Inflation is All About Monetary Policy – And Other Stuff Too

Inflation Is All About Monetary Policy – And Other Stuff Too by Michael SchmanskeChief Investment Officer, AngelMD “Inflation is always and everywhere a Monetary Phenomenon” – Milton Friedman For those of you who are not fanboys of Monetary theorists… Okay, just so you know, to a finance guy like me that kind of feels like… Continue reading Inflation is All About Monetary Policy – And Other Stuff Too

Value V Growth

Let’s talk about one of the most abused Stock classifications in public markets. Value vs. Growth stocks. Most investors are at least casually familiar with the terms. At its most basic, it is obvious. Utilities are Value stocks and speculative technology companies are growth stocks. But how do financial professionals classify them? And why is… Continue reading Value V Growth

Professional Blues

We don’t always make rational decisions in the moment, but over time people tend to be more versus less rational. To this end, the number of physicians retiring early, or leaving the profession for another line of work, hit 11% over the last few years, according to a report the Advisory Board shared over the… Continue reading Professional Blues

Big Tech & Healthcare

We have seen consistent stories over the last several years about how “Big Tech” is going to take over healthcare. Those software folks are going to show the neanderthals how to do it, is the underlying theme. The latest salvo has been the Amazon acquisition of One Medical. They almost simultaneously shut down their own… Continue reading Big Tech & Healthcare

The Funds Gap

The Funds Gap (part 2 of 2) by Michael Schmanske Consider the structure of an Institutional Asset Manager. They charge 2% on Assets Under Management (AUM). So a $250M fund generates $5M /year in fees. Operational and fundraising expenses take away ~ 40% of that leaving $3 million for compensation. An institutional PM doesn’t get… Continue reading The Funds Gap

The Integrator – The Key Compliment to the Visionary

We covered the essence of the Visionary role in a previous post. Now we turn our attention to the critical role of the Integrator. The Integrator can come in many forms and job titles, but the key is they are charged with executing against the objectives laid out by the Visionary. Like the Visionary, there… Continue reading The Integrator – The Key Compliment to the Visionary

The Funds & Funding Gap

Funds & The Funding Gap (Part 1 of 2)by Michael Schmanske Most successful startup founders have, or will become familiar with, the idea of the “Funding Gap”. It’s not complicated, but if you are an entrepreneur and are not familiar with the term you are either very lucky or still too early to know what’s… Continue reading The Funds & Funding Gap

Managed Syndicates – The Startup Perspective

Managed Syndicates for startupsby Michael Schmanske Folks, I’m going to keep this one short. Everyone should read the prior post directed at the advantages of Managed Syndicates for Investors. This post will focus on why it is better for startups. For investors, let me just say “EarMuffs!!”. I’m going to be talking about you the… Continue reading Managed Syndicates – The Startup Perspective

Is Investing the Same As Betting?

In one of our blog posts from several years ago, we did a book review of Annie Duke’s book: Thinking in Bets. It’s a fascinating book in which Ms. Duke makes the case that all decisions are a form of a bet…probability. Seeking Alpha has a really well done new article called: If Investing Feels… Continue reading Is Investing the Same As Betting?

Made By We (“Fail Big” Cont.)

The We Work revisited story continues to get commentary given the massive investment made by Andreesen Horowitz. It’s true that Adam Neuman built a game-changing real estate business. They re-defined co-working spaces when the only real player had been sleepy Regus. They also raised extraordinary amounts of capital and convinced smart investors to value the… Continue reading Made By We (“Fail Big” Cont.)