{"id":10311,"date":"2021-01-14T02:43:02","date_gmt":"2021-01-14T07:43:02","guid":{"rendered":"http:\/\/staging-prblog.paladinregistry.com\/blog\/?p=10311"},"modified":"2021-01-14T11:28:57","modified_gmt":"2021-01-14T16:28:57","slug":"venture-capital-investing-for-the-long-term","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/investing\/venture-capital-investing-for-the-long-term\/","title":{"rendered":"Venture Capital: Investing for the Long Term"},"content":{"rendered":"\n

Over the past decade, there has been an\ninteresting shift in the way venture backed companies are approaching their\nInitial Public Offering (IPO). Historically, once a business had reached a\ncertain valuation and earned enough public clout, the decision to \u2018go public\u2019\nwould be made without hesitation. This was a crowning achievement, as going\npublic, or being acquired, was always the end goal. But, much has changed over\nthe past couple decades.<\/p>\n\n\n\n

Staying Private<\/strong><\/h2>\n\n\n\n

We have seen a drastic shift in the way companies are approaching going public or being acquired. Essentially, privately held companies are remaining private for longer periods of time. According to data reported by Franklin Templeton, \u201cAs of 2018, the median age of venture-capital-backed technology companies at time of IPO rose to 10.9 years, up from 7.9 years in 2006.\u201d [i] Big name companies like Amazon (1997), Apple (1980), and Netflix (2002) all went public within 5 years of founding. [ii] <\/p>\n\n\n\n

\"Venture<\/figure><\/div>\n\n\n\n

So why have companies stayed private\nlonger? Of course, the answer must be that the move is more lucrative despite\nthe challenges that staying private can present. <\/p>\n\n\n\n

But, the proof is in the pudding, as it generally is. Let\u2019s take a look at Amazon as just one example. Amazon became the second company to hit $1 trillion market value in September of 2018 following closely behind in Apple\u2019s footsteps. But Amazon wasn\u2019t always the golden goose it is today. When Amazon first went public in 1997, its stock was priced at just $18 per share with a valuation of $300 million.  [iii] [iv] Could a better deal have been made had they waited longer to go public?<\/p>\n\n\n\n

Fast-forward two decades to 2019 and you\u2019ve\ngot UBER debuting their IPO with a valuation of $82.4 BILLION and $45 a share.\n<\/p>\n\n\n\n

And as the New York Times reports, this was \u201ca disappointment to investors, executives and cheerleaders who had bigger dreams for it\u201d as this was priced near the bottom range. [vi] UBER was founded and operated as a private company for 10 years before their IPO (compared to Amazon\u2019s five). <\/p>\n\n\n\n

Other popular companies that chose to ride\nout the private wave and postpone going public in recent years include Lyft\n(2019 valued at $24 billion), Pinterest (2019 valued at $10 billion), and Zoom\n(2019 valued at $15.9 billion) who all waited longer to go public than\ncompanies during the dot.com bubble. <\/p>\n\n\n\n

Are privately held companies starting to\nfigure out that the key to maximizing their IPO is to be in the right place at\nthe right time? That holding out on that initial public offering could yield\nthem a more lucrative valuation if they have more time under their belt to\noptimize their strategies and offerings?<\/p>\n\n\n\n

The\nVenture Capital Window of Opportunity<\/strong><\/h2>\n\n\n\n

As companies remain private longer, more\nvalue is being added before going public. Investors keen to this trend are now\njumping on board in the later stages of the company\u2019s private years in an\nattempt to capture some more of the upside potential.  <\/p>\n\n\n\n

However, there is a disconnect\u2014many\ninvestors lack both an understanding of venture capital and access to this\nopportunistic asset class. Assuming you don\u2019t have the time and information to\nresearch privately-held companies to invest, most individual investors will\nrely on a fund to gain exposure. <\/p>\n\n\n\n

When we look at venture capital fund\nperformance, we see a huge disparity in the top and bottom quartiles\u2014 possibly\nthe biggest disparity of any asset class. In other words, venture capital\nreturns are painstakingly skewed (Figure 1). So, going into venture investing\nblindly is far from advisable.<\/p>\n\n\n\n

Figure 1<\/p>\n\n\n\n

\"Venture<\/figure><\/div>\n\n\n\n

Source: Venture Capital \u2014 No, We\u2019re Not\nNormal | by David Coats | VC by the Numbers | Medium [vii]<\/p>\n\n\n\n

As pointed out by David Coats in his\naforementioned article and as shown in the above figure: <\/p>\n\n\n\n

About half (51%) of all of the capital invested into\nventure-funded companies exiting over the last decade lost money, while less\nthan 4% generated a 10X or greater multiple. When calculated as a percent of\nfinancings, rather than by dollars, the distribution is even more skewed:\nalmost two thirds of financings lost money for investors.<\/em><\/p>\n\n\n\n

Investors will want to gain access to the\nrelatively small number of managers generating the lion\u2019s share of the returns\nto justify participating in this asset class.<\/p>\n\n\n\n

Is\nVenture Capital Right for You?<\/strong><\/h2>\n\n\n\n

To answer this question, you first need to\nunderstand a few basic facts: venture capital would typically represent a very\nsmall percent of an individual\u2019s portfolio, requires a high-risk tolerance and\nsubstantial investment amount. Aligning with the best managers can provide for\na higher chance of exceptional returns while also adding diversification for a\nportfolio. <\/p>\n\n\n\n

Let the CERTIFIED FINANCIAL PLANNER\u2122<\/em><\/strong><\/a> professionals\nat Williams Asset Management help you decide if venture capital fits into your\nportfolio. Whether you need comprehensive and holistic financial planning or\ninvestment management, we can help!  We are fee-based, independent\nfinancial advisors located in Columbia, the heart of Howard County,\nMaryland.  Schedule your complimentary\nconsultation<\/em><\/strong><\/a> today by calling 4107400220<\/em><\/strong><\/a>!<\/p>\n\n\n\n

Brian McKinney, CFP\u00ae<\/sup>,\nis a wealth manager with Williams Asset Management. Williams Asset Management\nis located at 8850 Columbia 100 Parkway, Suite 204, Columbia, MD 21045. They\noffer advisory services as Investment Adviser Representatives of Commonwealth\nFinancial Network\u00ae, a Registered Investment Adviser. Fixed insurance products\nand services offered by Williams Asset Management. For additional information\nabout the services of Williams Asset Management, please call (410) 740-0220 or\nemail at Info@WilliamsAsset.com. \u00a9 Williams Asset Management. For more\ninformation about Williams Asset Management, please visit\nwww.WilliamsAssetManagement.com.<\/em><\/p>\n\n\n\n

\n\n\n\n
References:<\/pre>\n\n\n\n
\n
[i] https:\/\/global.beyondbullsandbears.com\/2019\/05\/24\/fomo-investors-fear-missing-out-as-companies-stay-private-for-<\/em><\/p>\n\n\n\n
longer\/#:~:text=%E2%80%9CNew%20economy%E2%80%9D%20companies% 20in%20particular,a%20large%20number%20of%20shareholders, May 24 2019<\/em><\/p>\n\n\n\n
[ii]https:\/\/finance.yahoo.com\/news\/bad-for-investors-when-companies-like-uber-wait-too-long-to-go-public-143820861.html, May 31 2019<\/em><\/p>\n\n\n\n
[iii] https:\/\/press.aboutamazon.com\/news-releases\/news-release-details\/amazoncom-inc-announces-initial-public-offering-3000000-shares, May 14 1997<\/em><\/p>\n\n\n\n
[iv] https:\/\/www.wired.com\/1997\/03\/amazon-com-high-on-ipo-so-is-its-valuation\/, 26 March 1997<\/em><\/p>\n\n\n\n
[v]  [vii] https:\/\/www.nytimes.com\/2019\/05\/09\/technology\/uber-ipo-stock-price.html, May 9 2019<\/em><\/p>\n\n\n\n
[vii ] https:\/\/medium.com\/correlation-ventures\/venture-capital-no-were-not-normal-32a26edea7c7, September 11 2019<\/em><\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"
Over the past decade, there has been an interesting shift in the way venture backed companies are approaching their Initial Public Offering (IPO). Historically, once a business had reached a certain valuation and earned enough public clout, the decision to \u2018go public\u2019 would be made without hesitation. This was a crowning achievement, as going public, or being acquired, was always the end goal. But, much has changed over the past<\/p>\n","protected":false},"author":116,"featured_media":10322,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[395,4],"tags":[],"class_list":["post-10311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","category-wall-street"],"yoast_head":"\nVenture Capital: Investing for the Long Term - Paladin Registry<\/title>\n<meta name=\"description\" content=\"When we look at venture capital fund performance, we see a huge disparity in the top and bottom quartiles possibly the biggest disparity of any asset class.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.paladinregistry.com\/blog\/investing\/venture-capital-investing-for-the-long-term\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venture Capital: Investing for the Long Term - 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If you ask him where is the best place to get crabs in the greater Baltimore area, his response would be Bird River Inn & Crab House, a quaint crab house located in Middle River.\",\"url\":\"https:\/\/www.paladinregistry.com\/blog\/author\/brian-mckinney\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Venture Capital: Investing for the Long Term - Paladin Registry","description":"When we look at venture capital fund performance, we see a huge disparity in the top and bottom quartiles possibly the biggest disparity of any asset class.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.paladinregistry.com\/blog\/investing\/venture-capital-investing-for-the-long-term\/","og_locale":"en_US","og_type":"article","og_title":"Venture Capital: Investing for the Long Term - Paladin Registry","og_description":"When we look at venture capital fund performance, we see a huge disparity in the top and bottom quartiles possibly the biggest disparity of any asset class.","og_url":"https:\/\/www.paladinregistry.com\/blog\/investing\/venture-capital-investing-for-the-long-term\/","og_site_name":"Paladin Registry Blog","article_published_time":"2021-01-14T07:43:02+00:00","article_modified_time":"2021-01-14T16:28:57+00:00","og_image":[{"url":"https:\/\/www.paladinregistry.com\/blog\/wp-content\/uploads\/2021\/01\/Venture-Capital-1.webp","width":1,"height":1,"type":"image\/webp"}],"author":"Brain McKinney","twitter_card":"summary_large_image","twitter_creator":"@PaladinRegistry","twitter_site":"@PaladinRegistry","twitter_misc":{"Written by":"Brain McKinney","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.paladinregistry.com\/blog\/investing\/venture-capital-investing-for-the-long-term\/","url":"https:\/\/www.paladinregistry.com\/blog\/investing\/venture-capital-investing-for-the-long-term\/","name":"Venture Capital: Investing for the Long Term - 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At nine years old, his life changed dramatically when his mother suddenly suffered a stroke. Going from a dual to a single income household was challenging, but it equipped Brian with an insight into how life and financial situations can suddenly change. Learning independence (e.g., cooking meals, cleaning\/ironing clothes, and budgeting money) at a young age led him in search of a career where he could help others. His path became clear at Loyola University Maryland when he was accepted into the student-managed Sellinger Applied Portfolio Fund class. There, he was given the opportunity to actively manage a $500,000 grant and gain experience in asset valuation, risk management, and portfolio diversification. Brian graduated cum laude with a Bachelor of Business Administration degree in finance with a minor in information systems. Following college, he joined T. Rowe Price as a mutual fund accountant and quickly climbed the corporate ladder to a senior fund accountant role. However, realizing his true passion is helping people achieve their financial goals, Brian chose to join Williams Asset Management as an associate financial planner in 2016. Determined and eager to further help clients meet their financial goals, Brian earned his CERTIFIED FINANCIAL PLANNER\u2122 (CFP\u00ae) certification in April 2019. Brian currently resides in the Canton neighborhood of Baltimore City with his girlfriend, Cameron. When he is not helping clients plan for their retirement, Brian likes to stay fit and active by going to the gym and playing golf on the weekends. Also, being from Baltimore, Brian enjoys sitting down with either friends or family and eating steamed crabs. 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