Daniel Bleckmann

Search Fund Investor l GP | Craftsman & Curator of ETA Investment Opportunities | | Opinions ≠ investment advice.

[Daniel Bleckmann @dbleckmann]

That’s why I work for myself. 💯

[Naval @naval]

When you truly work for yourself, you won’t have hobbies, you won’t have weekends, and you won’t have vacations, but you won’t have work either.

[Daniel Bleckmann @dbleckmann]

💯

[Mark Minervini @markminervini]

It’s impossible to live without failing at something, unless you live so cautiously you might as well not have lived at all.
- J.K. Rowling

[Daniel Bleckmann @dbleckmann]

This ��

[Dr. Julie Gurner @drgurner]

"The greatest sin you can commit against your own life, is to know what you want...and not to act." - Stafford

Do not betray yourself.
Take the Chance.

[Daniel Bleckmann @dbleckmann]

Nothing like a structured process.

[Rosanna Prestia, MBA @RosannaInvests]

You do not rise to the level of your goals, you fall to the level of your systems. A price target is a hope you hold about the future. A process for how you size, add, trim, and exit is a system you run in the present. The target flatters you in an uptrend and vanishes in a drawdown. The process holds in both.

You don’t rise to your price target. You fall to your process.

[Daniel Bleckmann @dbleckmann]

@zerohedge It’s one and a half pages, jeez

[Daniel Bleckmann @dbleckmann]

@jablamsky $TMDX also suprisingly strong

[Daniel Bleckmann @dbleckmann]

💯

[Naval @naval]

Co-founder is marriage without the sex.

[Daniel Bleckmann @dbleckmann]

@drgurner Have you heard about Human Design? I had not until a few days ago (although I read a lot). Seems to be addressing this issue.

[Daniel Bleckmann @dbleckmann]

@LiebermanAustin @DaveHcontrarian I hear you, Austin. But Dave is not a perma bear. He is contrarian and that's what adds a lot of value. At least for me his posts helped me hold stocks through many valleys of tears when I was almost throwing the towel. Follow for some time and you get a feel for his calls.

[Daniel Bleckmann @dbleckmann]

@LiebermanAustin @DaveHcontrarian I follow both of you for years now and I can assure you, Austin, I have never seen someone with a track record like Dave. Sometimes he might be a bit off on timing, but on the values he is spot on 99% of the time.

[Daniel Bleckmann @dbleckmann]

@RosannaInvests Why then not buy $BTBT ?

[Daniel Bleckmann @dbleckmann]

Enjoy the ride while it lasts - just don't forget to get out

[Tobias Carlisle @Greenbackd]

Shiller PE is 42+.
All-time high in 2000 was 44+.
Records are meant to be broken.

[Daniel Bleckmann @dbleckmann]

That’s why I love founder-led companies

[dharmesh @dharmesh]

BREAKING NEWS: HubSpot co-founder/CTO buys $1.8M of his own company's shares.

Disclosure 1: Yes, I'm that guy. (And no, I'm not used to talking about myself in the third person -- will not make a habit of it).

Disclosure 2: This is not investment advice. Please do not buy or sell $HUBS shares based on this.

So, why am I sharing this and writing about it? Well, for one, at least in my little world, it's noteworthy. It's been a while since I've bought HubSpot shares (I think it was back in 2022).

Also, instead of answering the common questions from friends, family and colleagues, I figured it would be easier and more efficient to just answer them just once, here.

1) Why buy more HubSpot shares?

Simple. I'm a big believer in the long-term vision of HubSpot and the team driving it.

2) Why do this now? Hasn't the stock been falling?

Yes, the share price has dropped considerably despite what was a pretty strong quarter (results reported publicly last week). We added 10,800 net new customers in the quarter (well above the expected range), growing to about 300,000. Revenue, as reported grew 20%+.

2) Why $1.8M? That's an odd number.

I purchased 10,000 shares at whatever the market price was.

3) Isn't HubSpot going to get disrupted by AI and agents?

I"m biased, but I don't think so. For AI agents in GTM (marketing/sales/service) to do their work they're going to need a platform that can provide the context they need and a work engine that can take action on their behalf. They need a customer platform they can *operate* to do what they need to do and drive outcomes. They're not going to reinvent/rewrite a CRM. They're way too smart for that (and getting smarter). They're going to use what's out there. They'll bias towards systems that have a great Agentic Experience -- not just a great User Experience. (HubSpot will have both. Headless is great, but we don't think completely humanless is a good idea).

4) I heard that others bought shares on the same day. True?

Yes. Our fearless leader Yamini Rangan bought shares. Our board chair Lorrie Norrington bought shares too.

5) It's been almost 20 years since you started HubSpot, why don't you slow down a bit?!

(That may or may not have been from my wife). :)

Answer: I love HubSpot. I love what I do. I'm a builder at heart. I'm up 2am most nights learning, tinkering and building.

There's never been a more exciting time to be a builder and to serve small and medium sized businesses. I think we are going to see *millions* of entrepreneurs start businesses leveraging the power of AI. HubSpot's mission is to help them grow better.

If you have other questions, leave a reply. Can't promise to answer all of them because...laws and regulations, but I'll do what I can.

Cheers.

[Daniel Bleckmann @dbleckmann]

@johnscharts Agreed - but if it holds here (as it seems to do for the past days), I feel it still has a pretty good chance at another significant leg higher. The base before the breakout was pretty long ...

[Daniel Bleckmann @dbleckmann]

@commandenteSD It always happens on Friday evenings AMC and lasts until Monday mornings BMO

[Reads with Ravi @readswithravi]

I’m in love with this sentence:

“The best math you can learn is how to calculate the future cost of current decisions.”

[Daniel Bleckmann @dbleckmann]

I think this is a good mantra to live by

[Codie Sanchez @Codie_Sanchez]

A mantra I repeat:

No one is coming to save you.
No one really cares what you do.
It is all up to you.

[Daniel Bleckmann @dbleckmann]

Great reflection for investors (not traders) …

[Rose Celine Investments 🌹 @realroseceline]

You should always ask yourself one simple question, why do I want to own this business?

Not the stock, the business, because that’s the only thing that actually compounds.

If the only real answer is that it’s cheap, it’s usually a bad idea, because cheap by itself doesn’t mean anything.

Cheap is not a thesis, it’s just an observation about where something trades today, and most of the time its because something that isn’t that good underneath.

The better question is what this business looks like in 5 to 10 years, and more importantly why it deserves to be more valuable than it is today?

If you can’t answer that clearly, then you’re not really investing, you’re relying on the market to eventually agree with you.

Great businesses don’t need that because they grow, expand margins, reinvest at high returns, and the value keeps compounding whether the stock price moves or not.

That’s what you want to own, because then the outcome is driven by the business itself and not by multiple expansion or hype.

And this is where most people get it wrong. They think they’re buying something at 8x that should be at 15x, but what they’re actually buying is a business with low returns on capital, no real reinvestment runway, and a future that is worse than the past.

That’s why it looks cheap. Not because it’s misunderstood, but because the economics aren’t that good going forward.

That’s not cheap, that’s a value trap that just happens to look attractive on the surface.

The best investments don’t start with price. They start with a business that can keep winning for a long time, and only after that do you ask what it’s worth.

🌹

[Daniel Bleckmann @dbleckmann]

@HayekAndKeynes Rudolph, the red nosed reindeer 😉

[Daniel Bleckmann @dbleckmann]

So true but yet so difficult to pull off ...

[Brandon Van Zee @BrandonVanZee]

"It is impossible to produce superior performance unless you do something different."

- The Outsiders, William Thorndike