Retirement Tech Startup Notches $1.33B Valuation
Wealth Management
JULY 17, 2024
Human Interest helps small businesses set up 401(k) services.
Tuesday links: paying for the news
Abnormal Returns
DECEMBER 3, 2024
techcrunch.com) Musk SpaceX could soon be the world's most valuable startup with a $350 billion valuation. theverge.com) Fidelity marked up its valuation of X. (wsj.com) Meta ($META) is reportedly investing $10 billion in subsea cables. finance.yahoo.com) Elon Musk's Tesla ($TSLA) pay package was rejected, again.
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Avoid the Unforced Investment Errors Even Billionaires Make
The Big Picture
APRIL 17, 2025
An instructive war story : During the mid-1990s, a grad school buddy took a senior job at a tech startup that came with lots of stock. My advice was not based on fear of a bubble or the (over)valuation of Yahoo; rather, I suggested employing a regret minimization framework.2 In late 1996, they were bought by Yahoo!
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Tuesday links: a too short time horizon
Abnormal Returns
MARCH 12, 2024
morningstar.com) Has Nvidia ($NVDA) earned it valuation? newsletter.abnormalreturns.com) Mixed media How some media startups are thriving by focusing on subscriptions and newsletters. Markets Are the Magnificent Seven all that overvalued? theirrelevantinvestor.com) Crypto Why this crypto rally is different. frontofficesports.com)
Thursday links: a wait-and-see approach
Abnormal Returns
JUNE 27, 2024
hbr.org) Startups SpaceX is doing a tender at a $210 billion valuation. (safalniveshak.com) Companies Monster Beverage ($MNST) is unique not only for its stock performance. kyla.substack.com) How Starbucks ($SBUX) devalued its brand. bloomberg.com) A24 just raised a new round of capital.
Friday links: the most important investing skill
Abnormal Returns
JANUARY 20, 2023
ft.com) Startups How unicorns are dealing with the decline in valuations. news.crunchbase.com) Crypto companies, like FTX, invested in a bunch of crypto startups. (on.ft.com) The CPA shortage is real. wsj.com) Why PE firms are reluctant to put 'dry powder' to work. Those stakes are set to change hands.
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Wednesday links: a new revenue model
Abnormal Returns
FEBRUARY 28, 2024
on.ft.com) Private credit valuations are all over the board. bloomberg.com) Startups Stripe employees just sold shares at a $65 billion valuation. (disciplinefunds.com) What happens if you invest at a stock market top? awealthofcommonsense.com) Private credit Private credit fundraising is slowing.
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Tuesday links: detrimental behavior
Abnormal Returns
JANUARY 3, 2023
feld.com) 2023 is going to be a year or reckoning for the startup space. wsj.com) Startups are going to experience a "new normal" valuation-wise. avc.com) SpaceX is raising new capital at a $137 billion valuation. (nytimes.com) Venture capital Brad Feld, "Nothing is going to magically and suddenly change for the better."
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Monday links: the changed housing market
Abnormal Returns
DECEMBER 5, 2022
Markets Small cap stocks stand out for their cheap valuations. bam.kalzumeus.com) Venture capital The hurdles that startups need to get over to raise additional capital are now higher. niemanlab.org) How newsletter startup Puck sets itself apart. morningstar.com) Why have energy stocks and oil prices diverged? wired.com).
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Research links: finding the right model
Abnormal Returns
JULY 25, 2023
institutionalinvestor.com) Mutual funds Do mutual funds overvalue their stakes in startups? papers.ssrn.com) Research It makes total sense that equity market valuations are higher today than in the past. (mailchi.mp) PE firms have been slow to adopt ESG principles. papers.ssrn.com) How disappointment drives a lot of fund outflows.
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Thursday links: embracing imperfection
Abnormal Returns
DECEMBER 7, 2023
nytimes.com) Is Austin, TX losing its luster as a startup hub? techcrunch.com) SpaceX SpaceX is reportedly planning a tender offer for employee shares at a $175 billion valuation. (ft.com) VC SimpleClosure, a start-up that helps other start-ups wind down their operations, is doing a booming business.
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Thursday links: playing the trend game
Abnormal Returns
JUNE 15, 2023
theinformation.com) Is there an AI premium for startup valuations? (msn.com) AI The story of how Microsoft ($MSFT) became the leader in AI. bloomberg.com) How YouTube could help Google ($GOOGL) with its AI push. tomtunguz.com) AI-generated junk is flooding Etsy ($ETSY).
Thursday links: the return of the home page
Abnormal Returns
MAY 2, 2024
Does that mean you are less enamored of Berkshire shares at current valuations? ' (barrons.com) How long will Ajit Jain stay in the lead of Berkshire's insurance business? newyorker.com) What to do about startups that borrowed money in age of ZIRP. ft.com) Why it's difficult for Berkshire Hathaway ($BRK.A)
MiB: Cathy Marcus, Co-CEO, Global COO of PGIM Real Estate
The Big Picture
JANUARY 12, 2024
Valuations, workouts, opportunistic investing, and managing underwater properties were part of the many prospects the GFC created that allowed thoughtful observers to add to their skill set and learn from experiences. She became Senior Portfolio Manager for PGIM Real Estate’s flagship core equity real estate fund.
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Friday links: data requirements
Abnormal Returns
JULY 28, 2023
tomtunguz.com) With valuations down, why aren't big tech companies buying more startups? (awealthofcommonsense.com) Big Tech All things considered, Meta ($META) and Google ($GOOGL) dominate online ad spending. marketwatch.com) How Amazon ($AMZN) is targeting AI. bigtechnology.com) How AI is affecting infrastructure spending.
Tuesday links: the case for diversification
Abnormal Returns
JUNE 27, 2023
bloomberg.com) SpaceX's valuation keeps rising, due in part to Starlink's success. wsj.com) Investors are heading to secondary exchanges to buy shares in AI startups. (monevator.com) Companies IBM ($IBM) keeps acquiring smaller companies to seemingly very little effect.
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Wednesday links: an awesome product
Abnormal Returns
MARCH 20, 2024
marginalrevolution.com) Finance Private equity is stuck between elevated valuations high interest rates and a moribund IPO market. variety.com) Streaming is so complicated that it needs a startup to help consumers navigate it. (amycastor.com) Companies It's hard to wrap your head around the numbers with Nvidia's ($NVDA) new chips.
10 Friday AM Reads
The Big Picture
MAY 5, 2023
Finally, it would be dangerous to extrapolate the post-1990 outperformance of US equities, as it mainly reflects rising relative valuations. NPR ) • How Silicon Valley’s Troubles Are Reshaping Venture Capital : After unprecedented dominance of US startup funding in the 2010s, the region has lost some ground. But it’s still No.
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The Latest In Financial #AdvisorTech (November 2023)
Nerd's Eye View
NOVEMBER 6, 2023
From there, the latest highlights also feature a number of other interesting advisor technology announcements, including: FinanceHQ has launched as a new digital lead generation platform for financial advisors, which takes a more niche-focused approach to matching prospective clients with advisors – representing a bet that capturing prospects (..)
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How to Negotiate Equity in a Private Company or Startup
Darrow Wealth Management
FEBRUARY 20, 2023
Working for a startup can pay off big financially, but a lot must go right along the way. If you are considering taking a job at a startup or private company with plans for an exit, there’s a lot to consider before accepting an offer. Here are some considerations for how to negotiate equity in a private company or startup.
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At the Money: Finding Overlooked Private Investments
The Big Picture
OCTOBER 2, 2024
She has been an early investor in companies that went public such as FIGS, Casper, and CloudFlare, as well as startups like Gimlett and Lightwell, that were later acquired by Spotify and Twitter. billion dollar startups have a founder who came here as a student. Typically the, the valuations are. Just hyperbolic in the U.
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Monday links: sudden reversals
Abnormal Returns
FEBRUARY 27, 2023
capitalgains.thediff.co) Startups How increased regulatory risk is affecting startup valuations. theinformation.com) What makes for a great startup name. (axios.com) Job number one for CEOs is capital allocation. tomtunguz.com) Why Stripe trades at a discount to public traded Adyen.
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Tuesday links: playing on the margins
Abnormal Returns
NOVEMBER 8, 2022
rationalwalk.com) Venture capital Tomasz Tunguz, "8% annual inflation for a startup means losing a month of runway every year." tomtunguz.com) Why early-stage startup valuations are holding up better than later stages. (nytimes.com) A closer look at Berkshire Hathaway's ($BRK.A) operating earnings.
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83(b) Election for Stock Options and Restricted Stock
Darrow Wealth Management
APRIL 23, 2025
The 83(b) election has the potential to significantly reduce the overall tax liability, especially for startup founders and employees who receive stock-based compensation. Stock at early-stage startups usually will have a very, very low valuation, making this tax strategy most advantageous. Here are some things to consider.
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Tuesday links: a healthy accounting system
Abnormal Returns
NOVEMBER 1, 2022
every.to) Q3 saw big drops in startup valuations. cbinsights.com) The top 100 universities ranked by startup founders. (wsj.com) Women are still scarce in the top levels of private equity. axios.com) Venture capital Why venture capital is ripe for disruption.
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ATM: Aswath Damodaran on the LifeCycles of Companies
The Big Picture
AUGUST 21, 2024
Full transcript below. ~~~ About this week’s guest: Professor Aswath Damodaran of NYU Stern School of Business is known as the Dean of Valuation. He has written numerous books on valuation and finance. A very young, a startup is like a baby, needs constant care and attention and capital. Forget about year five, year ten.
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Wednesday links: something completely different
Abnormal Returns
JANUARY 18, 2023
institutionalinvestor.com) Startup valuations trended down in the second half of 2022. (washingtonpost.com) Finance Morgan Stanley ($MS) is besting Goldman Sachs ($GS) when it comes to wealth management. wsj.com) PE firms are still having problems keeping junior analysts. institutionalinvestor.com) Economy Retail sales fell 1.1%
Adviser links: another curve ball
Abnormal Returns
AUGUST 22, 2022
investmentnews.com) What's the story behind the valuation behind startup Farther? (investmentnews.com) How Creative Planning came to be comfortable doing acquisitions. riabiz.com) How M&A transactions are getting structured in light of a bear market. morningstar.com) Why don't more people carry umbrella insurance?
83(b) Election: Tax Strategies for Unvested Company Stock
Darrow Wealth Management
JULY 30, 2024
Startup founders, early employees, executives, and other service providers can make an 83(b) election. Stock at early-stage startups usually will have a very, very low valuation, making this tax strategy possible. For employees with stock options, making an 83(b) election can be important later if valuations increase.
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At The Money: At the Money: Finding Overlooked Private Investments
The Big Picture
OCTOBER 2, 2024
She has been an early investor in companies that went public such as FIGS, Casper, and CloudFlare, as well as startups like Gimlett and Lightwell, that were later acquired by Spotify and Twitter. billion dollar startups have a founder who came here as a student. Typically the, the valuations are. Just hyperbolic in the U.
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Tax Planning for Startup Founders and Employees
Harness Wealth
FEBRUARY 26, 2023
Many of the insights below are ones that are understood well by second or third-time founders or startup veterans, who learned about these specific tax provisions from experience and are ready to implement them when they start their subsequent ventures. In this type of stock option, no stock pricing is required.
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Sunday links: pricing in risk
Abnormal Returns
JUNE 11, 2023
platformer.news) VC You can expect to see more startups closing up shop as funding dries. wsj.com) How a seed investor approaches valuation discussions. (axios.com) How the Apple Watch saved the luxury watch industry. om.co) Twitter really hates paying its bills. hunterwalk.com) Focus matters for VCs.
AI Video Startup Runway Valued at $3 Billion in Funding Round
Advisor Perspectives
APRIL 3, 2025
has raised $308 million in a new round of funding that more than doubles the company’s valuation — a sign of investor enthusiasm for startups building artificial intelligence software that can generate videos. Runway AI Inc.
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Tender Offers: A Comprehensive Guide for Startup Employees
Harness Wealth
APRIL 17, 2023
Equity compensation is a popular strategy used by startups to attract and retain top talent, and it can sometimes result in significant financial rewards for founders and employees alike. Pros and Cons of Tender Offers for Startup Employees Personal Financial Planning Considerations Frequently Asked Questions What is a Tender Offer?
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Understanding the Tax Implications of Acquisitions
Harness Wealth
APRIL 16, 2025
Key takeaways Tax planning impacts every facet of an acquisition, from initial valuation to post-closing integration, with early strategic decisions potentially saving millions in future tax liabilities. Understanding tax implications of acquisitions is vital for startups exploring mergers and acquisitions.
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Tax Planning for When Your Startup is Going Through an Acquisition
Harness Wealth
FEBRUARY 27, 2023
Founders, board members, and employees of startups that get acquired can experience tax consequences as a result of a liquidity event. It’s imperative to plan for the tax implications so you can be prepared to pay what you owe the IRS.
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[cdata[ Fintech Innovation: How Startups Can Utilize a Currency Converter API ]]
oXYGen Financial
NOVEMBER 24, 2023
These Are the Goods
The Irrelevant Investor
JULY 16, 2022
Articles What hard startups today will produce the enormous companies and categories of the future? (By
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Secondary Stock Sales: A Guide for Startup Employees Looking to Sell Private Company Stock
Harness Wealth
OCTOBER 5, 2024
What to Consider Before Selling in a Secondary Sale How to Sell Private Company Stock The Pros and Cons of a Secondary Sale If you work for a private company, especially a startup or tech firm, you may own stock or stock options as part of your compensation. Popular marketplaces include: Forge SharesPost EquityZen Hiive 2.
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DeepSeek Buzz Puts Tech Shares on Track for $1 Trillion Drop
Advisor Perspectives
JANUARY 27, 2025
Chinese artificial intelligence startup DeepSeek’s latest AI model sparked a $1 trillion rout in US and European technology stocks, as investors questioned bloated valuations for some of America’s biggest companies.
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The State of Venture Capital
The Irrelevant Investor
OCTOBER 30, 2021
In a new report from AngelList, they shared that: In 4Q20, 80% of startups that changed valuations were marked up or had a positive exit—a new record for startups on AngelList at the time. Series B valuations are up 31% to $375 million. Private markets are enjoying the same up only type of activity.
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Tips to Build Wealth with Patience and Time
WiserAdvisor
MAY 29, 2025
Growth investors look for companies that are expected to grow revenues and profits at an above-average rate such as tech firms, innovation-driven startups, and companies expanding into new markets. The key is to evaluate whether the companys future prospects justify its current valuation.
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CIO Perspectives Podcast: The Outlook for 2023, a deep dive into the venture landscape and dissecting the AI buzz
Brown Advisory
MARCH 9, 2023
Jon shares his boots-on-the-ground view of how the venture landscape is shaping up, including the hype around AI startups.
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What a Down Round Means for Employees with Stock Options
Darrow Wealth Management
JUNE 2, 2022
Quite simply, a down round is when a company raises money at a lower valuation per share relative to earlier financing rounds. A simple example: a startup raises a Series B at a $30M post-money valuation and a Series C at a $20M post-money valuation. Working for a startup involves risk. Startups also need cash.
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