New York, N.Y.: pg. B.9 | Claire Cain Miller.

The financial crisis left last year with the fewest public offerings of venture-backed start-ups since 1977.
start_ups  exits  IPOs 
march 2009 by jerryking
Web-Service Firms Take Non-IPO Routes - WSJ.com
May 6, 2008 WSJ article by VAUHINI VARA and MYLENE MANGALINDAN
on how SaaS firms have been raising capital in a tough market for IPOs.
venture_capital  IPOs  SaaS  Freshbooks  small_business  funding  Vauhini_Vara 
january 2009 by jerryking

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