Jeremy Giffon - The Billion Dollar PDF - [Invest Like the Best, EP.481]
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Patrick O'Shaughnessy is the CEO of Positive Some. All opinions expressed by Patrick and podcast guests are solely their own opinions and do not reflect the opinion of Positive Some. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. Clients of PositiveSum may maintain positions in the securities discussed in this podcast. To learn more, visit um.vc.
My guest today is Jeremy Giffin. Jeremy has been on the show before as one of our most popular guests, and this conversation is every bit as enjoyable as the first. Over the last eighteen months, Jeremy has had hundreds of conversations with founders and the capital behind those companies. I don't know many investors with such a high rep count in the most interesting corners of private markets, so I asked him about everything that he has learned. We talk about what those lessons mean for founders and investors, why everyone has become subservient to the poster class, the hidden intellectual hi
You really realize in let's say long term private markets that the great filter for funds is their storytelling ability fundamentally because their product which is realized cash returns take a decade. The thing that you're selling in the interim whether it's through you know a quarterly update or your event or just your one on one conversations with your LPs is really just narrative. A particular situation that's very interesting that we've seen a lot of is companies where twofold. One is that the business is kind of old, but it started to do well recently. That's an interesting scenario beca
How so?
It's just they have 3x liquidation preferences or warrants or ratchets or other things. If you're extractive to the downside everyone sort of boos you, but if you're extractive to the upside where you say I want the right to invest at the same price in two years from now, They're both like similarly extractive but because one is like an optimistic extractive everyone loves that one.
So what advice would you give to founders in thinking about their cap table from the start?
We're obviously in volatile, highly uncertain period right now. No one knows if it's the death of software. I think it's certainly the most unprecedented and uncertain time since the transition the internet. What you want in that time is a lot of optionality and the ability to be nimble and the ability to really be able to do what is right for the business and not be constrained by the cap table. Maybe your business needs to become a services business, maybe you need to acquire other companies, maybe you need to run profitably for a while, maybe you need to change your whole business model. If
Going back to the investors and the construction of an effective narrative for building an investing firm before you've delivered the ten year investment returns or whatever. You have this great idea called the billion dollar PDF. Can you describe what you mean by that and what the interesting compon
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