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Burnham's Beat

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Why Convertible Debt Is A Sucker's Play

 Mark As Read    

There are some good posts going around today on the topic of using convertible debt in seed stage venture financings including one by my former colleague Seth Levin over at Foundry that is worth a look. Rather than beat around the bush, let me just say that as someone who has made numerous angel investments in addition to lots of VC investments, Co...

Burnham's Beat 4959 days ago

Tesla Worth $1.7BN .... According To Its Bankers

 Mark As Read    

Electric car start-up Tesla Motors set the roadshow terms for it?s IPO today. It plans to sell 11.1MM shares @ $16/share for gross proceeds of $177.6MM (excluding a potential 1.1MM share shoe), plus another $50M worth of stock to Toyota. Total shares outstanding after the IPO, including issued options would be 107.6MM giving the total company a ful...

Burnham's Beat 4990 days ago

Carried Interest Deal Cut, Let the Workarounds Begin! UPDATE: Some More thoughts

 Mark As Read    

So Congress has apparently cut a final deal on taxing carried interest. According the Way and Means Committee the bill will: " ? prevent investment fund managers from paying taxes at capital gains rates on investment management services income received as carried interest in an investment fund. To the extent that carried interest reflects a return ...

Burnham's Beat 4990 days ago

Theater of the Absurd: Capital Gains Now Being Eliminated on Sale of VC/PE Management Companies

 Mark As Read    

According to Bloomberg, there?s a nasty surprise in the bill that eliminates capital gains treatment for carried interest in investment partnerships. Not only is the government planning on eliminating carried interest on the investment profits generated by a partnership, but they are planning on eliminating capital gains treatment on ?the sale of a...

Burnham's Beat 5054 days ago

Carried Interest Deal Cut, Let the Workarounds Begin!

 Mark As Read    

So Congress has apparently cut a final deal on taxing carried interest. According the Way and Means Committee the bill will: " ? prevent investment fund managers from paying taxes at capital gains rates on investment management services income received as carried interest in an investment fund. To the extent that carried interest reflects a return ...

Burnham's Beat 5061 days ago

Google Getting Gunshy on Traffic Referral Deals?

 Mark As Read    

Incredimail reported its 4th quarter earnings today and the stock got killed thanks largely to the revelation that Google had recently approached it and indicated that they were considering significant changes to their policies on how their "traffic partners" are allowed to reset their users homepage and default search provider settings. You may re...

Burnham's Beat 5117 days ago

The Algorithm Myth And Why Google Will Be Hated

 Mark As Read    

Google?s search algorithm, The Algorithm, is arguably the single most important computational routine in the world right now. As I outlined in my last post, for many companies The Algorithm literally controls their entire economic destiny and as Google?s traffic and market share grows, so too grows the power of The Algorithm. Traditionally, concent...

Burnham's Beat 5118 days ago

The Google Dependcy Index: A List of Public Internet Companies That Must Kiss Google's, er, Ring

 Mark As Read    

Wall Street has lots of stock indexes. Everyone knows the NASDAQ and Dow Jones Industrials, but there are hundreds of other indexes for almost every sector and capitalization. With that in mind, I offer the Google Dependency Index, which is composed of a list of public companies that essentially find themselves completely at the mercy of Google. I ...

Burnham's Beat 5127 days ago

Don't Take Angel Investments From VCs

 Mark As Read    

The guys over at Venturehacks have come up with an excellent idea to create a curated list of tech-focused angel investors. While I fully support the project, I did notice that the list of ?angels? includes a number of GPs at traditional Venture Capital firms. I know many of the GPs and they are all great people and great investors, but this situat...

Burnham's Beat 5167 days ago

Venture Capital and Age/Experience Discrimination

 Mark As Read    

At the risk of being provocative, let me state a general and rather counter intuitive rule of Venture Capital: The more experienced and older and entrepreneur is, the harder it is to raise money for anything that isn?t directly related to their previous work history. It?s true. Just ask VCs to describe an entrepreneur and they will invariably start...

Burnham's Beat 5169 days ago

Tesla Motors Files S1; Bankers Think It's Worth at least $1.5BN+

 Mark As Read    

Electric car company Tesla Motors filed it?s initial S1 registration statement today which means that if everything goes smoothly with the SEC it is looking at a late Q2 IPO. The headline of most stories about the filing is that Tesla plans to raise $100M, but my guess is they are shooting for much more than that. A few interesting things that I no...

Burnham's Beat 5172 days ago

What Will IBM Do?

 Mark As Read    

Back in the 1990?s, Lou Gerstner helped engineer one of the great turnarounds in corporate history. In just a few years, he took IBM from a cash hemorrhaging techno dinosaur on the brink of being broken into little pieces and turned it back into one of America?s most admired corporations. To help facilitate its transformation into a services-led bu...

Burnham's Beat 5176 days ago

The Three Horsemen of the VC Apocalypse

 Mark As Read    

The Venture Capital industry is about to enter a kind of mid-life crisis that could test its very foundations thanks to three key drivers: Returns: For a long time, returns have the biggest selling point for venture capital as an asset class. Thanks the collapse of the tech bubble in 2000 though, historical venture returns are guaranteed to take a ...

Burnham's Beat 5189 days ago

Top 10 Best and Worst Software Stocks of 2009

 Mark As Read    

In 2009 Software Sector was up +49.0% vs. the NASDAQ's +43.9% gain and the S&P 500's +23.5% gain. This is a big improvement from 2008 when the sector was down 40.9%. The average software stock gained +91.1% indicating that small cap companies, particularly microcap companies performed very strongly. In fact, the average gain for software stocks tha...

Burnham's Beat 5197 days ago

Top 10 Best and Worst Internet Stocks of 2009

 Mark As Read    

After a dismal 2008, Internet stocks crushed the overall market in 2009, with the sector up +89.9% vs. the NASDAQ's +43.9% gain and the S&P 500's +23.5% gain. The average Internet stock gained +91.6% indicating that the gains were pretty evenly spread across small and large cap companies. Despite this year?s massive really, the Internet sector is s...

Burnham's Beat 5200 days ago

The Consumerization of Enterprise VC

 Mark As Read    

(My day job is investing in the public markets, but I have a small personal portfolio of private investments, mostly angel investments in Internet and software related startups. In the past six months I have spent some time helping a few of these companies raise venture capital and this is the second of three posts I am writing on some of the key t...

Burnham's Beat 5211 days ago

2008 Software M&A: Year in Review

 Mark As Read    

Unlike the Internet M&A space, the public software company M&A market was actually fairly robust in 2008 with 33 deals worth over $40BN closing. That's actually up from 2007 when 28 deals worth $18.5BN closed. That said, most of the increase has to do with several large, complex deals announced in 2007, including Nokia's purchase of Navteq and TomT...

Burnham's Beat 5358 days ago

2008 Software Stocks: An Oveview Plus The 10 Best and 10 Worst

 Mark As Read    

While software stocks got hammered in 2008, they basically declined "in line" with the rest of the market as the total software market cap was down 40.9% which is just about equal to the NASDAQ's 40.5% decline and just slightly worse than the S&P 500's 38.5% decline. As I noted in my piece on 2008 Software M&A, total software market cap now stands ...

Burnham's Beat 5358 days ago

2008 Internet Stocks: Year In Review Plus 10 Best and 10 Worst Stocks

 Mark As Read    

Internet stocks outperformed the market in 2008, albeit in the wrong direction. Overall, the internet sector declined -52.2% during 2008 vs. the NASDAQ's -40.5% decline and the S&P 500's -38.5% decline. Out of 128 year-end stocks in the sector, the average stock declined by -52.3% and the median stock declined by -56.2% indicating that declines wer...

Burnham's Beat 5358 days ago
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