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The Watney Rule

In February of 2016, Mitch Kapor tweeted out “The Watney Rule for startups: Survival depends on achieving self-sufficiency.” This tweet was a focal point in the Q1 2016 quarterly letter sent out by First Round Capital encouraging founders to not overly rely on follow-on financing.  By achieving some measure of self-sufficiency, founders and companies can…

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The Value of a Founder

Recently we attended the 645 Ventures’ annual meeting in NYC. All of the presenters did a phenomenal job, but ask anyone who was there and they will tell you the most interesting portion was the last speaker, Sarah LaFleur, CEO of 645 portfolio company MM LaFleur (MML). Sarah spoke about several exciting things currently happening…

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Patience in Investing: A Lesson From Berkshire Hathaway’s Annual Meeting

Last month, I had the opportunity to attend Berkshire Hathaway’s Annual Meeting. This “Woodstock for Capitalists” fully lives up to its hype, drawing tens of thousands from all over the world to Omaha, Nebraska. While the event attracts its fair share of celebrities and captains of industry, it also, unlike most annual meetings, draws a…

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Does Uber Pose Systemic Risk?

Most people probably think of the financial collapse of 2008 when they think of systemic risk. After all, those events led to Ben Bernanke describing some banking institutions as “too big to fail,” since they posed major risks to the health of financial markets. However, we must be careful not to associate the term “too…

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Stocktoberfest East

Last week, the investment team at Drum Hill Capital attended Stocktoberfest East in New York City. Hosted by Howard Lindzon of StockTwits, Stockberfest is described as an event where CEOs, traders, and investors get together to discuss trends, global macro opportunities, and other strategies. With over 500 people in attendance and lead speakers like Fred…

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Solving America’s Savings Gap

It should not come as a surprise to readers that America is in the midst of a retirement savings crisis. One indication of the severity of this problem is that 55% of Americans cannot replace a month of lost income, but what is probably more alarming is the sum of money families have saved for…

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Creative Destruction

A recent article in the Wall Street Journal highlighted a very real force that moves throughout our world economy, a power once described by the economist Joseph Schumpeter as the “Gale of Creative Destruction.” Though the article did not specifically reference the expression itself, the author makes multiple inferences to it, suggesting that the ingenuity…

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X-flation: A Look at Inflation and its Variants

Now that the election has passed, financial writers are trying to decipher what exactly a Trump administration means for markets. Though his policies will surely change from what was said on the campaign trail, one topic that has garnered a lot of attention, especially after last week’s Federal Reserve meeting, is inflation. Milton Friedman described…

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A Changing World: Thoughts from the Cornell Entrepreneurship Summit

Last Friday, we attended the Entrepreneurship at Cornell Summit in New York City. This event brings together entrepreneurs, investors and thought leaders from the Cornell University community and beyond for a day filled with great opportunities to make new connections and hear from a wide range of thought provoking speakers. We particularly enjoyed the discussion…

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Real Estate Investments: Alternative Access to an Alternative Asset

When the topic of real estate investing is discussed, often times the conversation is limited to direct ownership. Probably the most traditional form of real estate investing, it involves the investor purchasing a property, collecting rental income from tenants and, if they so choose, selling the property at a later date. While owning your own…

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