Nuggies: All About Exuberance

Thursday, April 22nd, 2021

Welcome to the 44th edition of Nuggies, an email newsletter that aggregates articles and commentary on business, economics, startups, and more, in bite-sized nuggets sent right to your email weekly. Created by and for college students.

Our quote of the week comes from Union Square Ventures founder Fred Wilson paraphrasing a friend, “Nothing important has ever been built without irrational exuberance.”

This Week’s Articles:

Playing Different Games: Or why Tiger is eating your lunch (& your deals), Everett Randle

This is a blog post written by a venture investor at Founders Fund, and provides an outline of the private equity/venture capital firm Tiger Global, which has drawn attention recently for doing a lot of huge, expensive deals in a short period of time. They have been known to close a deal every two days, barely do any due diligence, and often come in as much as 25% over a founder’s asking price. So far, this seemingly reckless investing style has paid off, as Tiger has flexed a 26% IRR and just closed a gigantic $7 billion fund.

Read it here

Narratives and hype in verticals, Tanay Jaipuria

Hype cycle - Wikipedia

This piece explores the importance of narratives in investing. When exuberance causes to prices to run away, prices and business outcomes are disconnected. This means it’s possible a company’s success won’t make it a good investment.

Read it here

This Week’s Tweets:

This Week’s Wildcard (an extra, interesting nugget):

Check out the website for the Yamauchi Family Office, the family office for an ex-Nintendo Executive. This is by far the best we’ve seen in web design in awhile.

This Week’s Question:

Going a bit more technical: Are equities in a bubble driven by exuberant private valuations and fiscal/monetary stimulus?

What are we listening to this week?:

This week we’re listening to Slime Language 2, by Young Thug, his label YSL, and Gunna. This released last week and is the long awaited follow up to Slime Language. It’s long, punchy, and sounds like the perfect mix of Thugger and Gunna. It’s packed full of features, some better than others, but it is definitely worth a listen.

Thank you for reading! Nuggies is created by Thomas Pero and Spencer Koehl, two undergraduate students at the University of Notre Dame.

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