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Date: 2024-07-27 Page is: DBtxt001.php L0700-SS-BF-Investment-Managers
STREAM / STRAND / STRING ... BANKING AND FINANCE
INVESTMENT MANAGERS
A key part of the financial ecosystem since the beginning of the advent of modern capitalism
Central Bank assets Total CB Assets -v- GDP CB Assets -v- GDP
INVESTMENT VALUATION GO TOP
Mainly about profit performance
Mainly about Profit Performance
There has been a view on Wall Street and in some legal and academic circles that the purpose of a business is to make profit for the benefit of the owners ... and that anything beyond this would be a serious dereliction of duty. This idea has been widespread in investment circles for a very long time and has not been effectively challenged. This is changing.
Some experts have had different views, and these ideas are now being talked about and acted upon in ways that are positive.
The singular focus on profit means that issues like the impacts on society and the environment get ignored
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The Valuation of 'Unicorns'
Squaring Venture Capital Valuations with Reality
by Will Gornall and Ilya A. Strebulaev ... the average highly-valued venture capital-backed company reports a valuation 49% above its fair value, with common shares overvalued by 59%. ... instead, investors in these companies are given convertible preferred shares that have both downside protection (via seniority) and upside potential (via an option to convert into common shares). Second, shares issued to investors differ substantially not just between companies but between the different financing rounds of a single company, with different share classes generally having different cash flow and control rights. ...
Open the PDF
'http://truevaluemetrics.org/Investment/Valuation-of-Unicorns-SSRN-id2955455-13577.pdf' 		Open PDF ... Valuation-of-Unicorns-SSRN-id2955455-13577


The text being discussed is available at
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