Dry Powder - Hedge, Consolidate, Dominate S03:E16
Pirates of Finance
00:00
Is There a Market Timing Call on VCs?
Tyler Cowen: I thought this was really interesting from a business perspective. His first message years ago was raise as much cash as quickly as you can because the market environment is not gonna last. Then his message became hold onto that cash. Don't spend it, you're gonna need it. But instead if you do spend it, spend it on consolidation. Roll up competitors, their talent, their customers and their channels to market strong balance sheets will beat weak cap tables.Cowen: Warren Buffett said who buy when they're flooding the streets? He says it all the time.
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