The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 9 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Fishner-Wolfson: Secondary liquidity leads founders to reject early acquisition offers
“And they will then, and I've watched entrepreneurs do this consistently, turn down acquisition offers that would put huge amounts of money in their bank account. And that's really ultimately To the benefit of the venture investors, because they really want to …”
Fishner-Wolfson: Applying 90% margin multiples to 40% margin companies causes losses
“You can't put the same revenue multiple on a 90% gross margin business with super high operating leverage as you would, you know, a company with 40% gross margins and less operating level. Like if you do that, you'll just never make any money. And eventually t…”
Fishner-Wolfson: Rigid VC ownership targets blind investors to massive opportunities
“Focusing strictly on ownership percentage really, I think, blinds people to opportunities that may be much larger, and they just can't get over the hump from a process perspective to make those investments.”
Fishner-Wolfson: Entry price only matters in VC if overpriced by 5x
“Price doesn't matter unless you're off by five X, in which case then price is the only thing that matters.”
Fishner-Wolfson: Investors must evaluate startup quality independently of valuation
“Like valuation matters. Right. And you don't want to let things like valuation sort of influence your decision on whether or not you want to be in the company, because that will lead you to investing That may not meet your bar because it's a quote unquote grea…”
Fishner-Wolfson: 137 Ventures targets roughly 12 core portfolio positions
“I mean, we run our portfolio to be sort of a dozen core positions for this exact reason, right? You don't want to dilute all of your good returns with a bunch of other noise.”
Fishner-Wolfson: Founders change behavior once liquidity reaches complete financial independence
“I worry about people getting so much liquidity that they sort of never have to work again. And that number can obviously somewhat change depending upon who you are and your family and where you live and a bunch of other factors, but there's always something th…”
Fishner-Wolfson: 137 Ventures has backed SpaceX since 2008
“SpaceX probably wins this for me. I mean, it will probably be the investment that defines my career. We've been invested since 2008 back before there ever been a successful rocket launch. And we've just continued to build that position over time. And, you know…”