Tren Griffin @trengriffin I work for Microsoft. Previously I was a partner at Eagle River, a private equity firm established by Craig McCaw. I am on the board of directors of Kymeta. Jan. 14, 2020 1 min read

Reminder: You aren't a private equity buyer who earns a fee + carry and must invest your fund or give LPs back their cash. A PE buyer can use a multiple(s) to "price" acquisitions on a relative basis. You by contrast should the "value" the business so you have a margin of safety.

Reminder: You are unlikely to be someone who "selects a portfolio of securities – mostly stocks – that are fundamentally overvalued no matter what markets do with clients who are primarily institutions who use you as a hedge to their core equity portfolio." 

I gave a talk once at a business school in connection with the BRK annual meeting. I was on after Aswath Damodaran, who gave a lively and valuable talk on the difference between pricing and valuation. "The value of assets may be very different than price." 

You can follow @trengriffin.


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