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 15 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
Bravo: Puerto Rico would be better off becoming a U.S. state
“I'm gonna say something I've never said before, and I do believe it'll be better for Puerto Rico to be a state if the U.S. Would allow that.”
Bravo: Modern PE software returns derive from terminal growth, not yield
“About two thirds or more is terminal value appreciation, and you make very little. On your yield.”
Bravo: AI poses a major disruption risk to many software verticals
“There is a big risk of AI in this business. I mean, in a big, big way. There's so many verticals that are going to get disrupted.”
Bravo: Any company can cut 10% of costs, but 20% is difficult
“No matter how profitable you are, you can always cut 10%. No matter how unprofitable you are, it's difficult to cut more than 20%.”
Bravo: Low customer support gross margins reveal a flawed software product
“Like, for example, a company cannot say that it has really, really good product if its gross margins on support are very low.”
Bravo: Thoma Bravo makes more money backing internal successors than going public
“And we actually feel we'll make more money by investing behind the next generation when that time comes than by going public and having a great day and a great multiple.”
Bravo: Software companies should not be held long-term by one group
“These software companies are not meant to be owned by the same group for 30 or 40 years.”
Bravo: Enterprise AI adoption will take time because enterprise tech is evolutionary
“In the enterprise, it's going to take a while, because we always say technology is evolutionary, not revolutionary, because our customers are buying this stuff for cost.”
Bravo: Thoma Bravo must exit $10B deals at $25B to make money
“But now we're doing ten billion dollar deals. We have to sell those for 25 to make money.”
Bravo: Thoma Bravo cuts costs once then focuses on growth and add-ons
“So the reason we like to take out the cost once is the rest is about bookings, growth and add ons. We don't want to revisit margin too much. We want profitable growth going forward.”
Bravo: Early software PE investors benefited from massive market tailwinds
“Because we started doing software and it's hard not to do well if you started doing software back then and had all this wind behind your back.”
Bravo: Technology accounts for about 50% of PE deal volume
“About 50% of the private equity deal volume is in technology.”
Bravo: Thoma Bravo limits each fund to 10 to 12 companies
“So in every fund, we'll buy 10 to 12 companies.”