20VC: The Memo: The $23BN Company You Might Not Have Heard Of: Tradeweb, The Story of 27 Years of Compounding Growth Leading to the Market Leader with $1.4BN in Revenue and 50% EBITDA Margins

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The Twenty Minute VC

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

4.4 • 637 Ratings

🗓️ 29 March 2024

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Billy Hult is Chief Executive Officer of Tradeweb Markets (Nasdaq: TW), as Billy puts it, they are the "electronic interface that connects Citadel and Goldman". They are also one of the most under the radar but incredible businesses of the last 20 years. Through no glitz acquisitions or specific moments, TradeWeb has compounded organic growth for the last 27 years to today, with a market cap of $22BN.

In Today's Episode with Billy Hult:

1. From Betting Shop Worker to Public Company CEO:

How would Billy's teachers and parents have described the young Billy?
Why does Billy think it is so important to have a hard first job when growing up?
What does Billy know now that he wishes he had known when he started?

2. What it Takes to be a World-Leading CEO:

How does Billy define the role of the CEO? What are the core tenets?
What has been the single hardest element of CEOship to learn?
Does Billy care about being liked? How does that impact his management style?
Why does Billy think it is so important for CEOs to make "big bets"? What have been his biggest?

3. Hiring World-Class Teams in 2024:

What have been some of Billy's biggest hiring mistakes? What did he learn from them?
How does Billy weigh IQ vs EQ and hustle? Which wins? Why?
Does Billy think this generation of millennials is too soft?
What are the single biggest lessons Billy has on when to delegate vs when to retain control?

4. Money, Power and Family:

How does Billy approach his relationship to money today? How has it changed over time?
Fame, power or money, rank them from 1-3. How does Billy rank them?
How does Billy describe his own style of parenting? How has it changed over time?

Transcript

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0:00.0	It's not about pedigree. It's not about polishedness. It's not about what school you came from and who you know. It's about old-fashioned grit and resiliency and street smarts. I have an ego. You have to have an ego. I'm a person that was, you know, president of my company, the number two person in my company, you know, for a long time. You know, when people show you who they are, like,
0:20.9	believe them. This is 20VC The Memo with me, Harry Stebbings. Now, 20VC, the memo is our monthly
0:26.1	show where we highlight an incredible company that you might not have heard of. Today, we highlight
0:31.3	the story of a $23 billion juggernaut trade web, the electronic interface that connects the lights of Citadel to Goldman.
0:39.8	Now, joining us in the Hot Seat today is their CEO, Billy Hult.
0:43.6	This is an incredible discussion on CEO ship, parenting, relationships to money, ego, and so much more.
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	...

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