The Think Like an Owner newsletter is a compilation of my thoughts on investing in and operating small companies, published every other week. In the newsletter, I also share interesting and relevant resources I recently came across.
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Life is high maintenance and capital intensive. Just for our bodies to survive we need to eat, stay hydrated, sleep, bathe, brush teeth, and maintain our shelter which includes household cleaning, paying rent or a mortgage, buying groceries, taking out trash, and other odds and ends. I spent 4 hours on such activities during the day I wrote this article, excluding sleep, just maintaining my existence. Maintenance is everywhere. Our
My title is slightly incorrect, searching is like playing a double-blind version of Catan with the resources and numbers both covered.
My life has recently changed in two big ways.
I’ve continued to think about the rolling fund concept and I’m going to build on some of the questions I brought up in the first issue on rolling funds for search. If you haven’t read my first article on rolling funds, I recommend reading it first as this article is a follow-up those thoughts.
Since AngelList came out with rolling funds, they’ve been a popular topic of discussion on Twitter. Can they be applied to search?
Good CEOs drive narrative, they are storytellers. The value of being a good storyteller for a public company is obvious since a huge portion of a public company’s value comes from its perception by others. In small companies, is the same true? Are owner-CEOs storytellers and can good storytelling increase the intrinsic value of their business?
How concentrated is one private company and can most of the risk diversification aims to reduce be achieved within one company?
I have an announcement…
In May last year I graduated from University of Portland and last month passed without my realizing the significance. Since graduating, I’ve released 12 podcast episodes, written 27 Tailwinds editions, my 2019 Annual Letter, and gained a small following on Twitter.
One closing question I ask podcast guests is, “What’s a belief you used to hold strongly and have since changed your mind on?” I like this question because it shares some insight into how our views change with time and experience. Well, when it comes to the podcast, there’s a belief of my own that has shifted since starting the project.
Coming up with a name for your firm is really fun and I think it’s worth spending time thinking of one that fits well and you can be excited about. After all, you need a name you can be proud of for many years. Some feel that there are more important things to work on in the early days of creating your firm, but I think a name is vitally important to get right and worth the time spent.
Last year I listened to Patrick O’Shaughnessy’s interview with Matt Clifford who runs Entrepreneur First, an investment firm that helps people leave their current jobs, find a co-founder, and start a company. I find the model fascinating and have wondered how this strategy could be applied to individuals acquiring companies rather than starting them?
Permanent Equity, KKR, Will Schoeberlein, Tim Ludwig, Li Lu, Erik Berg
Cash Flow Cowboy, Tim Ludwig, Andrew Wilkinson, Ari Ozick, Michael Burry, Adam Keesling, Slate Star Codex, Oregon whales
Brent Beshore, Polsky center, Andy Ellis, Chenmark Capital, Macro-Ops, Grant Thornton, Wendover Productions, Adam Keesling, Kelie Morgan
Tim Ludwig, Grayson Morris, Searchfunder.com, Paul Graham, Matthew Ball, Amsterdam’s Schiphol airport
Capital Camp, Tim Ludwig, Collaborative Fund, Dan McMurtrie, and Eric Hornung
Tim Ludwig, Dan McMurtrie, Greenhaven Road, Good Things Don’t Scale, Mikel Berger, Capital Camp
Harvard Search Conference, Tim Ludwig, Ben Rudman, Investor Updates, Paul Graham, and Heico
Independent Sponsor Report, Scuttleblurb, Les Schwab, and David Perell
Each year I write an annual letter to readers and listeners to reflect on the evolution of the podcast and my personal growth.
Before getting to the podcast, 2019 was a tremendous year personally. I flew to DC for a FinTwit gathering hosted by Jamie Catherwood, graduated college with a new job, and got engaged.
As a fun goal for myself, I’ve decided to start writing annual (and possibly quarterly) letters for the Think Like an Owner project to reflect on the growth of the podcast, discussion around the micro private equity market, and my personal learning.
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I’m always looking to connect with folks interested in this space, don’t hesitate to reach out.