October 25, 2019 - Investor Letter from the Managing Partner, Jason Triplitt CFA

In a twist of fate, it was an 86-year-old law that ultimately destroyed the value of one the quickest start-ups in history to reach nearly a $100 billion dollar valuation - WeWork. The law was the requirement in the US for firms looking to IPO to file an S-1, or prospectus, which reveals details of the financial results and operations of a firm. The statement by Softbank this week that it was throwing WeWork a lifeline post the recent failed IPO was a victory for the public market investors as the underlying fundamentals of WeWork didn't match a $100 billion dollar company

However, this is not the end of the staying private for longer until a jumbo IPO trend with WeWork following in the footsteps of Uber, Slack, Pinterest, etc..

Read the full letter: WeWork as the exception, not the new rules