Brady Hill

(Mostly) Healthcare musings from a former healthcare investor. Currently helping to reach more patients and improve care pathways in MSK. Views are my own.

[Brady Hill @BRH_HC]

@ben_moll @JesusFerna7026 And intuitively the paper and model make a ton of sense - though determining the slope feels like an incredibly complex but critical part of the practical application of the model.

[Brady Hill @BRH_HC]

@ben_moll @JesusFerna7026 Understanding that it’s a nuance, but am I wrong to think that grouping firm/founder into capital creates distortion? If new tech accelerate mobility, doesn’t that distort the labor capture of value? Forgive me if this is included in the model and I’m not fully appreciating it.

[Sterling Snow @sterlingmsnow]

I reread this every year.

I cry like a baby every year.

Todd Beamer died a father, husband, and hero.

Todd: Hello… Operator… listen to me. I can’t speak very loud. This is an emergency. I’m a passenger on a United flight to San Francisco. Our plane has been hijacked.

Lisa: I understand. Can they see you?

Todd: No. There are three that we know of. They have knives — razor knives, like box cutters. Someone announced from the cockpit there was a bomb. It sounded fake.

Lisa: Your name?Todd: Todd Beamer. United Flight 93.Todd: They killed one passenger in first class. They forced most of us back. Fourteen of us here. Five flight attendants. The guy with the bomb ordered us to sit on the floor.

Lisa: Are you okay?

Todd: We’re going down… wait. No. We’re leveling off. We changed directions. We’re flying east again.

Todd: A guy named Jeremy called his wife. She told him two planes hit the World Trade Center. Lisa, is that true?

Lisa: I have to tell you the truth. It’s very bad. Both towers are gone. A third plane hit the Pentagon. Our country is under attack. I’m afraid your plane may be part of their plan.

Todd: Oh God. Lisa, will you do something for me? Call my wife and my kids. Promise me you’ll call.

Lisa: I promise.

Todd: Our home number is… You have the same name as my wife. Lisa. We’ve been married ten years. She’s pregnant with our third child. Tell her I love her. I’ll always love her. We have two boys — David, he’s 3, and Andrew, he’s 1. Tell them their daddy loves them and he is so proud of them. The baby is due January 12th. I saw an ultrasound. We still don’t know if it’s a girl or a boy.

Lisa: I’ll tell them. I promise, Todd.(Lisa patches in the FBI.)

Agent: Todd, your plane is on a course for Washington. Best guess is the White House or the Capitol.

Todd: I understand. I’ll be back.

Todd: Everyone knows this isn’t a normal hijacking. We have decided we will not be pawns in their plot.

Lisa: What are you going to do?

Todd: Four of us are going to rush the one with the bomb. Then the cockpit. A stewardess is getting boiling water. We’ll take them out.

Todd: Would you pray with me?They pray the Lord’s Prayer. Then: Yea, though I walk through the valley of the shadow of death, I will fear no evil, for thou art with me.

Todd: God help me. Jesus help me.Are you guys ready? Let’s Roll.

[Brady Hill @BRH_HC]

@golfspeedtrain @engineeringolf Have t100s, only carry a driver now - 2 iron,4-9, 44, 50, 54, 58, 60 - lots of short New England courses

[Brady Hill @BRH_HC]

@sullymygoodname Perhaps fraternity life amplifies their impact/influence but more often than not those folks would find the wrong path regardless. If you’re with the right people it often weeds out the folks that are so self indulgent/nefarious that it puts others at risk. Not always, but often.

[Brady Hill @BRH_HC]

@sullymygoodname Many ppl will make mistakes and grow from the opportunity (you’re getting feedback that’s pretty direct) and build great friendships. You’ll also prob do a few dumb things, but that’s part of the growth. That said, there are also bad people that take advantage of the opportunity.

[Brady Hill @BRH_HC]

@austinahlman Sorry - thought a little fine-tuning wouldn’t hold you back.

[Brady Hill @BRH_HC]

@austinahlman There would also be a massive shift towards short-term value, as the the secondaries market would expand dramatically. This creates a pseudo public market dynamic that removes the long-term mandate in private companies, further hindering investment and innovation.

[Brady Hill @BRH_HC]

@austinahlman Aligning compensation to the ability to create equity value is one of the greatest ways to protect shareholders and employees. It’s taken a long time for that to take place and it’s had enormous impacts growth. This would cause major shifts in comp structures and innovation/risk.

[Brady Hill @BRH_HC]

@austinahlman And just to be clear the elements of fine tuning are the fundamental structure of the tax - the ability to value assets, ability to collect $ with limited liquidity, the ability to factor in YOY volatility in value, etc. Frankly, the even more concerning elements are secondary.

[Brady Hill @BRH_HC]

@austinahlman You are fully allowed to have that perspective - I see it differently but understand the concerns and do see lack of mobility as a problem. But suggesting solutions that have enormous impact, without considering the impact is not “fine tuning” it’s irresponsible.

[Brady Hill @BRH_HC]

@austinahlman - How would you police intentional small raises in capital to reset value?
- How would this impact secondary market dynamics and pricing (both admin and secondary effect)

[Brady Hill @BRH_HC]

@austinahlman To be fair, let’s outline a small number of the admin and secondary issues:
Admin:
- How do you value illiquid businesses? There is no widespread agreement on valuation and there is enormous YOY volatility
- A sig portion of these values are predicated on future growth, not CF

[Brady Hill @BRH_HC]

@austinahlman - Given the difference in timing between value and CF, how would these taxes be satisfied?
- What is the mechanism to verify value?
- What happens when values decline? Is there a rebate of value?
- How does the amount of liquidity factor in? High EV based on small raise

[Brady Hill @BRH_HC]

@austinahlman Suggesting something that would have catastrophic effects without contemplating them is a comical level of malfeasance. It’s not straight forward in the least bit.

[Brady Hill @BRH_HC]

@LifeMathMoney @jaltucher Feel fairly certain this isn’t a commentary on the physical capability to lift his daughter

[Brady Hill @BRH_HC]

@brianJshearer @mattyglesias Understand the lump of profit fallacy, but isn’t there more nuance to this? Theoretically, the price of beer is priced into the consumer’s willingness to purchase tickets at different thresholds. If the cost of beer is lower, will it not increase demand for tickets?