Garry Tan+ Your Authors @garrytan Cofounder @Initialized —Designer/eng turned VC investor in startups now worth over $36B — New YouTube videos every week — DM me on Instagram for startup advice Jun. 09, 2019 1 min read + Your Authors

Can $AMZN make money? Bezos says yes, they have profitable lines that subsidize reinvestment

The frame of Wall Street is short term

The frame of true reinvestment is long term

The latter is rare. Most just do buybacks because they are out of ideas or can’t hire/manage/ship

A lot of gems in this interview with @hblodget from 2014 

My favorite is how you shouldn’t market a rock concert to people who want to go to the ballet 😂

Hedge funds/equity managers have short term quarterly goals. But 84% of stocks are held by multi family office, endowments, pensions, sovereign wealth, all of whom typically are long term oriented (20+ year horizon)

Incentive mismatch on Wall Street 

You can follow @garrytan.


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