“HTT avoids walking the same tightrope that KKR did by seeding their deals across all their funds. Assuming that their LPs are not invested in every fund the firm offers, the brunt of any losses is dispersed across the many LPs in all the firm’s offered funds.”
― From Zero to Sixty on Hedge Funds and Private Equity 2.0: What They Do, How They Do It, and Why They Do The Mysterious Things They Do
― From Zero to Sixty on Hedge Funds and Private Equity 2.0: What They Do, How They Do It, and Why They Do The Mysterious Things They Do
“corporations routinely and unabashedly smooth their earnings. That is, they create the illusion that their profits rise at a consistent rate from year to year. Corporations engage in this behavior, with the blessing of their auditors, because the appearance of smooth growth receives a higher price-earnings multiple from stock market investors than the jagged reality underlying the numbers.”
― Financial Statement Analysis: A Practitioner's Guide
― Financial Statement Analysis: A Practitioner's Guide
“our minds sense the world around us, compare our Environment and actions against internal Reference Levels, and act accordingly.”
― The Personal MBA: A World-Class Business Education in a Single Volume
― The Personal MBA: A World-Class Business Education in a Single Volume
“Suppose that, in the last few weeks of a quarter, earnings threaten to fall short of the programmed year-over-year increase. The corporation simply borrows sales (and associated profits) from the next quarter by offering customers special discounts to place orders earlier than they had planned.”
― Financial Statement Analysis: A Practitioner's Guide
― Financial Statement Analysis: A Practitioner's Guide
“One version of Borrowed thinking is a technique I call the Different Lens. To begin, brainstorm a list of people, industries, or perspectives. Examples may include: an archaeologist, a 4-year-old, someone living 200 years in the future, Elon Musk, a Navy SEAL, a zoologist, Brad Pitt, Picasso, a professional bowling champion. The more diverse and strange, the better. Next, take a stack of index cards and write one name or role from your list on the back of each. You’re now armed for a Different Lens brainstorm session. First, clearly articulate the real-world challenge you’re facing. Perhaps it is developing a new product to combat a competitive launch. Maybe you’re looking for a way to improve closing rates throughout your sales force, attract and retain Millennial workers, or reduce error-rates in your manufacturing plant. Once the challenge has been identified, turn over one card. If the card reads “architect,” the group brainstorms how an architect would approach their real-world challenge. Once the ideas start to dwindle, flip over the next card and look at the problem through the next lens. Instead of thinking about how your competition is solving this problem, think about how Beyoncé would slay it. Before long, you and your team will see the problem in a whole new light, and by borrowing the thinking from others, you’ll gain a fresh perspective that will lead to the innovative solutions you seek.”
― Hacking Innovation: The New Growth Model from the Sinister World of Hackers
― Hacking Innovation: The New Growth Model from the Sinister World of Hackers
YCA’s 2025 Year in Books
Take a look at YCA’s Year in Books, including some fun facts about their reading.
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