A Quote by Kevin Kinsella
Basically my point of view on unicorns is that private companies which have sky high valuations, it doesn't really mean anything in the real world until it's marked to market. And there's only two ways things get marked to market in venture capital: Either a company is acquired by another company for cash or marketable security, or it goes public, and then it has reporting requirements and then the market will determine the value.
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The stock market has gone up and if you are stock picking, that's fine, you may do a bit better than the market. But if you want to play in another game where you can get rapid increases of value and so on and so forth, this apparently has become the new parlour game, to invest in these companies and many their cases, the private equity that has been piling in onto of the venture capital is creating the unicorn, in other words the company with the $1 billion valuation.
In a world where companies increasingly know about their business in real time, it makes no sense that public reporting mostly follows the old quarterly schedule. Companies sit on vital information until reporting day, at which point the market goes crazy.
For every company that sees the value of their capital go up, there's another company that has been disrupted, and the value of their capital gets marked down because it's not going to compete in the same way.
The more evident it is that a certain company is going to become the market leader in a big market space, then the higher the valuation goes because the risk has been dramatically reduced.
The Middle East would always be an important trading partner in just a market sense, like America is a big market for us, Asia is a big market, Europe is a big market. You are going to have hundreds of millions of consumers there, from just a standard market point of view, from a very narrow American point of view.
If the private insurance market can survive in a context of a public option, good for them. But if they can't, then that will tell you something about the nature of the market.
If companies are able to raise equity from the market, then their problems for financing incomplete projects will come to end. Investment cycle in the capital market can kick-start with the money of savers and investors.
When you're a large company with significant market share, it's tempting to view market disruptions as a threat, but we view them as an opportunity.
The latest trade of a security creates a dangerous illusion that its market price approximates its true value. This mirage is especially dangerous during periods of market exuberance. The concept of "private market value" as an anchor to the proper valuation of a business can also be greatly skewed during ebullient times and should always be considered with a healthy degree of skepticism.
Tech stocks were the cubic zirconium of the market. They looked good and were sexy, but they just were a way for the company selling them to make money. That's always going to be transient in terms of the stock market. What's real is that companies have to compete. Technology used well is a great tool to enable that if only because most companies dont use technologies well.
If you go back to 2001, the market had two violent short covering rallies then, although I know the market didn't officially get going until March 2003.
[When] the market is trying to get to terms with, first, lower global growth, particularly out of emerging markets and China. And, second, the market is worried the central banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower.
It's not about market share. If you have a successful company, you will get your market share. But to get a successful company, what do you have to have? The same metrics of success that your customer does.
If you are a single product company, then you are a contract company. But if you enter the retail market, then you have to be a multiple product company.
It should be said that we are presently, and I believe unfairly, constrained from directly promoting cigarettes to the youth market...Realistically, if our Company is to survive and prosper, over the long term, we must get our share of the youth market. In my opinion, this will require new brands tailored to the youth market.
There’s a virtuous cycle when people have to defend challenges to their ideas. Any gaps in thinking or analysis become clear pretty quickly when smart people ask good, logical questions. You can’t be a good value investor without being an independent thinker – you’re seeing valuations that the market is not appreciating. But it’s critical that you understand why the market isn’t seeing the value you do. The back and forth that goes on in the investment process helps you get at that.
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