Peter Singlehurst

“I think at the moment I would say that I would buy none of them. And it's not because I have a particular, and it's not because I'm critical of those businesses. It's because I don't know what the answer is to enduring competitive advantage at the large langua…”

“There are people on my team who are much more interested in technology itself, and also love investing, love businesses, but my focus, and I think this is a focus that perhaps makes me better at, say, growth stage investing than I would be at venture stage inv…”

“The core analytical questions I think are pretty similar. You have different sources of information, whether you're doing public or private, but like you're still looking for the same characteristics, right? Like if you make it very simple, you're still lookin…”

“I don't think we'll end up in a world where you have sort of exchanges for private companies. I think you just have too much complexity in the share class structures. You have, you know, things like rofers, you have like company control. I can't see those exch…”

“If something is in the range of 30 to 50% probability of going up fivefold, well then we'll take those bets every time.”

“The probability of any given company going up five times, if you were just picking randomly, is something like five percent.”

“If you think that there's an 80% chance of making a five times return in investment, like, you're probably deluding yourself in the levels of probability and confidence that you can have in a long tail or, you know, high outcome scenario, like a five times ret…”

“So we are very consistent in how we model upside for every company we look at. We try to model to a five times upside.”

“It's a business strategy, and it's, ah, it's an approach to how you are able to integrate a business that you've acquired into a shared set of services and tools that you've built out to enable those businesses to grow and become even better products, and, you…”

“And again, like, you know, I think coming back to financial technology, I think this is quite a good area where the difficulties and the nuances of those kinds of companies is, you know, a lot of it is about like how you manage regulation. And like, will AI so…”

“I think there's a possibility of that, but I would say that there will still be companies that, that are from that sort of pre AI era that will still be exceptional companies because they have a particular way of building a product that is just very difficult …”

“Digital distribution and in-game purchases in video games completely changed the set of incentives for game developers and players and the potential longevity that could come from those businesses.”

“The thing that I should have placed a much greater weight on. Was the founder of DoorDash and, you know, why he'd started the business and the level of commitment that he had to these small businesses that he was wanting to help and kind of bring online and he…”

“One of the ones we really missed was DoorDash. We had a few opportunities to invest in that privately.”

“If we're investing in a company with a 10 year view, You probably shouldn't be doing anything two or three years into that investment journey. You should really be thinking of it as being pretty much as illiquid as any private holding.”

“If you are sufficiently long-term even in your most successful investments, there will always be a time when you look and feel really stupid.”

“I was working on Tesla in 2000 and 12, and we went on to buy that for various strategies.”

“I think that just gives rise to a kind of level of trust and a level of working together that we couldn't have if this was a sort of organization where kind of people came in for a couple of years and then left. And if it was more of a kind of high turnover so…”

“They should actually treat the process of going public as much as an exercise of trying to put off the wrong kind of investors.”

“There's a sort of industry of using that as kind of air cover to carry out quite a lot of window dressing around sort of so-called value creation in order to justify very high fees”