Paper Markups
topic on 1 show · 2 statements across 2 episodes
2 statements about Paper Markups, every show
Lessin: Venture fund paper markups are irrelevant and often negative signals
“I know full well, I know this is an investor. That the marks that you made up or the marks of SoftBank listed something somewhere are completely irrelevant. In fact, the negative signal in a lot of cases. So like the marks are irrelevant and stupid.”
Lemkin: Personnel at large LP institutions are compensated on paper markups
“A lot of LPs Big, at the bigger LPs, they're compensated based on paper markups too. This is less well understood. They're compensated. This drove crazy. Where did all this unicorn explosion come from? People don't understand that the cash had to come from som…”