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 11 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
Housenbold: SoftBank made roughly $12 billion in profit on DoorDash
“So for example, I put roughly six hundred million dollars into DoorDash and got a 17 or 18 X. My dear friend Pagemon at Pear put two million in and got like a 300 X. But the quantum of dollars, we made about twelve billion dollars in profit today on that inves…”
Housenbold in 2021: Disinflation and low rates will drive continued multiple expansion
“In fact, disflation is probably a bigger risk than inflation over the last few years. I don't think the feds worried about interest rates, and that will continue to allow multiples to expand. It'll allow equities to continue to rise and allow startups to have …”
Housenbold: Made eBay Google's first advertising customer in the world
“In that role, I also became Google's first customer in the world. Having ran AltaVista and competed with them, they were starting to monetize their search, and I became the first customer, and that really changed the trajectory for both Google and for eBay”
Housenbold: Entry valuation is the greatest determinant of PE and VC returns
“If you look at all of the academic research and it doesn't matter if it's a private equity or venture capital, the greatest determinant of your returns With the highest R square is your entry valuation. Some people call that vintage, but it is your entry valua…”
Housenbold: Shutterfly grew to 77% market share and bought 17 competitors
“And when I joined, we had one percent of the market, and when I left, we had 77% of the market. And I went on to buy 17 of my competitors, including Yahoo Photos and Kodak, American Greening, Sony, Fuji, etc.”
Housenbold: SoftBank Vision Fund 1 averaged $900 million per investment
“For us as late stage investors, where in fund one, our average investment was nine hundred million dollars.”
Housenbold: Billion-dollar VC funds average a 1.44x net MOIC
“If you look at all of the Kauffman Foundation or the NVCSA or the Cornerstone Research, the average fund of a billion or greater returned a one seven one gross and a one four four net MOIC.”
Housenbold in 2021: Central bank liquidity will continuously buoy asset prices
“You look at central banks around the world and they're all pledging to do roughly the same thing. That will continue to buoy assets and assets in the form of gold, in the form of Bitcoin, in real estate, and in equities.”
Housenbold: SoftBank Vision Fund 1 was backed by six limited partners
“In the Vision Fund one, we had six limited partners. One was SoftBank itself, so SoftBank's a big operating company, spits off a lot of free cash flow. The second was the Sovereign Wealth Fund of Saudi Arabia called PIF. The third was the Sovereign Wealth Fund…”