the company expects to end the year at about $400 million in GAAP revenue, up 150% – without commensurate spend (head count growth of just 30%).
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The mistake a lot of people make is they think about venture as an asset class the way they think about public equities, where you can have a diversified portfolio and do well. In venture, if you're not in the top-performing funds, you're not making money. The data is very clear on that.
Ramtin Naimi — Invest Like the Best with Patrick O'Shaughnessy
It was just extremely suspicious the entire thing and there was reporting in the New York like a bunch of reporting to a lot of we talked to a lot of NeoCloud founders and it's like oh they've been working in real estate for a long time. They've been working in uh in crypto mining for a long time. They've been building things for a decade and now they're having the AI moment. It's very rare that you talk to someone who's like, "Oh yeah, like I I' I've actually never seen a data center in person, but I set one up and I'm doing great."
Diet TBPN
The fund size drives the outcome expectations. If you raise a $500 million fund, you need to return $1 billion to get a 2x, which is the bare minimum. So you're inherently driven to look for trillion-dollar outcomes, which shifts your goalposts dramatically compared to a smaller fund focused on $100 million exits.
Ramtin Naimi — Invest Like the Best with Patrick O'Shaughnessy