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More than ten years ago before COVID-19, I recall most of my days (and nights) spent in the office working on ppt slides and having discussions with my VPs and directors. Occasionally when they wanted to work directly on the numbers or show me how something was done, they would…


To understand and decide whether bitcoin is a good store of value, consider first: real estate, commodities and other asset classes.

The real estate market.

About twenty years ago, I remember hearing folks talk about property being a store of value, something that has that ability to stand the test of time. In some…


The fundraising process.

Formal investor roadshows work well with large and mature funds and companies. This is largely because the people showing up at these meetings tend to be already aware of the fund managers and investor education is minimal.

If you have worked in an investment bank, you are…


If you aren’t an investment professional, a lawyer or a banker, fund set up and the mechanics of how LP-GP structures work can be somewhat challenging to understand.

The majority of the business community are familiar with corporate entities…


Once, there were two boatmen who set out to sea, aspiring to catch some fish so that they could make a living by selling them at the wholesale market.

But the world of fishing is characterized by rough seas and unforgiving waves. Every journey out to sea is a dangerous…


Constructing the investment thesis

While the background and experience of the GP naturally drives the fund strategy, there are also numerous external factors to consider, such as: geopolitical landscape, the overall demographics of the economy and market forces. …


“Avengers Assemble.” — Captain America

Preface

In the last four years, I’ve had the opportunity and privilege to speak and consult with many acquaintances and friends expressing interest in starting their own investment funds. Most of them have very decent credentials: having worked in large…


“They come here every day to sleep? No. They come to be woken up. The dream has become their reality. Who are you to say otherwise?”

In 1990, a psychologist quoted in the New York Times reported that people “

Another psychologist also said:


With so much negativity around closed-up economies, city lockdowns, finding a vaccine, one can’t help but wonder why valuations — especially for tech firms — are sky rocketing.

Long term over short term

In any asset pricing exercise, there are two fundamental parameters to look at: future free cash flows and the discount rate.

The…

Kenny NG

Engineer. Banker. Investor. Thinker. Builder. Writer. Illustrator. Troubleshooter. Light Bulb Fixer. www.kennyng.com

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