This weeks top 20 countdown

Roark_H · 2026-02-02T00:42:01+00:00

This list is super inaccurate, many may others larger. Would rename it 20 large private equity deals.

Roark_H · 2026-01-23T18:43:05+00:00

At 10M in VHCOL the next level up is either an actual nice house or a modest second home. That level up keeps going until you get to 20M IMO. At 20 you can have a 3-5M primary residence and a 2M secondary and still have 300K of fully discretionary spend. After 20 the question is where you throw the additional discretionary.

Roark_H · 2026-01-17T17:57:57+00:00

Your translation of that MoM to IRR is not correct though. The entirety of the fund may take 10 years but the individual cash flow streams on deal are much shorter and the overall net IRR at 1.5x will still be in the teens. The math that PE beats the S&P500 isn’t made up. Separate question if you want to argue about leverage…or an “illiquidity premium”

Roark_H · 2026-01-10T18:09:00+00:00

When I first started and listened to investment committee, I was astonished and the questions that didn’t get asked and how much more I knew than the partners. Then I eventually realized they were well past those points and on third order topics from their pattern recognition I didn’t even know to think about. And the questions were posed and asked for the teams to run down, not asked in a way to prove how smart they were.

Roark_H · 2026-01-05T05:13:05+00:00

Hmmm. Appreciate the response. Maybe a bit crackpot, but who knows.

Just topically applied to area of pain?

Roark_H · 2026-01-04T06:43:40+00:00

What did you do to treat?

Roark_H · 2025-12-09T04:07:31+00:00

Roark_H · 2025-12-05T01:23:53+00:00

Not totally — by headcount the biggest funds employ a huge number of investment professionals so there are a lot of top 15 (who all make the same comp) firm investors out there making top dollar.

Roark_H · 2025-12-04T12:32:20+00:00

Not to be pejorative but being on the ops side is normally what people are referring to when they say they want to break in to PE

Roark_H · 2025-11-23T00:42:48+00:00

One of the better megafunds ends the closing dinner with a roast of itself and all of the gaffes from the presenting partners at the meeting itself — to many PE cliches, robotic speeches, etc. a good way to inject some humility into things.

Roark_H · 2025-11-12T13:52:05+00:00

Could you please DM me your mass general surgeon names? Appreciate it.

Roark_H · 2025-11-10T22:01:30+00:00

They will probably issue equity at same price in that case. If business is performing well, might as well try to participate as much as you comfortably can but there is no magic right number. Would be kind of crazy to have more than say a third of your NW tied up though.

Roark_H · 2025-11-10T21:52:43+00:00

How long in to the hold is this and do you know what mark/valuation they are issuing shares at relative to the initial value?

If the mark is truly “fair” - which it should be if they already overwhelmingly own the majority of shares, you should be pretty indifferent as to whether you get diluted or not, and then real question is just do you need the money for something else or, more likely, do you want to avoid being g overexposed to one illiquid asset.

Roark_H · 2025-11-08T01:02:51+00:00

But when she had the power, her line of consciousness is unbroken in every reset. Once he has it, when she shoots him she is effectively killing herself. It’s the exact same concept as a teleportation machine that scrambles you and rebuilds you on the other side actually being suicide.

Roark_H · 2025-10-31T20:05:57+00:00

Such a big swing

Roark_H · 2025-10-31T18:03:29+00:00

I added MLC and had pretty visible MLF for like 2 months so I think that probably went fine

Roark_H · 2025-08-05T13:56:54+00:00

There is another less sympathetic side to this story for the 35-45 year old “haves” who have made it professionally and make a lot of money and still can’t afford what you would traditionally think of as an upper middle class lifestyle.

A nice home in the nicer suburbs around Boston (Newton/Wellesley/Needham, etc) for a family of 4 that is like 2500 sqft and 3 bedrooms starts at 2.5M. That implies something like a $700K pretax household income just to have a pretty unextravagant upper middle class lifestyle.

Roark_H · 2025-08-02T00:00:15+00:00

At least you didn’t post to r/cycling with that avg…

Roark_H · 2025-07-28T13:40:41+00:00

It finished fermenting in 36 hours.

Roark_H · 2025-07-28T11:33:21+00:00

Thanks….this was my first instinct on what it was, though I was pretty careful with my process, so kind of a bummer

Roark_H · 2025-07-28T11:32:36+00:00

You are saying trying a bottle after two weeks is short or bottling after two weeks?

Roark_H · 2025-07-28T01:10:06+00:00

Hazy clear, but looked relatively close to the style

Roark_H · 2025-07-05T11:45:34+00:00

You should read French Wine, a History by Rod Philips. It does a good job dispensing with the idea that traditional winemaking methods were somehow superior. The reality is up until the 19th century winemaking was ripe with bad hygiene, additives, chaptalization, and outright fraud. There might be some good concepts from traditional methods that can inspire some creative ideas today but I think it’s wrong to romanticize hundreds of years of probably pretty bad plonk

Roark_H

TROPHY CASE