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Long-Term Stock Exchange

also referred to as: ltse

13 statements across 1 episodes · 5 bullish · 2 bearish · 1 people on the record · first statement Aug 26, 2019 by Eric Ries · said 33 times in 1 episodes since 2019 · across every show →

Mentions by year

brought up most by Ted Seides (27), Eric Ries (6)

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2019 33 mentions in 1 episode

every mention, scene by scene, with the transcript →

Everything said about Long-Term Stock Exchange, oldest first

Aug 26, 2019 neutral
Assertion Not checkable as stated
LTSE hosted 10 CIOs managing $3.5T alongside 10 private companies
“Last time we had about three and a half trillion dollars AUM in the room. 10 CIOs, 10 private companies. We have them meet each other.”
Eric Ries Aug 26, 2019 ▶ 45:49 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019 positive
Disclosure
Ries: LTSE Requires Boards to Track and Publish Stakeholder Metrics
“So we require companies to, at the board level, identify a committee of the board who has a fiduciary obligation to identify who the company's key stakeholders are. Identify what are the effects that you want to have on those stakeholders, then have the compan…”
Eric Ries Aug 26, 2019 ▶ 35:50 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019
Disclosure
LTSE restricts specific comp instruments and mandates alignment disclosure
“So we have principles around certain compensation instruments that companies can't do. And generally require companies to disclose how they've created interest alignment between executives and their long-term investors.”
Eric Ries Aug 26, 2019 ▶ 34:13 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019 bullish
Assertion Not checkable as stated
Ries: LTSE listings guarantee full public market liquidity
“Because we're a stock exchange, we're integrated with the financial system to such a degree that companies that list with us can be guaranteed the same access to the full liquidity of the public markets.”
Eric Ries Aug 26, 2019 ▶ 24:24 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019 bearish
Prediction Not checkable as stated
Ries: Most passive funds will not register for LTSE tenure tracking
“In the short term, I don't expect that most passive investors will do this registration that we're talking about, because they don't care about the governance side of companies.”
Eric Ries Aug 26, 2019 ▶ 32:12 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019 negative
Disclosure
Ries: LTSE will impose strict limits on earnings guidance
“We will have very strict limits on guidance.”
Eric Ries Aug 26, 2019 ▶ 37:03 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019 bullish
Disclosure
Ries: LTSE enables direct block transactions at 50 bps versus standard 5%
“So we have a mechanism that allows the long-term and certified long-term investors of a company to bid directly to the company, purchase stock directly from them, and we can consummate that transaction after market close for more like 50 basis points rather th…”
Eric Ries Aug 26, 2019 ▶ 27:45 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019
Disclosure
Ries: LTSE strips tenure rewards from investors who loan or swap shares
“But like, let's say you build a total return swap, or you loan the shares out for shorts, or you do any activity that builds a derivative out of the economic ownership of the share, that automatically deregisters you from the ledger that we maintain on behalf …”
Eric Ries Aug 26, 2019 ▶ 30:45 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019 positive
Disclosure
Ries: LTSE supports dual listings with incumbent exchanges
“Yeah, we support dual listing, and I think that's a very sensible thing for the early adopters to do.”
Eric Ries Aug 26, 2019 ▶ 42:10 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019
Assertion Supported
Ries: LTSE is a fully regulated national securities exchange, not an ATS
“We are a national securities exchange. We're in the same regulatory category as NYSE or NASDAQ. So this is on an alternative exchange or a venture exchange.”
Eric Ries Aug 26, 2019 ▶ 22:46 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019 positive
Disclosure
Ries: LTSE will require companies to disclose EPS net of share buybacks
“We also require, or we will require, companies to disclose their, for example, EPS, net of buybacks. You can still do the buybacks, but you have to disclose how much of your improvement on an earnings basis is being driven by buybacks versus actual fundamental…”
Eric Ries Aug 26, 2019 ▶ 38:35 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019
Disclosure
Ries: Spent five years unsuccessfully trying to give LTSE concept to incumbents
“I tried for almost five years to give this idea away for free to the incumbent exchanges. I didn't want to build a stock exchange. It's a real pain. You know, it's a lot of work. That's not what I want to do with my time, but I couldn't get any of the incumben…”
Eric Ries Aug 26, 2019 ▶ 47:58 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
Aug 26, 2019
Disclosure
Eric Ries: LTSE operates as a high-margin, low-volume business
“We think of our business as a high margin, low volume business. We're happy to make money by selling services, data, technology, directly to companies and their long term investors.”
Eric Ries Aug 26, 2019 ▶ 43:33 Eric Ries – Lean Start-Ups and the Long-Term Stock Exchange (Capital Allocators, EP.107)
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