Defining Margin of Safety

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The margin of safety is the logical conclusion Of what to focus on if you admit that you just cannot predict the future with any precise accuracy. If there's a high Valuation relative to fundamentals you have a low margin of safety and if you have alow valuation Relative to fundamentals then there's ahigh margin of safety. Good old uh, you know uncle ben graham back in the day. He would probably define margin of safety on evaluation of if you are paying More money than the cash in the more than like half of the cash on hand at the company You probably got of a high margin ofSafety. Ah, right times.

Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark’s next GP generation. If you’re a student of the venture game from any angle — founder, GP, LP, etc — this is a story you need to tune in for!

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