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.
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Singlehurst: Stripe trades at a lower multiple than Adyen while growing faster
“Stripe is priced even, even less than Adyen. If you just look at it on a multiples basis, and it's growing quicker.”
Singlehurst: Baillie Gifford deployed $10B across 100 private companies with one bankruptcy
“Over the last 10 years, we've deployed something like ten billion dollars into about a hundred private companies. We've had one bankruptcy of a company which is nothing to be proud of for sure, but I think we thought it was going to be much higher than it was.”
Singlehurst: Active growth-stage private market participants have consolidated since 2020-2021
“But I think there are fewer participants in the growth stage today than there was in 2020 and 20 21. And you could say, well, those are anomalous years, but I actually, I still think there has been consolidation within the growth stage of the private market.”
Singlehurst: Random stock selection yields a 5% probability of 5x returns
“The probability of any given company going up five times, if you were just picking randomly, is something like five percent.”
Singlehurst: US Series C+ valuation multiples remain elevated despite post-2021 drop
“If you look at the data multiples in series C and beyond in the U.S. Are below twenty-twenty-one, but still at elevated levels.”
Singlehurst: ByteDance leads online ads and ranks third in Chinese e-commerce
“They're the market leader in online advertising in China. And I think at the moment they're about number three in e-commerce in China.”
Singlehurst: Baillie Gifford investment teams do not use Bloomberg terminals
“You won't see a single Bloomberg terminal on the desks of investment teams.”
Singlehurst: Scottish Mortgage Fund is a century-old permanent pool
“We started, we set off doing that from within a permanent pool of capital that we've managed for the last 114 years. Called the Scottish mortgage funds, confusingly named. It's got nothing to do with mortgages. It's a hundred year plus permanent pool of capita…”