20VC: Doug Leone, Bill Ackman, Bill Gurley and Orlando Bravo on "Does Price Matter"; When to Pay Up vs When to Stay Disciplined, The Biggest Lessons on Price Discipline from 8 of the World's Best Investors

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The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 9 February 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Doug Leone is the Global Managing Partner @ Sequoia Capital, one of the world’s most renowned and successful venture firms with a portfolio including the likes of Google, Airbnb, Whatsapp, Stripe, Zoom and many more.

Marcelo Claure is the Founder & CEO of Claure Group, a multi-billion-dollar global investment firm. He is the Executive Chairman and Managing Partner of Bicycle Capital, a $500M Latin America-focused growth equity fund, and was appointed Chairman in Latin America of SHEIN, the global #1 on-demand fashion company in the world. Claure was also the CEO of SoftBank Group International where he launched SoftBank’s $8B Latin America Funds, and had direct oversight for SoftBank’s operating companies.

Geoff Lewis is a Founder and Managing Partner of Bedrock, one of the breakout and new venture firms of the last decade, famously in search of narrative violations. He serves or has served on the Board of Directors for companies including Lyft (NASDAQ: LYFT), Nubank (NYSE: NU), Epirus, and Vercel.

Bill Ackman is the CEO of Pershing Square Capital Management, L.P., an SEC-registered investment adviser founded in 2003. Pershing Square is a concentrated research-intensive fundamental value investor in long and occasionally short investments in the public markets.

Martín Escobari is Co-President, Managing Director and Head of General Atlantic’s business in Latin America. Martín is Chairman of the firm’s Investment Committee and also serves on the Management and Portfolio Committees.

Orlando Bravo is a Founder and Managing Partner of Thoma Bravo. He led Thoma Bravo’s early entry into software buyouts and built the firm into one of the top private equity firms in the world.

In Today's Episode on Price Sensitivity We Discuss:

Doug Leone: Why the attitude of "deploy, deploy, deploy will get so many in trouble"?
Marcelo Claure: How to know when price matters and when it does not?
Geoff Lewis: What is the right framework to assess price at an early stage?
David Tisch: How does the importance of price change vis a vis company vs portfolio?
Orlando Bravo: What have been Thoma Bravo's biggest lessons on price?
Cyan Banister: Why does Cyan believe there will be a reckoning?

Transcript

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0:00.0	Price matters.
0:02.3	Price really matters.
0:03.9	Everyone who says price doesn't matter hasn't been around long enough to experience that it does matter.
0:07.7	The keys to determine in advance if it's a company where price matters.
0:13.0	It is important to be price aware on a portfolio basis, and I don't think on a deal bydeal basis, price is a determinant of making a decision.
0:22.6	One of the cool questions in venture capital and investing is when should I as an investor pay up for an asset or company?
0:29.6	When do I stretch and given the size of outcomes in venture? When does price matter and when does it not?
0:35.6	Today we sit down with the best investors
0:38.4	in the world, from Doug Leone, Bill Ackman, Orlando Bravo and more to unpack price, when it matters,
0:45.4	when you should pay up, and the right way to think about it as an investor today.
0:50.9	But before we dive into the show today, there's no shortage of helpful AI tools out there.
0:56.0	But using them means switching back and forth between yet another digital tool.
1:00.0	What was supposed to simplify your workflow just made it way more complicated.
1:04.0	Unless, of course, you're in Notion.
1:06.0	In Notion, you can automate the tedious tasks, like summarizing meeting notes or finding next steps, really freeing you up to do the deep work that we all want to do.
1:15.8	And that's why Notion is used by over 50%, 50% of Fortune 500 companies and teams that use Notion, send less emails, cancel more meetings and reduce spending on tools.
1:28.3	Try Notion for free when you go to Notion.com slash 20VC.
1:32.3	And speaking of amazing products like Notion there, I'd like to talk to you about a company called Digis.
1:37.3	They're a full-service AI accounting company.
1:40.3	And if you're in need of an accountant or looking to switch, there's no better solution than Digits. Starting at just $350 a month, which is less than half of what you'd
1:49.9	pay a traditional firm, Digits is the most accurate, most efficient solution on the market.
1:54.8	They've developed proprietary AI technology that automates tedious financial tasks and
	...

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