Above the Crowd

CLICK HERE TO PRE-ORDER Almost a decade ago I had an inspiration. Leveraging a habit of reading biographies, I noticed a pattern of success amongst three unrelated individuals – a restauranteur, a basketball coach, and a folk singer. I then reread each book, and the patterns became even more clear. I knew quite quickly this was a story I wanted to share. Over the past six years, I have done exhaustive research on this theme. First, digging through the academic literature on job satisfaction and career regret. Unfortunately, 59% of adults are unsatisfied at work. Moreover, a similar percentage (6/10) responded “yes” when asked, […]

In his recent bankruptcy proceeding filing, John Ray III, the new CEO and Chief Restructuring Officer at FTX, minced no words: I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron). I have supervised situations involving novel financial structures (Enron and Residential Capital) and cross-border asset recovery and maximization (Nortel and Overseas Shipholding). Nearly every situation in which I have been involved has been characterized by defects of […]

Thanks to the pioneering work of Barry McCarty and others, paying the “IPO Pop Tax” is now 100% optional.

If you are looking past or through Covid — and why not, all of Wall Street is — the topic du jour in Silicon Valley is Special Purpose Acquisition Companies, or SPACs. SPACs are all the rage, and everybody and their brother have either raised one or are talking about raising one. What are they, and do they matter right now? Historically they have been a kind of back-door way for a company to go public, and as a result have historically had a sub-standard reputation. But in light of where we are in 2020, especially with regard to the […]

(*) Benchmark is/was an investor in companies labeled with the asterisk. In 1776, Adam Smith released his magnum opus, An Inquiry into the Nature and Causes of the Wealth of Nations , in which he outlined his fundamental economic theories. Front and center in the book — in fact in Book 1, Chapter 1 — is his realization of the productivity improvements made possible through the “Division of Labour”: It is the great multiplication of the production of all the different arts, in consequence of the division of labour, which occasions, in a well-governed society, that universal opulence which extends itself to the lowest ranks of the people. Every workman has a […]