Andrew Kennedy

Startup builder. Entrepreneur. Sales leader. @krismkoch is my lady.

[Anna Dua @AnnaNoelleDua]

Buffalo Sabres fans are one of a kind let me tell you

[Andrew Kennedy @BootstrapNYC]

@PFTCommenter Glacier National and it’s not even close

[Andrew Kennedy @BootstrapNYC]

@MikaZibanejad

[Andrew Kennedy @BootstrapNYC]

@mfennon For sure and there is a bunch of context re: existing relationship etc. I have seen success in taking less $ for relationship purposes, but avoid it when the other side isn’t transparent or decisive.

[Paul Graham @paulg]

AI is the exact opposite of a solution in search of a problem. It's the solution to far more problems than its developers even knew existed.

[Tren Griffin @trengriffin]

If you aren't Listening to new the Odd Lots podcast with Josh Wolfe as the guest, what the hell are you listening to?

Being on a board of Directors with Josh has been fun and enriching for me. Listen and learn.

Tracy Alloway asks great questions. https://t.co/S5tRJNohaq

[Andrew Kennedy @BootstrapNYC]

@mfennon @MetroNorth @CTRailCommuters @CTRailCouncil 7:54 from Darien was short 2 cars today!

[Andrew Kennedy @BootstrapNYC]

@mfennon @NBA Stings

[unusual_whales @unusual_whales]

This is a live view of Midtown Manhattan.

This is due to Canadian wildfires.

New York City is currently second only to Delhi, India for the worst air quality and pollution out of 100 tracked countries, according to Swiss air quality technology company IQAir.

[unusual_whales @unusual_whales]

BREAKING: FDA has approved the first human trial for Elon Musk's brain chip company Neuralink

[Andrew Kennedy @BootstrapNYC]

@mfennon @TiffanyAndCo @marshalls Can’t make this stuff up

[Andrew Kennedy @BootstrapNYC]

@markitecht @peteryugray Love this exchange - fwiw @markitecht - Dunkin is not my 1st choice

[Jen Abel @jjen_abel]

A sign a startup has true product/market fit is the ability of a mediocre sales rep to be successful.

[Greg Swan @gregswan]

I gave GPT-4 a budget of $100 and told it to lose as much money as possible…

[Andrew Kennedy @BootstrapNYC]

@TripleNetInvest The difference is that MBS/CDO destruction was based on hyper leverage on assets that were worthless. All those underwater treasuries are worth par at maturity - the AAA MBS/CDOs from ‘09 were worth pennies on the dollar

[Bill Ackman @BillAckman]

The gov’t has about 48 hours to fix a-soon-to-be-irreversible mistake. By allowing @SVB_Financial to fail without protecting all depositors, the world has woken up to what an uninsured deposit is — an unsecured illiquid claim on a failed bank. Absent @jpmorgan @citi or @BankofAmerica acquiring SVB before the open on Monday, a prospect I believe to be unlikely, or the gov’t guaranteeing all of SVB’s deposits, the giant sucking sound you will hear will be the withdrawal of substantially all uninsured deposits from all but the ‘systemically important banks’ (SIBs). These funds will be transferred to the SIBs, US Treasury (UST) money market funds and short-term UST. There is already pressure to transfer cash to short-term UST and UST money market accounts due to the substantially higher yields available on risk-free UST vs. bank deposits. These withdrawals will drain liquidity from community, regional and other banks and begin the destruction of these important institutions. The increased demand for short-term UST will drive short rates lower complicating the @federalreserve’s efforts to raise rates to slow the economy. Already thousands of the fastest growing, most innovative venture-backed companies in the U.S. will begin to fail to make payroll next week. Had the gov’t stepped in on Friday to guarantee SVB’s deposits (in exchange for penny warrants which would have wiped out the substantial majority of its equity value) this could have been avoided and SVB’s 40-year franchise value could have been preserved and transferred to a new owner in exchange for an equity injection. We would have been open to participating. This approach would have minimized the risk of any gov’t losses, and created the potential for substantial profits from the rescue. Instead, I think it is now unlikely any buyer will emerge to acquire the failed bank. The gov’t’s approach has guaranteed that more risk will be concentrated in the SIBs at the expense of other banks, which itself creates more systemic risk. For those who make the case that depositors be damned as it would create moral hazard to save them, consider the feasibility of a world where each depositor must do their own credit assessment of the bank they choose to bank with. I am a pretty sophisticated financial analyst and I find most banks to be a black box despite the 1,000s of pages of @SECGov filings available on each bank. SVB’s senior management made a basic mistake. They invested short-term deposits in longer-term, fixed-rate assets. Thereafter short-term rates went up and a bank run ensued. Senior management screwed up and they should lose their jobs. The @FDICgov and OCC also screwed up. It is their job to monitor our banking system for risk and SVB should have been high on their watch list with more than $200B of assets and $170B of deposits from business borrowers in effectively the same industry. The FDIC’s and OCC’s failure to do their jobs should not be allowed to cause the destruction of 1,000s of our nation’s highest potential and highest growth businesses (and the resulting losses of 10s of 1,000s of jobs for some of our most talented younger generation) while also permanently impairing our community and regional banks’ access to low-cost deposits. This administration is particularly opposed to concentrations of power. Ironically, its approach to SVB’s failure guarantees duopolistic banking risk concentration in a handful of SIBs. My back-of-the envelope review of SVB’s balance sheet suggests that even in a liquidation, depositors should eventually get back about 98% of their deposits, but eventually is too long when you have payroll to meet next week. So even without assigning any franchise value to SVB, the cost of a gov’t guarantee of SVB deposits would be minimal. On the other hand, the unintended consequences of the gov’t’s failure to guarantee SVB deposits are vast and profound and need to be considered and addressed before Monday. Otherwise, watch out below.

[Charlie Bilello @charliebilello]

You can now earn a 5% yield in 3-Month Treasury Bills. First time since 2007. A year ago the yield was 0.38%.

[Andrew Kennedy @BootstrapNYC]

@paulg E. It’s the only oval with one line going through it

[Andrew Kennedy @BootstrapNYC]

@jcpowers03 @RonFilipkowski Your trolling is great JPO