Gavin Baker @GavinSBaker Husband, Becky Painter. CIO, Atreides Management. Former PM, Fidelity OTC fund. No investment advice, views all my own. Jan. 12, 2020 1 min read

1) All true and well said.

Also true that this new reality likely creates some of the best late stage venture opportunities seen in years.

As a famous investor, initials W.E.B., is fond of saying, generally pays to be greedy when others are fearful. Babies, bathwater, etc.

2) Strongly believe that it's an advantage to IPO earlier than is currently fashionable. The habits one learns as a private company are often unhealthy and difficult to change after too long. A child makes their habits and those habits make the adult to paraphrase Ben Franklin.

3) The discipline enforced by public markets helps form good habits around unit economics, costs and governance. I do think we are in the process of sunsetting supervoting stock. Well-run companies have nothing to fear from activists.

4) Also *much* easier and more founder friendly to go through a downturn as a public co. where everyone owns common stock.

Being embarrassed by a low stock price - that can recover - is infinitely better than having the company sold for the value of the preference stack.

You can follow @GavinSBaker.


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