Samus Kojiro

Endowment investor in a select group of public equity, private equity and venture capital managers. Looking for partnerships with long term runway.

[Samus Kojiro @KojiroSamus]

@joelmcohen No clarifications or regrets necessary. Continue to be uncompromising in the pursuit of excellence and do whatever you think will drive great outcomes for the Institute.

[Samus Kojiro @KojiroSamus]

@DoxasticCap Yeah, in my view, pass is quite often a contingent no

[Samus Kojiro @KojiroSamus]

IMO red flag quotes
"we miss lots of things. its hard to get everything right. its right to do nothing most of the time"
* Passing on ideas is not a sign of discipline
* If you cant explain why your process leads you to pass on something, your diligence prob isnt rigorous enough

[Samus Kojiro @KojiroSamus]

* This applies to LPs and managers, alike

[Samus Kojiro @KojiroSamus]

@MadsenSouth
Good example of 0% IRR for many years that turned into a great IRR if you were able to hold something that “wasn’t working”

[Samus Kojiro @KojiroSamus]

2/ EXAMPLE: If a public fund owned NVDA when the stock did this for 4 years, LPs would flip out. If a VC invests in a start up that has a flat mark for three years, its par for the course. (AAPL is another good example see @plaffont )

[Samus Kojiro @KojiroSamus]

@MylesDanielsen concentrated managers actually do make many investment decisions. they just don't say "yes" as often as less concentrated managers. LPs must audit how a manager says "no" with as much care + interest as how they say "yes". concentration isn't easy to audit, but it's possible IMO

[Samus Kojiro @KojiroSamus]

@DynamicMoats @honam @ProtagorasTO Q. And John Malone?
A. John is amazingly creative. One of my compatriots says he has a “frictionless mind,” because sometimes he just turns on a dime. He’s always rethinking and rethinking. - @gregmaffei

[Samus Kojiro @KojiroSamus]

@joelmcohen If you can identify a manager/process who would succeed with large AUM when he/she has small AUM, contributing to scale = much bigger dollar return for LPs (without GP interest)

[Samus Kojiro @KojiroSamus]

@joelmcohen Assets under mgmt (>$500M). The overseas managers who are desirable to work with (Hillhouse, Sequoia China, Tiger, Greenoaks, DST, Horizons Ventures, Spruce House, D1, Altimeter) are sought out because of their ability to write big checks. Scale> dealflow> scale virtuous cycle.

[Samus Kojiro @KojiroSamus]

Stories about what it was like investing in distressed companies in Asia. Jinro was a fascinating case study.
https://t.co/gL6HKYr2CI

[Samus Kojiro @KojiroSamus]

we go hunting for businesses with underappreciated economic potential and reach out unsolicited. the best allocators have the skills to do the same and do not need to rely on clubby references or generic podcast interviews.”

[Samus Kojiro @KojiroSamus]

There are a few under the radar managers quietly performing and sticking to their process. these managers are very sharing/insightful if and only if you reach out.

[Samus Kojiro @KojiroSamus]

I recently spoke to a pair of managers with great returns who do no marketing and asked them why they stayed so hidden. Their response was “we are not hidden to the people that matter: our current LPs, portfolio operating teams, boards, co-investors .

[Samus Kojiro @KojiroSamus]

@AjayMal19106152 @_ram_ 快手

[Samus Kojiro @KojiroSamus]

5/ This is what NVDA did after LPs would have redeemed.

[Samus Kojiro @KojiroSamus]

1/ If you're a business oriented investor, there is NO difference between public & private markets. @plaffont @DanielSLoeb1 @GavinSBaker @dsundheim @whalerock

[Philippe Laffont @plaffont]

7/ In 2007 apple traded at 30x EPS but only 3x 5 years out. The art of growth investing is realizing a stock that appears expensive today can be dirt cheap 5-7 years later. Multi baggers are the source of most outperformance and hide many mistakes.

[Samus Kojiro @KojiroSamus]

4/ don't see why VCs that invest in Snowflake, Affirm, PayTM, ByteDance, Airbnb get 10 years but public investors that focus exclusively on platforms with long-duration secular drivers are treated differently. Public investors with VC like approaches deserve 10 yr hard lock money