Everything Barry Schuler said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Schuler: Up to 50% of tech IPOs will be flat or down
“So you'll see, I think, flat and down IPO rounds. Maybe up to 50% of the companies that are out there.”
Schuler: Exclusive machine-to-machine trading will cause financial markets to fail
“When machines start trading with each other, the markets will disappear because We need the uncertainty of humans to make those markets, markets work.”
Schuler: Public multiple expansion after high private valuations is extremely rare
“In the old days, the momentum of the growth period of a stock happened in the public markets. They're happening in the private market. So to expect someone to have a huge multiple on the private phase and then go into the public markets and have a huge multipl…”
Schuler: Venture capital's biggest existential threat is persistent overcapitalization
“The existential threat to VC is Is one that's always been around too much money searching for too few good deals yielding low returns and making the category not so attractive.”
Schuler: Only about 70 institutional investors buy first-day tech IPOs
“At least in the U S public markets, the amount of institutional investors who like to buy First day, tech stocks has become very small. There's a handful of banks that take them out. We know who they all are, and there's, you know, about 70 institutional inves…”
Schuler: High late-stage tech valuations are not a dot-com bubble
“All these prices, all these unicorns, this must be just like the dot-com bubble was, when it's nothing like the dot-com bubble. You were probably quite young for those of us who lived through it, I was exactly, exactly. You have to read the history. We are the…”
Schuler: Facebook went public overpriced and took years to recover
“If you're overvalued, and they really kind of force the issue out, you can see problems like Facebook experienced, you know, when they went out overpriced problems in the market, and it took them a couple of years of performing well before they straightened it…”
Schuler: SolarCity succeeded post-IPO despite a flat-to-down offering
“We, SolarCity is a good example of an IPO we had where it was a flat to down IPO round. Everyone ended up putting money in to get that company public, and they did sensationally.”
Schuler: Low-traction late-stage unicorns will be acquired at down-round valuations
“The last group in that bulge are our companies that run out of the capital they've raised. They've not gotten the traction in the marketplace that they had hoped to. They still have value, and they're still important, and I would expect you'll see that smart a…”
Schuler: DFJ Growth was founded on tech companies staying private longer
“This is back in 2005 where we saw an inefficiency in the marketplace. We felt companies were going to stay private longer. We thought they had to because of the markets.”
Schuler: DFJ Growth preemptively invested in Giphy when it wasn't fundraising
“Well, the most recent one, we did two toward the end of the year. One was unity and the second was Giphy, and Giphy, I had to get them to say yes. They actually weren't raising money, and one of the ways we like to operate is being a little preemptive, and we …”
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