capital markets

“You don't scale billion-dollar businesses that way. You have to have capital markets.”

“I think that I cannot think of a company that has a durable enterprise where they've outsourced their moat to a third party, right?”

“Or you said, Hey, I want to grow at all costs. I want to expense as many cities as I can. And we'll figure out our distributors later. We'll figure our vendor relations later. We'll figure out our technology inside of the four walls and routing, binning and ba…”

“I wrote a piece one time about how investing and access to capital markets is like the, should be the real American dream. Everyone should be doing it like they were talking about home ownership decades prior.”

“It has a structure that they really understand, right? It looks like a bond to them. It looks like a piece of real estate. You get a tenant. They pay rent every month. You can loan against that. You get an investment grade tenant. That's basically a bond. It h…”