Dave Rivinus

Wear a lot of hats at 01 Advisors; former Tweep, yahoo!, and equity analyst; sake brewer, wanderer, diver, and skier.

[Dave Rivinus @DaveRiv]

Pitchbook reports the aggregate market cap of the Unicorn Market index in Q1 is $8.6T. That's nearly 2.5x that of the Russell 2000. https://t.co/ZSsYyaQr3d

[Dave Rivinus @DaveRiv]

@MorgLiv @PeterJ_Walker So instead of FAANG, I guess private markets have SODAAS 🥤🥤

[Dave Rivinus @DaveRiv]

https://t.co/tVKORgLZYc

[Dave Rivinus @DaveRiv]

@jeffma And tasty too!

[Dave Rivinus @DaveRiv]

@endowment_eddie Private equity keeps eating public equity.

[Dave Rivinus @DaveRiv]

Seems like more growth in the demand for privates on the horizon. ... which allows companies to stay private longer... which leads to more growth in the private markets... which attracts more capital... https://t.co/vzi2ADTI6g

[Dave Rivinus @DaveRiv]

@wquist The 20 or 30-somethings first 401k

[Dave Rivinus @DaveRiv]

Are we already getting to ETFs for private company stocks @wquist? https://t.co/GgeNsk1lPX

[Dave Rivinus @DaveRiv]

@wquist You should see what IR professionals make.

[Dave Rivinus @DaveRiv]

With ~$15-20M in incremental G&A expense for being public, $100m is probably a low bar today.

But still, private capital markets are eating the public capital markets.

[Jeff Richards @jrichlive]

Today 87% of US companies with >$100M in revenue are private, while 13% are public. The growth of private market investing over the years (source: Morgan Stanley research):

[Dave Rivinus @DaveRiv]

@wquist Longer duration >> higher return multiples >> More AUM (repeat)

[Dave Rivinus @DaveRiv]

Not to mention the less quantifiable costs from stock price volatility (recruiting, sales, morale) and shareholder activism.

[Dave Rivinus @DaveRiv]

Absolutely huge if true. https://t.co/GLdyFMbO8t

[Dave Rivinus @DaveRiv]

Public companies can spend $15-20M per year on incremental G&A expense just for being public. That's a cost of 3-4% points of net margin for a company with $500M in revenue.

[Dave Rivinus @DaveRiv]

Lowering the burden of being public lowers the cost of public equity capital and makes it more attractive.

[Dave Rivinus @DaveRiv]

Question from a public/private investor dinner ... "Does the rise of never-go-publics and quasi-IPOs make a traditional IPO a bad signal?"

[Dave Rivinus @DaveRiv]

According to Morningstar data, investors today have roughly $4 trillion parked in target-date funds.

[Dave Rivinus @DaveRiv]

Private capital markets are continuing to eat the public capital markets.

PE for Main Street investors? Change is coming to 401(k) plans https://t.co/CP3bp8osPY

[Dave Rivinus @DaveRiv]

@endowment_eddie Ha! Sending notes to LPs about markups of course.