Tag Archives: Investment Strategy

Bootstrap Companies Succeed Without Big Venture Capital

Five out of six of the fastest growing companies in the US grow with capital from sources other than traditional venture capital.  How about the banks? Talked to an entrepreneurial banker lately? Didn’t think so. Bootstrap companies are creative in finding capital, often out of simple… Continue reading

Investment Asset Class Taking Shape: Smaller, Fast-Growing, Backed by Not-Traditional-VCs

Harvard Business School now catches up to a business trend my investment fund, Greybull Stewardship, has been focusing on for years — the increasing frequency of great businesses that have gotten to nice levels of profitability ($1-3 million) by bootstrapping (i.e., no traditional institutional venture capital).… Continue reading

The Business Cycle Also Rises – Hard-Earned Wisdom of Business Cycles

A business cycle increase the degree of difficulty in managing a business.  Watching (and experiencing) some unconnected sectors undergoing big cycles right now has me thinking about cycles.  Here are some big ones currently: a) Silicon Valley start-up valuations declining after a 7-8 year boom,… Continue reading

Dodging Bullets Keys Investment Success

Great investors have skills to seize opportunities and get into good situations.  Equally as important can be the skill at “scrambling out of bad situations,” as Charlie Munger would say, or “dodging bullets” as it sometimes feels when helping companies solve challenges.  At the Berkshire meeting… Continue reading

Rational Investing vs Irrational Entrepreneurship (Admirable Idealism)

When asked at this year’s meeting, “What matters most at Berkshire Hathaway?”  Charlie Munger and Warren Buffett quickly agreed: “Seeing things the way they are.” Rational As Opposed to Smart Warren and Charlie then went to one of their favorite topics about how the success of… Continue reading

Diverse Fundraising Market Requires More Filtering than Ever

Private company fundraising is becoming more diverse, robust, and complicated by the day.  This is good news for private companies, but not without some downsides. When unique (and often better) doesn’t fit traditional fundraising A core hypothesis of my investment fund, Greybull Stewardship, is that there… Continue reading

The Mirage and False Hope of an “Exit Strategy”

At best, an exit strategy becomes overrated and a waste of breath.  At worst, an exit strategy becomes a destructive mirage of certainty and false hope.  I realize that it is conventional wisdom for every entrepreneur to specify their exit strategy.  I have even heard… Continue reading

Super Investor, Seth Klarman, on Lessons Learned from Buffett

Seth Klarman has a legendary hedge fund that you may not know, the Baupost Group.  His returns in that fund have been Buffett-like. He is a value investor . . . truly, not just someone who likes to say that word.  His insights are treasured,… Continue reading

Companies and Founders Deserve Better Financing Options

Business financing and capital raising are full of contradictions.  The world is awash in capital, but the availability of capital to businesses is often binary.  For some, too much capital is stalking them.  For others, the switch to turn on capital flow remains hidden.  Size… Continue reading

Wonderful Competitive Advantage Through A Unique Distribution Channel

Sustainable competitive advantage — a goal which will be always sought and ever elusive in business.  It is difficult to define. Yet, we often know it when we see it. People attempt to draw-up lists in an effort to understand and remember the types of… Continue reading