{"id":1257651566368211000,"conversation_id":"1257650076576555010","created_at":1588682474000,"date":"2020-05-05","time":"12:41:14","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ We are effectively in a state of War.  \n\nCompared to our inaction on, say, climate change, it is amazing to see the speed / scale / coordination of the response. \n\nWe have an Enemy, and a Plan.  We take action.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":6,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1257651566368210946","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1257650564114112500,"conversation_id":"1257650076576555010","created_at":1588682235000,"date":"2020-05-05","time":"12:37:15","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ First as a necessary disclaimer let me say that hard early lockdowns seemed obvious to me from the data and experience of other countries and that we IMO have (temporarily) averted a crisis of epic proportions.  But I'd like to talk about philosophy for a second, not policy.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":5,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1257650564114112512","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1257650076576555000,"conversation_id":"1257650076576555010","created_at":1588682118000,"date":"2020-05-05","time":"12:35:18","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ A moment of reflection on the long term societal impact of the pandemic and what kind of society we want to live in.  We're going to have choices to make about the kind of world we live in.","mentions":[],"urls":[],"photos":[],"replies_count":4,"retweets_count":5,"likes_count":37,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1257650076576555010","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1257639130122653700,"conversation_id":"1257639130122653696","created_at":1588679509000,"date":"2020-05-05","time":"11:51:49","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"The idea that states are fundamentally benevolent and that “if you don’t have anything to hide you have nothing to worry about” is, how shall I put it, pretty bold, even in the Western world.","mentions":[],"urls":[],"photos":[],"replies_count":6,"retweets_count":6,"likes_count":40,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1257639130122653696","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1256571953047011300,"conversation_id":"1256571953047011328","created_at":1588425074000,"date":"2020-05-02","time":"13:11:14","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Couple in separate places and not much to say to each other about your day?  Normal!   My recipe: \n\nWe do workouts together🏋️‍♂️\nWe are learning a new skill together 🇪🇸\nWe just hang out and do our work together 🧘‍♂️\nWe watch shows together 💃🏻🕺🏼\n3,2,1 play !","mentions":[],"urls":[],"photos":[],"replies_count":5,"retweets_count":0,"likes_count":26,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1256571953047011328","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1256305590646657000,"conversation_id":"1256305590646657024","created_at":1588361568000,"date":"2020-05-01","time":"19:32:48","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Best advice I got so far this year: mute the word Tr$mp.\n\nPeaceful.","mentions":[],"urls":[],"photos":[],"replies_count":5,"retweets_count":1,"likes_count":21,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1256305590646657024","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255453681182552000,"conversation_id":"1255453681182552065","created_at":1588158457000,"date":"2020-04-29","time":"11:07:37","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Why are Seed rounds often preferred shares? \n \nBecause it allows the company to issue options at a much lower strike price (usually 50-65% discount).","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":5,"likes_count":44,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255453681182552065","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255446026330222600,"conversation_id":"1255446026330222592","created_at":1588156632000,"date":"2020-04-29","time":"10:37:12","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"VC friend of mine describes the startup fundraising market as having \"shrunk\" and I feel that's accurate:\n\n- Fewer projects \n- Higher quality\n- More competition between funds","mentions":[],"urls":[],"photos":[],"replies_count":6,"retweets_count":10,"likes_count":73,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255446026330222592","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255222311361413000,"conversation_id":"1255220963412783104","created_at":1588103294000,"date":"2020-04-28","time":"19:48:14","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"8/ Meanwhile hotel operators 😱.","mentions":[],"urls":[],"photos":[],"replies_count":5,"retweets_count":1,"likes_count":9,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255222311361413120","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255222082952220700,"conversation_id":"1255220963412783104","created_at":1588103240000,"date":"2020-04-28","time":"19:47:20","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"7/ Its inventory is extremely granular & very local … so as soon as you have partial re-openings, you can bet local tourism will restart first.\n\nAirBnb will be uniquely placed to capture those green shoots in travel and recover faster.","mentions":[],"urls":[],"photos":[],"replies_count":4,"retweets_count":1,"likes_count":7,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255222082952220676","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255221925355323400,"conversation_id":"1255220963412783104","created_at":1588103202000,"date":"2020-04-28","time":"19:46:42","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"6/ And suffering homeowners looking for alternative sources of cash will be keen to put supply back on as soon as they can, with a marginal cost of zero.  \n\nPrice elasticity drives liquidity.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":6,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255221925355323393","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255221842018795500,"conversation_id":"1255220963412783104","created_at":1588103182000,"date":"2020-04-28","time":"19:46:22","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"5/ If their supply base gets hits, as it will, they don’t really own that problem, to be cynical for a second.  \n\nA number of people over-levered to become Superhosts as scale and a probably going to go down.  But others will come to take their place.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":1,"likes_count":3,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255221842018795520","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255221608777764900,"conversation_id":"1255220963412783104","created_at":1588103127000,"date":"2020-04-28","time":"19:45:27","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ Volumes are through the floor, clearly, so it’s a survival game right now.\n\nBut their fixed cost base is structurally lower and more flexible (people, marketing).  No lease payments, no refurbishment costs (unlike say WeWork).   \n\nMassive operating leverage.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":1,"likes_count":7,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255221608777764867","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255221267273322500,"conversation_id":"1255220963412783104","created_at":1588103045000,"date":"2020-04-28","time":"19:44:05","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ Marketplaces are VERY hard to beat.\n\nAirBnB exposure to a drop in accommodation prices is not direct but derivative.  Commissions suffer as a percentage of GMV ... but that’s very different from having to sell your own inventory below cost.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":13,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255221267273322498","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255221060703838200,"conversation_id":"1255220963412783104","created_at":1588102996000,"date":"2020-04-28","time":"19:43:16","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ There’s been a lot of very negative press around their postponed IPO and “inflated valuations coming back to earth”.  Perhaps.  But look for them to become an even more formidable company on the other side of this crisis.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":7,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255221060703838211","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1255220963412783000,"conversation_id":"1255220963412783104","created_at":1588102973000,"date":"2020-04-28","time":"19:42:53","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ The current crisis will be tough on everyone but strongly expect it will accelerate startup dominance across the board.  A lot of the pessimism around high flying companies like Uber is misplaced.\n\nTake AirBnb as an example.","mentions":[],"urls":[],"photos":[],"replies_count":5,"retweets_count":11,"likes_count":77,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1255220963412783104","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1254812457647956000,"conversation_id":"1254811096067846148","created_at":1588005577000,"date":"2020-04-27","time":"16:39:37","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ If I put myself in Government shoes, the existing Angel tax relief system in the UK is one of the best in the world \n\n... and hence I can see their hesitation in providing matched funding AND tax relief at the same time.  I can understand why this position was taken.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":5,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1254812457647955970","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1254812096153497600,"conversation_id":"1254811096067846148","created_at":1588005491000,"date":"2020-04-27","time":"16:38:11","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ Before you start crying wolf and that greedy VCs designed this scheme 🧐, a number of people including me have asked of the taskforce for this be added.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":1,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1254812096153497602","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1254182604158513200,"conversation_id":"1254182604158513157","created_at":1587855409000,"date":"2020-04-25","time":"22:56:49","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Dear fellow investors — hopefully we all agree that there are great opportunities in future of work, remote learning, health tech and egroceries 🤯\n\nI mean ... 🤯😂\n😇","mentions":[],"urls":[],"photos":[],"replies_count":13,"retweets_count":5,"likes_count":120,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1254182604158513157","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253965942628941800,"conversation_id":"1253965942628941825","created_at":1587803752000,"date":"2020-04-25","time":"08:35:52","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"I now live 100% inside Chrome.","mentions":[],"urls":[],"photos":[],"replies_count":15,"retweets_count":0,"likes_count":62,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253965942628941825","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253293086479921200,"conversation_id":"1253290698889146371","created_at":1587643331000,"date":"2020-04-23","time":"12:02:11","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"7/ Overall - don't overlook this important of the process, rationally discuss the purpose of each clause, and push back on things you don't find legit.\n\nThis is a two way discussion in which you have more leverage than you think, I assure you.","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":3,"likes_count":20,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253293086479921154","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253292818581389300,"conversation_id":"1253290698889146371","created_at":1587643267000,"date":"2020-04-23","time":"12:01:07","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"6/ DO NOT outsource the negotiation of the key items to the lawyers.  Get your prospective investor on the phone and discuss the \"why\" behind each important request and discover how you can accommodate their objectives and explain how they need to accommodate yours.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":2,"likes_count":25,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253292818581389314","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253292320109277200,"conversation_id":"1253290698889146371","created_at":1587643148000,"date":"2020-04-23","time":"11:59:08","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"5/ Get a great lawyer.  There is nothing worse than bad lawyers intent on winning legal arguments who do not understand the objectives of their clients.  You need a lawyer who is a good commercial partner.  \n\nHOWEVER...","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":19,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253292320109277184","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253291947210522600,"conversation_id":"1253290698889146371","created_at":1587643059000,"date":"2020-04-23","time":"11:57:39","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ There is really no such thing as \"market\" and it is fair game to calmly and rationally discuss each important clause.  \n\nEach situation is unique and different founders care about different things (dilution, control).  Investors KNOW that. \n\nExplain your own sensitivities.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":1,"likes_count":13,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253291947210522624","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253291527691997200,"conversation_id":"1253290698889146371","created_at":1587642959000,"date":"2020-04-23","time":"11:55:59","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ This means they don't want to lose you.  It is important that you do not open up on whether you have various offers (or not) and keep some information asymmetry here.  Protect your cards so you maintain tension.  The investor WANTS you.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":2,"likes_count":17,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253291527691997184","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253291214574702600,"conversation_id":"1253290698889146371","created_at":1587642885000,"date":"2020-04-23","time":"11:54:45","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ It is a RARE event that an investors find a team he wants to back, takes it through partnership and decides to issue a term-sheet.\n\nGetting a partnership to commit means they have DECIDED to back you.  That happens for most 5-8 times a year after reviewing tons of of projects.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":22,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253291214574702593","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253290698889146400,"conversation_id":"1253290698889146371","created_at":1587642762000,"date":"2020-04-23","time":"11:52:42","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ When negotiating terms, founders have more leverage than they think.  Why is that and how do you get to a successful outcome?","mentions":[],"urls":[],"photos":[],"replies_count":9,"retweets_count":26,"likes_count":115,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253290698889146371","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1253077302159827000,"conversation_id":"1253075525469421569","created_at":1587591884000,"date":"2020-04-22","time":"21:44:44","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Maybe you develop other interests, maybe you keep involved as an angel, maybe you’re letting next gen fly solo, maybe you figure 4-5 years more is plenty.  Who knows.  Poor generational transition screws venture firms more reliably than bad returns, that much we know :-).","mentions":[],"urls":[],"photos":[],"replies_count":0,"retweets_count":0,"likes_count":15,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1253077302159826945","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639566843936800,"conversation_id":"1252638890701148161","created_at":1587487520000,"date":"2020-04-21","time":"16:45:20","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"12/ Finally, expect strong vintages for VC given reduced valuations and increased capital efficiency.  The challenge for Seed funds is making it through the carnage without getting diluted to smithereens.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":14,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639566843936768","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639523575644200,"conversation_id":"1252638890701148161","created_at":1587487509000,"date":"2020-04-21","time":"16:45:09","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"11/  B2B companies should expect “shoe to drop” as current momentum has carried pipeline through but lengthening sales cycles are a precursor to hard times.  Concerns about viability will rise.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":7,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639523575644163","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639472082194400,"conversation_id":"1252638890701148161","created_at":1587487497000,"date":"2020-04-21","time":"16:44:57","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"10/ There will be a marked bifurcation between clear winners with infinite access to capital and *everyone else*.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":11,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639472082194436","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639428255899600,"conversation_id":"1252638890701148161","created_at":1587487487000,"date":"2020-04-21","time":"16:44:47","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"9/ Post 2008 VC recovery was quick - but helped by the massive rise of iPhone and digital connectedness.  Question as to whether the current waves will be as strong?  I’m positive as tech is impacting every sector at full speed.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":6,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639428255899649","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639367916650500,"conversation_id":"1252638890701148161","created_at":1587487472000,"date":"2020-04-21","time":"16:44:32","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"8/ Recoveries in venture capital tend to be U shaped and can lag the real economy but dry powder and fairly secure liquidity means pullback is likely less than other sectors of the economy and financial markets","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":6,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639367916650496","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639320831406000,"conversation_id":"1252638890701148161","created_at":1587487461000,"date":"2020-04-21","time":"16:44:21","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"7/  Indeed - since 2013, valuations went up c. 200-240% for Series A/B/C and 360% for Series D & late stage.  That’s a lot of valuation inflation for any business that showed scale.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":5,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639320831406086","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639257036042200,"conversation_id":"1252638890701148161","created_at":1587487446000,"date":"2020-04-21","time":"16:44:06","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"6/ Post 2008 valuations declined 15-40% and took three years to recover on average - 35% on average for later stage and 15-20% for Series A and B.  I except this to be much more pronounced in Series A/B given the massive run-up in prices since 2014.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":9,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639257036042241","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639206561722400,"conversation_id":"1252638890701148161","created_at":1587487434000,"date":"2020-04-21","time":"16:43:54","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"5/ Post 2008 - round sizes shrank 20-40% and stayed smaller for FOUR years \nExpect 25-50% drop in round sizes for a sustained period, EXCEPT at Seed.  Expect to see many convertibles (which defer pricing) and insider+ rounds (existing + one new close to existing).","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":14,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639206561722368","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639162567663600,"conversation_id":"1252638890701148161","created_at":1587487423000,"date":"2020-04-21","time":"16:43:43","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ There’s a clear shift in time and capital allocated to portfolio by VCs as you’d expect.  Time spent evaluating new deals dropped from 40% to 25%.   If you have a big portfolio that’s probably way worse.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":10,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639162567663616","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252639108444360700,"conversation_id":"1252638890701148161","created_at":1587487411000,"date":"2020-04-21","time":"16:43:31","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ How much of that dry powder can you get to?  Around 72% of VC firms have decreased cash available for new investment from 20 to in some cases 80%!  That’s without accounting for the impact of fundraising remotely.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":8,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252639108444360704","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252638969537482800,"conversation_id":"1252638890701148161","created_at":1587487377000,"date":"2020-04-21","time":"16:42:57","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ In 2002 seed volumes dropped 85% and Series A 70%, but the peak was stupid.  Don’t expect to see these numbers again.  This time, there’s a lot of DRY POWDER around.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":0,"likes_count":11,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252638969537482752","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252638890701148200,"conversation_id":"1252638890701148161","created_at":1587487359000,"date":"2020-04-21","time":"16:42:39","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ What's going on with the startup funding market and what can we expect in terms of volumes and prices?  Saddle up.","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":23,"likes_count":84,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252638890701148161","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252179753320276000,"conversation_id":"1252179057812348929","created_at":1587377892000,"date":"2020-04-20","time":"10:18:12","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ Argument against would be that Gov might convert at a higher price per share (20% discount on next round)\n\nHOWEVER Gov has protection with 2X Redemption - they could keep a consent right on conversion where instruments are not matched.\n\nSeems like the right tradeoff to me.","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":0,"likes_count":6,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252179753320275970","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252179057812349000,"conversation_id":"1252179057812348929","created_at":1587377726000,"date":"2020-04-20","time":"10:15:26","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Key open question on #FutureFund \n\nDoes the matched funding need to be a Convertible Note to mach the Gov loan... or can it be priced equity ?\n\nIt would offer more flexibility if there was no requirement for the whole financing to be a convertible.","mentions":[],"urls":[],"photos":[],"replies_count":6,"retweets_count":0,"likes_count":18,"hashtags":["#futurefund"],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252179057812348929","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252148973126791200,"conversation_id":"1252147138013921281","created_at":1587370553000,"date":"2020-04-20","time":"08:15:53","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"8/ Use of funds: solely working capital purposes \n\n...and not borrowings, dividends or bonus payments to team, shareholders or consultants \n\n... or any advisory or placement fees or bonuses to external advisers as it related to the Government loan","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":1,"likes_count":4,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252148973126791169","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252148556053561300,"conversation_id":"1252147138013921281","created_at":1587370454000,"date":"2020-04-20","time":"08:14:14","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"7/ Eligibility: unlisted UK registered company that has raised at least £250,000 in aggregate from private third party investors in previous funding rounds in the last five years and have a substantive economic presence in the UK","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":1,"likes_count":4,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252148556053561344","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252148457936224300,"conversation_id":"1252147138013921281","created_at":1587370430000,"date":"2020-04-20","time":"08:13:50","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"6/ On a sale or IPO \n(a)Conversion at the Discount Rate to the price set by the most recent non-qualifying funding round OR \n(b)repaid with a redemption premium equal to 100% of the principal of the bridge funding\n… whichever will provide the higher amount for the lenders.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":3,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252148457936224257","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252147953554374700,"conversation_id":"1252147138013921281","created_at":1587370310000,"date":"2020-04-20","time":"08:11:50","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"5/ On maturity, the loan is either \n\n(a) repaid with a redemption premium of 100% or \n(b) converted into equity at the Discount Rate set by the most recent funding round … subject to Government consent.","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":1,"likes_count":2,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252147953554374657","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252147816803250200,"conversation_id":"1252147138013921281","created_at":1587370277000,"date":"2020-04-20","time":"08:11:17","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ Interest rate min 8% p.a. non-compounding paid on maturity.\n\nMaturity = 36 months.  \n\nThe interest converts at the full price of the next round on a conversion event (i.e. no discount applied to interest).","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":3,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252147816803250177","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252147539387744300,"conversation_id":"1252147138013921281","created_at":1587370211000,"date":"2020-04-20","time":"08:10:11","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ Conversion into Equity at Discount Rate agreed with a minimum of 20%.  \n\nConversion automatic if Next Round Amount > Bridge Amount (“qualifying round”)","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":2,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252147539387744256","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252147424589680600,"conversation_id":"1252147138013921281","created_at":1587370184000,"date":"2020-04-20","time":"08:09:44","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ Unsecured convertible bridge loan alongside matched investors -- up to 50% of the bridge amount.  \n\nMin £125,000 – Max £5,000,000.  \n\nNote there is NO CAP on bridge size or on valuations so this is designed to serve startups and scaleups.","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":1,"likes_count":6,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252147424589680640","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1252147138013921300,"conversation_id":"1252147138013921281","created_at":1587370116000,"date":"2020-04-20","time":"08:08:36","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ UK Gov announced £250M #FutureFund  to support startups with matched funding.\n\nKey terms as published are as follows:","mentions":[],"urls":[],"photos":[],"replies_count":5,"retweets_count":31,"likes_count":80,"hashtags":["#futurefund"],"cashtags":[],"link":"https://twitter.com/fdestin/status/1252147138013921281","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1251807203813703700,"conversation_id":"1251804862444077056","created_at":1587289069000,"date":"2020-04-19","time":"09:37:49","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"5/ Point is, these situations are often muddy and it's hard to draw conclusions without context. \n\nWe should just always push for simple and clean terms at appropriate valuations.\n\nOnly one case here drove value for investors (the full ratchet) but that one still wakes me up.","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":2,"likes_count":20,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1251807203813703680","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1251806319994122200,"conversation_id":"1251804862444077056","created_at":1587288858000,"date":"2020-04-19","time":"09:34:18","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ Case 3 - founder / board trust damaged for good reasons.  Board members want clean financing but some get no support from their partnerships given situation and lack of trust.  Rescue round is pretty ugly but company survives and ends up with decent exit.  Team reincentivised.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":1,"likes_count":10,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1251806319994122240","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1251805847572930600,"conversation_id":"1251804862444077056","created_at":1587288746000,"date":"2020-04-19","time":"09:32:26","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ Case 2 - one offer at $55M pre clean terms; one at $70 pre full ratchet.  Founder is obsessed about dilution and sure his company will perform. Board votes on the $70M FR offer.  18 months later internal downround wipes out the equity with new CEO in charge.  Sad, predictable.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":2,"likes_count":17,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1251805847572930561","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1251805425802109000,"conversation_id":"1251804862444077056","created_at":1587288645000,"date":"2020-04-19","time":"09:30:45","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ Case 1 - rescue round for a company.  Two investors on the syndicate want a clean convertible, two insist on a multiple liquidation preference; 3 of 4 need to agree and in the end everyone approves a 3X Liq Pref on a smallish round.  It's stupid but better than bust.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":16,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1251805425802108928","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1251804862444077000,"conversation_id":"1251804862444077056","created_at":1587288511000,"date":"2020-04-19","time":"09:28:31","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ There are mounting calls for a list of \"VCs who use nasty terms\".  It's a bad idea because it's not that simple, unfortunately.  Let me explain based on examples I lived through.","mentions":[],"urls":[],"photos":[],"replies_count":12,"retweets_count":23,"likes_count":128,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1251804862444077056","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1251256904040538000,"conversation_id":"1251256561382670337","created_at":1587157867000,"date":"2020-04-17","time":"21:11:07","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ \"The high positivity rate also suggests that new cases in the U.S. have plateaued only because the country has hit a ceiling in its testing capacity\"  👀","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":7,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1251256904040538118","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1251069788966830000,"conversation_id":"1251069788966830080","created_at":1587113256000,"date":"2020-04-17","time":"08:47:36","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Not a bad time to be a growth investor right now.  \n\nFind the obvious themes emerging from COVID (remote work!  last mile logistics!, online notarisation!) and anoint the winners (OnFido, Notion, etc).\n\nSeed investors will have to dig deeper into less obvious segments.","mentions":[],"urls":[],"photos":[],"replies_count":7,"retweets_count":12,"likes_count":72,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1251069788966830080","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250936008570474500,"conversation_id":"1250936008570474496","created_at":1587081360000,"date":"2020-04-16","time":"23:56:00","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"As more and more startup team members get furloughed or made redundant ... it’s time to revisit these stupid rules whereby they only have a limited time to exercise their stock options.\n\nWhat’s vested is vested.","mentions":[],"urls":[],"photos":[],"replies_count":15,"retweets_count":13,"likes_count":135,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250936008570474496","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250531784971993000,"conversation_id":"1250531402409480196","created_at":1586984985000,"date":"2020-04-15","time":"21:09:45","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Huh, that's an OOG I guess !","mentions":[],"urls":[],"photos":[],"replies_count":0,"retweets_count":0,"likes_count":3,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250531784971993090","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250387312455942100,"conversation_id":"1250386407505477632","created_at":1586950541000,"date":"2020-04-15","time":"11:35:41","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ However we all know the crisis accelerates a number of shifts that are favourable to startups and that startups are relatively \"anti-fragile\" compared to more mature businesses ... so if you can afford the extended illiquidity this should be a great place to park your $$!","mentions":[],"urls":[],"photos":[],"replies_count":0,"retweets_count":0,"likes_count":3,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250387312455942144","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250386907818836000,"conversation_id":"1250386407505477632","created_at":1586950444000,"date":"2020-04-15","time":"11:34:04","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ LP defaults are not a theoretical problem and have occurred during times of crisis - in 2009 for example.  The US was far from immune.\n\nThey stem from (a) a drive to liquid assets (b) intrinsic cash pressures on the LP (c) the relative lack of recourse from the GPs.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":6,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250386907818835968","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250188483571994600,"conversation_id":"1250187035538853889","created_at":1586903136000,"date":"2020-04-14","time":"22:25:36","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ a 3-mo lockdown would push up the UK's borrowing to c. £273bn -- 14% of gross domestic product (GDP).  Largest % deficit since WWII.\n\nMore lasting impact on unemployment, estimated to rise by 2.1 million to 3.4 million by June (10%), easing back to 7.3% by YE.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":0,"likes_count":1,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250188483571994629","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250187594123686000,"conversation_id":"1250187035538853889","created_at":1586902924000,"date":"2020-04-14","time":"22:22:04","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ The UK economy would contract by 12.8% this year under this scenario, expected to get back to pre-crisis growth trend by the end of 2020\n\nExpects half of any sharp drop in growth in Q-2 to be reversed in Q-3 as the economy starts to recover.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":2,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250187594123685892","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250187035538854000,"conversation_id":"1250187035538853889","created_at":1586902791000,"date":"2020-04-14","time":"22:19:51","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ First official forecasts:\n\nThe Office for Budget Responsibility (OBR) warned the pandemic could see the economy shrink by a record 35% by June\n\nAssuming a three-month lockdown followed by three months of partial restrictions","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":10,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250187035538853889","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250084530951774200,"conversation_id":"1250081231821246464","created_at":1586878352000,"date":"2020-04-14","time":"15:32:32","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"7/ On VCs raising funds -- 47.5% expect to be delayed by a \"few months\" and 58% expect to end below target and / or without any additional commitments.\n\nChimes in with what I heard.  Recent commitments are (mostly) being honoured but expect a long crossing of the desert.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":0,"likes_count":2,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250084530951774210","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250083903441961000,"conversation_id":"1250081231821246464","created_at":1586878202000,"date":"2020-04-14","time":"15:30:02","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"6/ Valuations expected down 10-30% by 52% of respondents and down 30-50% by 30% of respondents.\n\nYou don't get brownie points for guessing the stage skew on this one :-)\n\nYet... few investors expect downrounds in THEIR portfolio -- now there's a bias for you !","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":0,"likes_count":16,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250083903441960960","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250083228435845000,"conversation_id":"1250081231821246464","created_at":1586878041000,"date":"2020-04-14","time":"15:27:21","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"5/ Target sectors are SUPER obvious - remote work, edtech, healthtech, eSports, V/R.","mentions":[],"urls":[],"photos":[],"replies_count":4,"retweets_count":0,"likes_count":9,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250083228435845120","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250082932968087600,"conversation_id":"1250081231821246464","created_at":1586877971000,"date":"2020-04-14","time":"15:26:11","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ You're looking at the combined impact of liqiduity pressure on pre-seed investors and a Series A Crunch driven by reallocation of capital to reserves and decreased risk appetite.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":0,"likes_count":3,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250082932968087552","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250082652675354600,"conversation_id":"1250081231821246464","created_at":1586877904000,"date":"2020-04-14","time":"15:25:04","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ 40% of funds have increased the follow-on allocations (i.e. reserves).  \n\nUnsurprisingly skewed:   \"~90% of respondents in the angel/accelerator/pre-seed category are not planning to increase reserves vs 55% for Seed-A investors\"\n\nWow.  There will be blood in pre-seed :-(","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":2,"likes_count":12,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250082652675354624","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1250081982660382700,"conversation_id":"1250081231821246464","created_at":1586877744000,"date":"2020-04-14","time":"15:22:24","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ Predictably the venture market is slowing - 52% of funds have revised forecasted # of deals down (...though I would have thought that number higher)\n\n50% are expecting 3-5 investments this year and 23% only 1-2.  Compare that to a normal pace for your average fund of 5-8.","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":2,"likes_count":5,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1250081982660382727","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249309329309814800,"conversation_id":"1249306122336505856","created_at":1586693529000,"date":"2020-04-12","time":"12:12:09","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"15/ Crisis creates emotional up-and-downs.  The average investor gets enthusiastic when things are going well and vice versa -- which is exactly the opposite of what a good investor should do.  To be an above average investor, you cannot follow average psychology.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":13,"likes_count":53,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249309329309814784","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249309011503169500,"conversation_id":"1249306122336505856","created_at":1586693454000,"date":"2020-04-12","time":"12:10:54","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"14/ \"Wait for the bottom\" is a cover for inaction in a crisis.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":3,"likes_count":38,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249309011503169541","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249308936848670700,"conversation_id":"1249306122336505856","created_at":1586693436000,"date":"2020-04-12","time":"12:10:36","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"13/ Hedge funds are exposed to redemption and may choose to stay away from the market -- this is optimal for the fund managers but not for their investors.  This is why closed-end funds should outperform in crisis - they can catch falling knives, even if they are to fall further.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":2,"likes_count":17,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249308936848670722","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249308772759150600,"conversation_id":"1249306122336505856","created_at":1586693397000,"date":"2020-04-12","time":"12:09:57","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"12/ \"Catching the falling knife\" is BS.  An asset is cheap when it's selling at a discount to intrinsic value.  When the knife stops falling, the opportunities are gone.\n\nPersonal judgement is all there is - that's what he gets paid for.\nYou have to get back to fundamentals.","mentions":[],"urls":[],"photos":[],"replies_count":4,"retweets_count":8,"likes_count":52,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249308772759150592","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249308437118419000,"conversation_id":"1249306122336505856","created_at":1586693317000,"date":"2020-04-12","time":"12:08:37","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"11/ Oaktree has been aggressive in this crisis given that prices are down and the marketplace is more disciplined.  \"When other people are terrified of risk, we should turn aggressive\".","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":21,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249308437118418947","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249308279206895600,"conversation_id":"1249306122336505856","created_at":1586693279000,"date":"2020-04-12","time":"12:07:59","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"10/ We need a temporary freeze on evictions, debt collections, rents etc. to allow the economy to heal itself.  A partial coma.\n\nBut many pundits underestimate how everything is linked - e.g. how do landlords maintain their buildings and central costs.\n\nNo easy solutions.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":5,"likes_count":34,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249308279206895616","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249308059379343400,"conversation_id":"1249306122336505856","created_at":1586693227000,"date":"2020-04-12","time":"12:07:07","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"9/ Oaktree entered this crisis believing in the \"meaningful probability of a depression\".  \n\nGiven governments' swift actions the centre of their probability distribution is now for a recession rather than a depression.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":4,"likes_count":19,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249308059379343361","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249307963900276700,"conversation_id":"1249306122336505856","created_at":1586693204000,"date":"2020-04-12","time":"12:06:44","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"8/ Deficits and money printing money seem inherently inflationary -- we've been in a deflationary environment or low inflation from 82 until now -- 40 years\n\nThe return of inflation in this environment would be the worst possible outcome.  We don't know.","mentions":[],"urls":[],"photos":[],"replies_count":4,"retweets_count":3,"likes_count":32,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249307963900276737","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249307761571238000,"conversation_id":"1249306122336505856","created_at":1586693156000,"date":"2020-04-12","time":"12:05:56","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"7/  We will run huge deficits (that will never be repaid) and add to the national debt -- how much is too much ?  \n\nModern monetary theory states it doesn't matter which Howard finds hard to believe.  \n\nWe don't know what that means for the economy.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":2,"likes_count":21,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249307761571237889","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249307383324696600,"conversation_id":"1249306122336505856","created_at":1586693065000,"date":"2020-04-12","time":"12:04:25","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"6/ Governments' main tool for stimulating the economy is deficits.  We started this crisis with a $1TRN deficit in the US - so the ability to do deficit spending should be limited in some way\n\n60 years ago people used to debate whether it was OK for government to even owe money.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":6,"likes_count":31,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249307383324696577","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249307081196388400,"conversation_id":"1249306122336505856","created_at":1586692993000,"date":"2020-04-12","time":"12:03:13","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"5/ Central banks have exhausted their capacity to act on interest rates (the main tool for stimulating the economy/ GDP).  In the past interest rate action used to mean 500bps (5%).  In the global financial crisis they went from 5 to 0.  \n\nHere we started the crisis at 1.5%.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":3,"likes_count":20,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249307081196388352","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249306946420772900,"conversation_id":"1249306122336505856","created_at":1586692961000,"date":"2020-04-12","time":"12:02:41","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ 2008 came off a period where banks were over-levered 32X their equity and had invested in sub-prime mortgages.\n\nThis time around we are not coming off a bubble, the banks are much less leveraged and there is no analog as deficient as the sub-prime mortgages.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":2,"likes_count":22,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249306946420772864","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249306786508746800,"conversation_id":"1249306122336505856","created_at":1586692923000,"date":"2020-04-12","time":"12:02:03","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ A lot of assets and investments entities are over-levered and may not survive.  They are now having their liquidity withdrawn by lenders who need the money back.\n\nSo on top of an economic freeze, we have a withdrawal of liquidity, and the combination is very serious.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":3,"likes_count":29,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249306786508746752","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249306548003799000,"conversation_id":"1249306122336505856","created_at":1586692866000,"date":"2020-04-12","time":"12:01:06","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ We have a total stoppage of the economy, an unprecedented deep freeze of unknown length which comes after 11 years of prosperity and declining interest rates. \n\nPeople used excessive debt to buy low quality, highly priced and lever themselves into palatable returns.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":3,"likes_count":35,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249306548003799040","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249306122336505900,"conversation_id":"1249306122336505856","created_at":1586692765000,"date":"2020-04-12","time":"11:59:25","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ If you're trying to get a simple macro-view of the current downturn, few people are as articulate as Howard Marks of Oaktree -- I've summarised his key insights below:","mentions":[],"urls":[],"photos":[],"replies_count":13,"retweets_count":77,"likes_count":373,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249306122336505856","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249292771627798500,"conversation_id":"1249292771627798529","created_at":1586689582000,"date":"2020-04-12","time":"11:06:22","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"One thing about a crisis like this - it’s inspiring to see the amount of creativity and energy it’s unleashed in our startups.\n\nMaking radical, ambitious product choices.  Laser focused on customer outcomes versus their own processes. \n\nWartime CEOs are efficient CEOs.","mentions":[],"urls":[],"photos":[],"replies_count":3,"retweets_count":7,"likes_count":76,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249292771627798529","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249119667739902000,"conversation_id":"1249114320782462982","created_at":1586648310000,"date":"2020-04-11","time":"23:38:30","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"So given it’s smart team and we’re all moving to “asynchronous” work I’m expecting a string of new offerings around hosted recordings, transcriptions, annotations — maybe though a real ecosystem model. \n\nHarder to do as a public company though.","mentions":[],"urls":[],"photos":[],"replies_count":8,"retweets_count":0,"likes_count":20,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249119667739901953","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1249114320782463000,"conversation_id":"1249114320782462982","created_at":1586647036000,"date":"2020-04-11","time":"23:17:16","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"Unlike say Notion (or even Skype in it’s heyday who suffered mostly from self-inflicted wounds but had serious network effects), I can’t really see what fundamentally protects Zoom from a better / faster / cheaper competitor.  \n\nThere’s limited to no cost to shifting overnight.","mentions":[],"urls":[],"photos":[],"replies_count":35,"retweets_count":5,"likes_count":60,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1249114320782462982","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1248499539721347000,"conversation_id":"1248498907702636547","created_at":1586500460000,"date":"2020-04-10","time":"06:34:20","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ this is why I’m so ambiguous about these “save our startups” programmes.  The reason why I’m ambiguous rather than negative is because I think “tech” (including bio of course) is key to the future and hence strategic for the UK.  But that’s preaching for my own chapel.","mentions":[],"urls":[],"photos":[],"replies_count":6,"retweets_count":2,"likes_count":32,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1248499539721347073","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247960725785641000,"conversation_id":"1247959373810470912","created_at":1586371997000,"date":"2020-04-08","time":"18:53:17","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"7/ You may or may not make it through to fund II; these are exceptional times.  \n\nBut no one can take away from you the meaningful work you with founders and the relationships that you build through this crisis.  \n\nOr the way you acted under duress.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":1,"likes_count":28,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247960725785640961","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247960469081636900,"conversation_id":"1247959373810470912","created_at":1586371936000,"date":"2020-04-08","time":"18:52:16","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"6/ There is a lot we don’t know.  Trust is paramount, with your founders, your investors and your team. Do your best to correctly assess each situation and don’t let your own fears seep into it.   Don’t sway.  Don’t rush into pivots either.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":2,"likes_count":15,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247960469081636864","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247960377155096600,"conversation_id":"1247959373810470912","created_at":1586371914000,"date":"2020-04-08","time":"18:51:54","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"5/ Be equally transparent with your founders as you are with your LPs.  They’re not expecting miracles from you and they understand the crisis may force you to make hard decisions.  Just be a steady influence.  \n\nIt’s harder for them than for you.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":2,"likes_count":22,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247960377155096576","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247960187165704200,"conversation_id":"1247959373810470912","created_at":1586371869000,"date":"2020-04-08","time":"18:51:09","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ Don’t be *that VC* who steps off the Peloton to tell founders to cut burn by 40%.  Get into the arena.  Delve into product, sales, GTM etc.  Your founders need sparring partners to think this through.  Do the work.  Focus on solutions.","mentions":[],"urls":[],"photos":[],"replies_count":4,"retweets_count":11,"likes_count":52,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247960187165704192","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247960049605128200,"conversation_id":"1247959373810470912","created_at":1586371836000,"date":"2020-04-08","time":"18:50:36","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ Over-communicate with your LPs.  This is not a time to sell, but to be transparent. Your investors are trying to figure this out, and unique, deep portfolio insights are valuable.  They will respect you for being honest and realistic.","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":3,"likes_count":21,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247960049605128193","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247959373810471000,"conversation_id":"1247959373810470912","created_at":1586371675000,"date":"2020-04-08","time":"18:47:55","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ If you’re an emerging manager right now, you might be struggling.  VCs are not immune to this crisis.  Some advice:","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":21,"likes_count":85,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247959373810470912","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247490566969086000,"conversation_id":"1247489640040411136","created_at":1586259903000,"date":"2020-04-07","time":"11:45:03","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"4/ Experience will tell you -- make deep and hard cuts once and early. \n\nI promise you, if you do 2-3 cuts on the coming 6 months you will completely destroy everyone's confidence.\n\nRebuild your team and operations as you regain confidence.\n\nI know it sucks.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":7,"likes_count":37,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247490566969085952","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247490079125274600,"conversation_id":"1247489640040411136","created_at":1586259786000,"date":"2020-04-07","time":"11:43:06","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"3/ Just work bottom up on your resources and ask the question - how lean can I go without breaking the machine?","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":1,"likes_count":8,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247490079125274625","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247489905346916400,"conversation_id":"1247489640040411136","created_at":1586259745000,"date":"2020-04-07","time":"11:42:25","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"2/ Well there's a simple reason for that.  You can't forecast the unforecastable.  You need simple hacks to make simple decisions.","mentions":[],"urls":[],"photos":[],"replies_count":2,"retweets_count":1,"likes_count":4,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247489905346916359","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247489640040411100,"conversation_id":"1247489640040411136","created_at":1586259682000,"date":"2020-04-07","time":"11:41:22","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"1/ Frustrated with scenario analysing your business to death?","mentions":[],"urls":[],"photos":[],"replies_count":1,"retweets_count":5,"likes_count":24,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247489640040411136","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
{"id":1247216167426670600,"conversation_id":"1247216167426670593","created_at":1586194481000,"date":"2020-04-06","time":"17:34:41","timezone":"UTC","user_id":7386292,"username":"fdestin","name":"Fred Destin","place":"","tweet":"OH: “Ad revenue from PPC on domain landers, which is almost always a leading indicator of overall ad spending and the greater market, is down by over 60% from 30 days ago”","mentions":[],"urls":[],"photos":[],"replies_count":5,"retweets_count":6,"likes_count":21,"hashtags":[],"cashtags":[],"link":"https://twitter.com/fdestin/status/1247216167426670593","retweet":false,"quote_url":"","video":0,"near":"","geo":"","source":"","user_rt_id":"","user_rt":"","retweet_id":"","reply_to":[{"user_id":"7386292","username":"fdestin"}],"retweet_date":""}
