Matthew Giampetroni
@matthewgiampetroni
@matthewgiampetroni
As a founder, the most valuable optionality you have is the equity you haven’t sold, and the dilution you haven’t taken. But the second most valuable optionality you can have is a valuation that’s not too high.
M&A is by far the largest source of redistribution of corporate resources among the capital allocation alternatives. M&A deals in 2021 totaled nearly $2.6 trillion, or 13.5 percent of sales. The chart shows that M&A tends to be cyclical. Early movers tend to do better than companies that buy later in the cycle.
Start-ups of any kind are awash in ambiguity. It’s the founder’s responsibility to hold that ambiguity for everyone, which is often a lonely job.
The primary job of senior management is to create value over the long term.
the best stories to tell are the ones that have been told over and over again, and the stories of competitive mimesis and of deification followed by scapegoating are the oldest and best of all