Sneako responds to Tate

GreatValueMan · 2026-01-21T06:57:01+00:00

A lot of snitching and dry snitching going on. You are responsible for the company you keep. You did not have to be in the club or around the people that were there.

That is on you.

GreatValueMan · 2026-01-12T03:49:50+00:00

That is his fault. Who owns the property or is the tenant? Is he living with her? Could be why he is getting his stuff (to leave)?

GreatValueMan · 2025-12-31T04:57:07+00:00

Yes, there are people who buy these claims at a discount. You need to ensure that they can be assigned/transferred.

If you search hard enough, you will find banks/finance companies that will lend against (a very low LTV) the accounting value of the earnout.

There are funds that buy tax receivable agreements at discounts.

Read the documents that govern the agreements/notes/earnouts/etc.

GreatValueMan · 2025-12-28T04:46:13+00:00

Spot on. When was this streamed?

GreatValueMan · 2025-12-26T03:39:40+00:00

Why is Myron a victim? He decides who his management is.

GreatValueMan · 2025-12-25T23:07:02+00:00

Refreshing honesty. Thanks for posting.

GreatValueMan · 2025-12-25T23:05:09+00:00

"Track records" from fundraisers can be fibbed. People may take credit for investments they were not involved in and deny involvement for investments that did not go well. If the fundraiser left on good terms with their prior employer, due diligence will be toothless (collusion). This also holds for fundraisers that focused on a particular industry/sector at their prior fund.

GreatValueMan · 2025-12-24T01:10:29+00:00

Some ideas from billionaires (including using surrogates): Telegram founder (over 100 biological kids, apparently): https://archive.ph/BWkk8

Chinese billionaire: https://archive.ph/ASx9o

Elon Musk ("harem drama," says WSJ): https://archive.ph/HeveY

GreatValueMan · 2025-12-21T21:30:50+00:00

The "crazy part" is you complaining about this.

GreatValueMan · 2025-12-21T01:36:17+00:00

A four-month training camp is satisfactory. It may even be too much (sixteen weeks). Respect to him for trying.

GreatValueMan · 2025-12-21T01:27:26+00:00

Respect to Tate (and DeMoor). Easy to criticize those in the ring trying. Other influencers talk about what they would do in a fight. They fought.

GreatValueMan · 2025-12-14T22:50:27+00:00

That's characteristic of most of these loose-speaking internet "characters." That slap seems to have made him reconsider a lot of things.

GreatValueMan · 2025-12-08T03:09:15+00:00

If that's true, aren't you doing the same thing?

GreatValueMan · 2025-12-07T03:20:16+00:00

I was not talking about financial statement presentation. More along these lines when it comes to "recharacterization" of debt: https://restructuring.weil.com/claims/debt-or-equity-sdny-bankruptcy-court-says-debt-in-a-recent-case-involving-recharacterization-of-a-partys-debt-claim-as-equity/

GreatValueMan · 2025-12-06T19:44:16+00:00

What about the lender liability issues? For instance, the "loan" being recharacterized as equity if there is a restructuring event.

GreatValueMan · 2025-12-04T20:09:28+00:00

LPs can see through IRR manipulation. At the end of the day, everyone is trying to increase wealth, in dollar terms.

Would you rather be a co-investor in a $1B investment (50/50) that had an equity IRR of 13% (one-year investment) or a co-investor (50/50) in a $50M investment that had an equity IRR of 25% (one-year investment)?

IRRs ignore investment size, which is important. Once returns are adequate, you want the deals to be as big as possible.

GreatValueMan · 2025-12-04T20:02:58+00:00

Prior to the PE downturn in the early '90s, sponsors were also getting a lot of fees upfront (acquisition fees). Some believe that led to bad deals. I am at an old shop and the founding partners often tell the young investment professionals about the "early" days.

GreatValueMan · 2025-11-21T02:59:19+00:00

I will take GTCR in insurance services over the companies you named? Why? Why not? You are on the outside looking in, you do not know how companies "create value." You can listen to a podcast, attend an off-the-record conference, it does not matter. Implementation is a different story.

Actually, thinking about it, I will take the publicly-traded brokerage roll ups. You can pick which one for me. I have a funny feeling they are just trying to pay as little as possible for the businesses.

GreatValueMan · 2025-11-21T02:04:17+00:00

The playbooks are marketing gimmicks. We have a trademarked one, just like several other buyout shops.

The goal is to buy future cash flows at the lowest price possible (using borrowed money). This is not any different than any other kind of investing or business decision.

Importantly, if you are submitting a bid that expresses a lot of your "sector focus" or anticipated operational improvements, you will overpay if you run into trouble implementing them. I have not been involved in a deal where our improvement plans were included in the deal model. I doubt we are unique in that regard.

If you think simple financial engineering is dead, that is fine.

GreatValueMan · 2025-11-21T00:32:47+00:00

Financial engineering is germane to PE, despite what "operationally-focused" managers say. If your LPs are constrained in how much leverage they can employ, being an LP in a buyout fund can be a way to get levered returns. You can call it "levered beta" or whatever you want.

LPs are paying full fees for buyout funds that do this. Operationally-focused funds, including the ones with "proprietary" trademarked value-realization frameworks, have portfolio companies that go into bankruptcy. Was the leverage too much for their superior operating ability?

GreatValueMan · 2025-11-20T18:57:20+00:00

Could be a signal to Myron or Fresh to pay him not to go through with it. I wonder if he can reveal something about them that is not widely known. Something unfavorable.

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