good one. at the very least, it's commoditizing itself - every firm that keeps raising its AUM to keep up with the joneses (not to mention fee incentives) is basically saying "we can't compete on anything but deal terms"
actually let me edit this: there are some people shipping strategies/playbooks that are well-matched with a particular AUM. the fast-followers are self-commoditizing.
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
In startup world, S&M is generally 2/3 Sales and 1/3 marketing spend. Then within that 1/3 marketing, depending on the stage you are in, it’s roughly 1/2 people costs and 1/2 marketing program spend. This skews more towards programs (non labor costs) as you get larger. So now we are down to 1/6 of S&M on marketing programs. Then within marketing programs usually 15% to 40% is on paid web advertising. So at most I’m thinking google and Facebook ads could be 6% to 7% of total S&M.
good one. at the very least, it's commoditizing itself - every firm that keeps raising its AUM to keep up with the joneses (not to mention fee incentives) is basically saying "we can't compete on anything but deal terms"
actually let me edit this: there are some people shipping strategies/playbooks that are well-matched with a particular AUM. the fast-followers are self-commoditizing.
Hello there,
Huge Respect for your work!
New here. No huge reader base Yet.
But the work has waited long to be spoken.
Its truths have roots older than this platform.
My Sub-stack Purpose
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
It is the system’s operating principle”
Experience first. Return if it speaks to you.
- The Silent Treasury
https://tinyurl.com/48m97w5e
In startup world, S&M is generally 2/3 Sales and 1/3 marketing spend. Then within that 1/3 marketing, depending on the stage you are in, it’s roughly 1/2 people costs and 1/2 marketing program spend. This skews more towards programs (non labor costs) as you get larger. So now we are down to 1/6 of S&M on marketing programs. Then within marketing programs usually 15% to 40% is on paid web advertising. So at most I’m thinking google and Facebook ads could be 6% to 7% of total S&M.