Value Investing 2014 16-page article on how Jim Chanos started his fund, everything short-selling, short case studies, how to spot a fraud and more (PDF) |
- 2014 16-page article on how Jim Chanos started his fund, everything short-selling, short case studies, how to spot a fraud and more (PDF)
- strongest VC pitch decks?
- Litigation Finance?
- Email discussion between Warren Buffet and Jeff Raikes on Investing in Microsoft [pdf] (1997)
- How the lunatics took over the asylum - 2016
- Brookfield CEO Bruce Flatt Comments at Baron Funds Inv Conf
- Is this insane or am I just behind the times re enterprise saas valuation?
| Posted: 26 Oct 2019 02:57 PM PDT |
| Posted: 26 Oct 2019 06:17 PM PDT Looking for some reference resources to use as a guide. I know active VC types all have a all-time great in their heads and I would like to flush out a few. Please link if available but just a name may be enough for me to track down. Thank you! [link] [comments]  |
| Posted: 26 Oct 2019 12:53 PM PDT Hello, I'm a long time real estate investor and financial products professional who began investing in a few areas across the litigation funding space. I'm wondering if anyone has experience investing in this space and would be willing to share their opinions on strategies that proved fruitful or a dead-end. Certain states disallow fee-sharing with non-lawyers, however, with all of the hedge funds rushing into the exploding space, it's clear that viable strategies can and do exist. Full Disclosure: I made a Litigation Financing Sub-Reddit because the Litigation Funding sub-Reddit has been locked for 2 years. Mods, hopefully it's ok I'm mentioning this. Cheers, HobbesNYC [link] [comments]  |
| Email discussion between Warren Buffet and Jeff Raikes on Investing in Microsoft [pdf] (1997) Posted: 27 Oct 2019 12:06 AM PDT |
| How the lunatics took over the asylum - 2016 Posted: 26 Oct 2019 11:33 PM PDT |
| Brookfield CEO Bruce Flatt Comments at Baron Funds Inv Conf Posted: 26 Oct 2019 01:09 PM PDT |
| Is this insane or am I just behind the times re enterprise saas valuation? Posted: 26 Oct 2019 01:42 PM PDT Please read this excerpt from a pitch of an enterprise saas company. Is it just me who thinks these valuations are insane, or are we really in a saas bubble but pretending not to know it? "Our 5-year DCF produces a $34 PV utilizing a 26x EV / EBITDA or 7.5x EV / Revenue LTM terminal multiple on our forecast and a 10% discount rate. Also, the DCF factors in the $120m+ worth of acquisitions conducted in 2019 YTD. But otherwise, the Company is FCF positive given the SaaS nature of deferred revenue inflows. We utilize a public enterprise SaaS comp set of over 60 names. Those growing topline mid-20s and above are currently trading at 10-20x 2020E EV / Revenue. Utilizing 10x on our 2020E revenue estimate yields a $30 stock price (we are forecasting 29% y/y growth in 2020E). Lastly, one could value the non-enterprise self-serve business and enterprise segment separately. For a low growth yet highly profitable and stable self-serve business, 7-8x EV / Revenue feels appropriate (given the higher than average profitability). For the hypergrowth enterprise segment that's currently doubling y/y, we could utilize a 16x EV / Revenue in line with the median of high growth self-serve comparable peers (TEAM, WORK, ZM, TWLO, SMAR, DBX, ADBE). Over time as growth decelerates, the forward multiple should be taken down. On a consolidated basis, this implies ~10-11x consolidated EV / Revenue ($30 PV), which again is at the low end of the peer range. Lastly, the FCF support is what really attracts us as value investors. Theoretically, if the Company were to "turn off" its S&M spend, it could produce 40% FCF margins immediately. At normalized profitability levels for what would still be a ~10-15% topline grower, you are paying close to ~20x EV / FCF for a very high-quality asset that's growing nearly 3x faster than the market yet at a similar, normalized valuation multiple. At the very least, this asset deserves a premium to the market, which is what makes this a great value play too. " [link] [comments]  |
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