Feld Thoughts

FEBRUARY 9, 2016

” Many companies have hired ahead of their growth rate because they had the cash to do so. In our portfolio, we generally don’t have this problem because we aren’t big fans of either (a) overfunding companies or (b) escalating burn rates based on headcount.

Cap Table 70

Cap Table Down Round Liquidation Preference Founder 70

abovethecrowd.com

APRIL 20, 2016

The pressures of lofty paper valuations, massive burn rates (and the subsequent need for more cash), and unprecedented low levels of IPOs and M&A, have created a complex and unique circumstance which many Unicorn CEOs and investors are ill-prepared to navigate. Layoffs have also become more prevalent. 2015 was the exact opposite.

IPO 40

IPO Term Sheet Silicon Valley Valuation 40

Both Sides of the Table

AUGUST 9, 2011

Companies raised too much money in 2005-08 and had high burn rates. Don’t spend like it’s 1999. We have the inability to hire engineering in Silicon Valley or brand sales people in NYC but the country still has very high structural long-term unemployment. tl;dr summary. VCs were very active in this period.

Stock 305

Stock Technical Review Marketing Greece 305