20VC: Why Value Investing is BS, The Most Insane Elements of SPACs, Why Simplification is the Secret to High Margins & Why Good Values Should Make You Uncomfortable with Joey Levin, CEO @ IAC

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

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

4.4 • 637 Ratings

🗓️ 24 February 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Joey Levin is the CEO of IAC where he has overseen the constant evolution of the company, including the initial IPO and subsequent spin-off of Match Group, the spin-off of Vimeo, and the acquisitions of Angie’s List and Care.com. If that was not enough, in October 2022, Joey was also appointed as CEO of Angi Inc. In addition to this, Joey also serves on the boards of IAC, Turo, and MGM Resorts International.

In Today's Discussion with Joey Levin We Discuss:

1.) The Makings of a Great Leader:

When Joey was younger, what did he want to be when he grew up?
What is Joey's biggest advice to people coming out of college/university at this time?
What 1-2 things does Joey credit his internal and fast rise in IAC to?

2) Value Investing is BS & The Markets Today:

Why does Joey believe the idea of "value investing" is BS?
What 1-2 behavior traits of investors in the last few years were most dangerous?
Why does Joey believe that the current market is reasonable and now is the new normal?
How does Joey keep internal morale high when people have become accustomed to high stock prices?
Does Joey believe in the statement, "be greedy when others are fearful and fearful when others are greedy"?

3.) Simplification is the Secret to Margin & Messaging 101:

Why does Joey believe simplification is the core of high margins?
How can startups and scale-ups identify where to simplify first? What are the subsequent steps?
Why does Joey believe that the best values should make you feel uncomfortable?
What is a lesson from Joey's father on what makes truly great messaging?

4.) Parenting, Money and Marriage:

How does Joey reflect on his own relationship to money today?
What are 1-2 lessons taught by his mother on how to approach money and wealth?
What does Joey believe is the secret to truly happy marriages?
What are Joey's biggest lessons on what it takes to be an effective and good father?

Transcript

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0:00.0	I think public markets are reflective of the environment right now and private are not.
0:05.0	People raised a lot of capital when capital was easy.
0:07.5	You don't need to be honest on valuation every day.
0:10.5	There's no one forcing that.
0:11.5	When everyone in the ecosystem is incentivized and able to maintain pretend valuation.
0:17.5	This is 20 VC with me, Harry Stebbings.
0:19.5	If you haven't listened to our episode from Wednesday with Kevin and Mike from
0:22.8	Instagram, then that really is a must.
0:24.6	But I'm so excited to stay to be joined by Joey Levin,
0:27.4	CEO of IAC, where he's overseen,
0:29.8	the constant evolution of the company,
0:31.8	including the initial IPO and subsequent spinoff of Match Group,
0:35.6	the spino and the acquisitions of Angie's List andcare.com.
0:39.8	And if that wasn't enough, in October 2022, Joey was also appointed as CEO of Angie Inc.
0:45.2	And in addition to this, Joey serves on the boards of IAC, Churro and MGM Resorts International.
0:50.9	But before we dive into the show today, something that drives me nuts is being unable
0:55.0	to find important information because it's spread across a variety of different documents,
0:59.0	spreadsheets and a stack of workflow tools.
1:01.0	It's tougher to focus on getting things done, let alone getting them done together.
1:05.0	This is why you need Coda.
1:06.0	Coda is the dot that brings it all together by putting data in one centralized location, regardless
1:11.5	of format, eliminating roadblocks that can stop your team in their tracks. We use it for 20 VC
	...

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