Or why Tiger is eating your lunch (& your deals)
https://randle.substack.com/p/playing-different-games
* “crossover"
* record-breaking deal pace
* aggressive style
* Tiger Cub
* trial by combat
* 2nd largest VC fund ever
* 26% Net IRR
* MoM / IRR
* hurdle rate
* spend on Palm Beach real estate
* strong 15+ year private fund track record
* own employees are its largest LP
* ~20 investment professionals
* Andreessen Horowitz
* Chase Coleman
* Scott Schleifer
* John Curtius
* actively malignant to the board and business
* middle squeeze
* $12 Amazon Prime 1-day-shipping Carhartt T-Shirt
* $1,500 Gucci Cardigan
* $22 J.C. Penney Hoodie
* individual frauds/blow-ups
* margin of safety
* ~$65B of AUM
* held about ~$5B of JD.com stock