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 13 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
Khan: Taxing Unrealized Capital Gains Would Destroy Real Estate
“What happens to the real estates? People who own all this real estate, they are illiquid. Are you going to charge them an unrealized gap gain? So they have to sell the real estate. You're going to destroy the real estate market.”
Khan: Private market investments face severe write-downs and permanent capital loss
“People didn't write it down to zero or near zero, And that will happen over time, and then people will realize that it's not only a DPI issue, it's also permanent loss of capital. I don't think people are realizing that they have permanent loss of capital in m…”
Khan: IPOs with minimal day-one pops cause aftermarket stock crashes
“If they're buying the stock at the price that it doesn't go up, only goes up 10%, they're gonna dollar-weighted average, so they're not gonna go buy the stock. So you're gonna have a supply belt that, you know demand imbalance, they will probably sell the stoc…”
Khan: Private tech valuations have not corrected to match public market realities
“In the private market, that valuation didn't really correct, and so they want to go up public at a valuation that just doesn't make sense in a public market, right?”
Khan: Larry Page called the AOL revenue-share deal Google's most transformative
“Larry said that the most transformative thing Google did was the AOL deal. Because AOL, they gave them a 95% revenue share when AOL search box was powered by Google.”
Khan: Millennium Management cannot accept any more investor capital
“Millennium cannot take any more capital.”
Khan: The top three cloud providers were created by public companies
“AWS was created by a public market company, the entire cloud business. You know, the three biggest cloud providers were public company when they started it.”
Khan: Public SaaS companies ultimately trade at 7x revenue multiples
“Ultimately SaaS businesses trade seven times revenue multiple, right?”
Khan: Alibaba and Snap IPOs converted nearly 90% of roadshow meetings
“I don't remember the exact numbers, but yeah, both were pretty close to 90%.”
Khan: Only 1-2% of prospective fund clients ask about after-tax returns
“It blows my mind if I do a hundred meetings, probably one or two meetings I get where clients ask you about what's your after tax return.”
Khan: Alibaba raised $8B to buy back 20% stake from Yahoo
“We bought back the share and then we had to go raise the money, raise the eight billion dollar to buy back that 20% stake.”