Matthew Giampetroni
@matthewgiampetroni
Venture Capitalist at Velvet Sea Ventures
Matthew Giampetroni
If you can't measure the value of the work done by individual employees, you can get close. You can measure the value of the work done by small groups.
Paul Graham • How to Make Wealth
Great capital allocators always have a sense of the difference between price and value in all of their businesses. And, as important, they are willing to act to build value when those gaps become large enough to overcome frictions such as taxes and fees.
Dan Callahan • Capital Allocation
The exceptional (sometimes criticized) margins at Louis Vuitton did not arise from excessively high prices, but from the removal of all costs and damages due to intermediaries. Louis Vuitton’s competitiveness
was therefore structural”
Punch Card Investor • LVMH and the Luxury Strategy
I think the single biggest problem afflicting large companies is the difficulty of assigning a value to each person's work.
Paul Graham • How to Make Wealth
Debt can also scare off growth equity funds, who don’t like not being the most senior money in the pref stack.
Alex Danco • Debt is Coming
markets—these sublime machines that synthesize beliefs and aggregate them into prices—instantiate a secularized version of the sacred
Byrne Hobart • Manias and Mimesis: Applying René Girard’s Mimetic Theory to Financial Bubbles
The research shows that companies that are more proactive in their internal resource allocation generate a higher ROA than those that are more conservative.
There is also evidence that companies that are good at internal capital allocation are also effective at external allocation
Dan Callahan • Capital Allocation
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.