A lot of wonderful internet businesses like these that should have been tiny type companies mistakenly took venture capital instead and now they can't get to an exit. Tiny has done this with several businesses so far this year. These are venture backed companies doing over 5 million in revenue at 30 to 40% operating margins or the potential for that to quickly be the case. And Tiny came in, acquired the business, the VC's got their money back and more importantly,. their time back and management and Tiny got to run the business as it should be wonderfully and profitably without totally aligned incentives.
We sit down with legendary investor Howard Marks of Oaktree Capital and his son Andrew who, while less-well-known, is also an incredibly accomplished investor in a very different arena: early-stage VC. The purpose of the conversation was to discuss their joint work together on Howard’s all-time most popular memo, “Something of Value”, which made the then-shocking argument that Value and Growth investing are not diametric opposites but rather two sides of the same investing coin. We of course dive deep into that, and also cover plenty of fun Oaktree and investing history, as well as Andrew’s favorite topic: selling (or not selling, as the case may be). This is not one to miss!
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Links:
Sponsors:
Statsig: https://bit.ly/acquiredstatsig24
Vanta: https://bit.ly/acquiredvanta
Crusoe: https://bit.ly/acquiredcrusoe
Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.