YouSaid · the spoken record

Martín Escobari

lines on the record: 75
first: 2025-04-17
most recent: 2025-04-17
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“From Warren Buffett, you only have 20 slots in your life as of your investor. Wait for the big fish. And waste them on marginal opportunities. You don't eat mark to market, only cash on cash counts. And the final one, if you think like the crowd, you're destined to mediocrity”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Bring someone along. And that's there's two points like Robert Frost and Walt Willeman. Robert Frost journey, the road less travel is a lonely journey Walt Woodman's is about opening the road and bringing, extend out a hand and give you my, he says, I give you my love. Bring someone you love along. And the most important decision of a man's life or a woman's life is who your life partner is. Bring someone along on this adventure because it's twice as fun if you can reminisce in your old age about all the great twists and turns that life throws behind you”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“As I think of the twelfth junctures where I had to make life changing career choices, I always took the most adventurous route. Choose the most adventurous route, and don't do it alone. Bring someone”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Bigger than the Roman, bigger than the Ottoman. Only the British had a bigger empire. And he had rule of law. He was meritocratic. He embraced diversity. He invested in the arts. He was portrayed. He was pro-interchange of ideas and built something unheard of at the time before technology. It was 17% of the world's land under one empire that a single man, an orphan, a nomad, built in the twelve hundreds. Beautiful.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“So, Victor Frankel, men in search of purpose I read it five times in my life. My purpose keeps changing. And then we talked about this. I really am a fan of Genji Scan and the making of the modern world. It was a super interesting. because it defied the stereotype that this was a savage, ruthless conqueror. He was an incredibly sophisticated man that built the largest empire, built in space.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“10 million copies. If you've never met him, see, I'm not your guru at Netflix. And you'll get a chance to feel his energy.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“It was life changing, and I am forever greater grateful for Tutoni, and I am a big proponent, and he's an incredible human being”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“It is fabulous. It's about controlling your emotion and charting your own destiny. As a hungry 20-year-old, it calmed the hell out of me.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“So their three books that changed my life as a 20 year old, I read Tony Robin's Awakened The Giant Within I know it's cheesy, I know it's self help. It is a fabulous”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Listen, I've had the pleasure of working with six great investors, the guys at 3G, some people at Advent, Steve, Dave, and Bill Ford at GA. And having sat in three different investment committees, there's a game I used to play. Which is every unique investor has a perspective that frames their worldview. I would try to learn and predict what they're going to say in the investment committee. And the moment I got to 80% accuracy, I was like, okay, I get it. I got it. I get it how Steve Denning thinks. I get it how Bill Ford thinks. And my investment style is a mixture of all these six great investors that had the honor of working with. And I hope I am utterly unpredictable.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“It's gorgeous, and I'm a big fan of Mike White. A great way I connect with my teenage daughter is watching Saturday Night Live. Not just the current, but the old. Lauren Michaels is a genius. He stayed fresh for fifty years. And a great way to cross the intergenerational gap is to show that us old people were once young and our humor was actually kind of edgy. We're not just these old farts that were to be grown to be once upon a time our generation had its shot.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“The big insight, and it takes us to get to the old age to fully appreciate it. If you take stock, what percent of your mental time are you in the past and are you in the future? And for a lot of young people, 70% of their time is not in the And if you want to savor life and breathe and savor the air you're breathing, you need 80% of your mental time to be here, now, today with you. And the sooner you get there, I mean, Confucius has this great line. He says every man has two lives. The second one starts when you recognize you only have one. And I just wish people get to that realization in their 30s, not in their 50s, when they're going to their 30th three union.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“So I was 18 years old. I bartended at all sorts of reunions. And the most interesting reunions were the 25th and 30th reunion from both the college and the business school. Because in both, I used to have a name tag and it said, my name, Bolivia, and how old I was, I think there were like 30 people that came up, somewhat in drunk, look at me, some of them touch my cheek. I said, you're so young. Please enjoy it, soon you will be me, and it will be a flicker, a turn of an eyelid, it will be a second, and you'll be me. And I had forgotten this story. It was odd at the time. I thought it was a little awkward. I was at my thirtieth reunion, and there was this young woman from Finland who was 17 years old, and I went up to her and said, oh, please do enjoy your life because it flows by in a second. And then I remembered I was her a second ago.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“And they only use this data to provide five kids to come meet the president, they all get mad. Yeah, they choose five. A lot of data about some other kids. So, what Primer Ashanza does is it goes to rural northeast. This is the poorest area of Brazil, the most unfair in the world, finds these 13-year-old geniuses and helps them get into good high schools in major cities and eventually get into great colleges. So that's one of the interventions on the education sector.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“and the best form of love speech is live music. When we're in a room viving to the same tune, breathing the same air, listening the Os, the ahs and the singing to the same artists, we're all together. There's no racial, there's no income differential, there's no country differential, we're all vibing to the same music. So Lincoln Center is about music with Endeavor, it's about promoting entrepreneurship across the globe by creating role models and mentorships. And I've been doing that for 22 years. I'm now in the global board trying to take this into even more countries. And then scholarships. Primer Ashance, and I do it also with Harvard, and I do it also with my high school in Bolivia. Talent is sprinkled globally. Find those perils wherever they are. Premier Chance is quite interesting. It turns out the Bolivian public education system tests kids in the Math Olympics when they're 13.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Got to be in motion. So I run a concentrated book in my philanthropy. I put my time and my wealth on a couple of things. I care deeply about education, scholarships. I care deeply about entrepreneurship. And I care deeply about music. Why do I care about music? The cancer of our generation is tribalism. Society And combat tribalism, I don't believe we should censor hate speech, but we should promote love speech.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“So listen, I believe wealth is a unit of energy. And if you just hoard it, You feel stuffy, slow, and it's not good energy.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Listen, you have to ignore the gut until you do your homework. Do the work. Do the analysis. Do the customer segmentation. Do the financial due diligence. Do the market survey. Do this competitor survey. Do the cost analysis. After you've fed the gut. With all that data, then you listen to the system one gut, which is three million years old, because it's likely to lead you in the right direction. The gut is wise if you give it the right inputs. If you let the God guide you before you do the work, you're likely to make mistakes.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“And before I make a decision, I close the notebook and see how I feel in my gut. So the educated gut. Is the way to make complex decisions.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Thinking fast, thinking slow is a checklist manifesto. But even the author of Thinking Fast and Danny Kellerman, he stumbled into the checklist, creating the checklist for interviews for the Israeli Defense Force elite units. And he used a checklist. But after I found out, and it was not in the book purposely, there were these super interviewers that applied the checklist and had not ordered 85% accurate rate, but a 99% accurate. Turns out that's a big difference. And it's best captured by this woman who was the sort of the master prognosticator. And what she would say is, listen, I do the work, I do the checklist.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Need to build a checklist. Look at our deals, our best performing deals, all share the three M's and we'll talk about the 3M's and other characteristics. And they look at the money losers and create a negative checklist and for God's sake, please produce the GA checklist. I was like, okay, checklist. Same day, I go to Dave Hudson. Dave Hudson, Pi Beta Kappa, Dharmu, Stanford, programmer, genius, 200 IQ plus. Every time he speaks, I have to shut my eyes and try to make sure I capture what he's saying. And the first thing he says is resist the temptation to have a checklist. If it was as simple as a checklist, we wouldn't be paid 220 to make. The application of the checklist, and I was like, Oh my god, the two guys around the firm for 25 years can't agree on how to make an investment decision. Truth is, and I did some research on this,”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Funny you mentioned checklist, so we do have a checklist, but let me tell you a story of the GA checklist. So when I became chairman of the investment committee seven years ago, I felt grossly unqualified because my experience is primarily emerging markets. And most of what we do is develop markets. So I went to the co-founders of the firm, Steve Denning and Dave Hodson. Incredible minds. These guys ran the firm for the first 25 years. Incredible returns geniuses. And I went to Steve and Steve was CEO for 25 years. He's a former Navy captain McKinsey train, very, very structured. And he says, Martin.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“It's rapid, it's accelerating, but it's human nature to be disappointed by the short-term trajectory and wowed by how deep it is five years from now. Like any exponential, we lose, we have a hard time imagining the power of exponentials. In five years, it is going to be massive and penetrated. Whether the next 12 months disappoint, I am sure they will disappoint.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“And in super friendly, energized community builder of a team. And it's a company called Runway.ai, which I think will change the industry.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“We all use WeChat or WhatsApp. Now there's we think a window to bring insider to the United States, U.S. is half the market, but only 7% of insider sales. We're really strong in the United States. We're going to help them grow. So that's insider. Another company is VI Labs using AI for behavioral interventions, helping the diabetic state of their medication, helping gym goers go to the gym, reducing churn, all using AI to prevent behavioral nudges, Israeli entrepreneur in the US, building in the US. And the fourth one is a Chilean founder, scholarship kit to NYU, is created a text to video program. You describe a scene, it produces the video. Unlike ChatGBT, he trained it with permission, so he has copyright. Which turns out if you're in the image business, kind of important, taking off like fire.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“So they develop great software that really worked with instant messaging from both the West and the East. And they used this edge to develop clients in Europe and in Asia. It's now a $130 million business, growing very fast, profitable. The huge opportunities in the US market. It turns out the U.S. market is only now discovering instant messaging. We still send emails to companies to inquire about our orders. The rest of the world does not remember what it's like to email a company.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“So let me tell you about this company called Insider. It's a software company, enterprise marketing software companies. It helps companies deliver the right message to the right person at the right time in the right media. This company was founded in Turkey. Turkey has two things going for it. Number one, huge gaming community and huge gaming programmer community. So there's lots of programming talent. And because it's kind of in Asia, but it's also in Europe. Its population uses WeChat and WhatsApp.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Investing in AI, which is one of the things we're doing, we stayed away from the infrastructure layer, sort of data in the growth equity program, data centers, large language models, chips, capital intensive, some technology risk that's hard to price. We've been focused on the application layer, sort of software companies that are using proprietary data and AI to provide a new service. And for the last four years, we've met 800 companies, and it was venture stage. And the valuations were growth equity stage. So bad combination Finally, in the last six months, their growth equity stage, and we've just done three major investments on AI. And I think we'll do dozens.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Listen, I think AI is the revolution that we were talking about. Unlike the internet or the mobile internet or the cloud, this one is truly transformational because it will touch about 80% of GDP. The previous waves touched between ten and twenty percent. This is a 4x bigger wave. Every process we throw AI to gets 30 to 40 percent more efficient. In today's version of AI, which will be outdated in about three weeks, so programmers are more effective. Online marketing teams spend 30% less. Call centers don't need any humans. Decision making enhanced with a bot is better. The proof points are already there. And we're asking all our businesses, how will AI fundamentally change your business model and get ahead of it?”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“We come in when you're profitable and scaled. And the risk we're taking is not whether you have product market fit, but whether you can really scale to your full potential. Our loss ratios, the sort of percent of the time in which we lose money is three to four percent for the last”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Brilliant governance and the advantage of having seen so many Natural resource rich countries squander it away with Dutch disease. I think they got religion. You remember? Sure. And they got religion and they're making the right levels of investments. And there's so much innovation. We just invest in a company called Kayali. It's a perfume brand. It's a beautiful entrepreneur who's created this concept which was new to me. It turns out the Gen C likes to do layering of perfumes, which is to combine three, four, five perfumes and create your own blend. And she's built her whole brand around this. And it's a global brand born in the Middle East. How exciting is that? So I think we're going to see more and more innovation out of the Middle East. And I think they're doing a lot of things right.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this is a topic my sister cares really a lot about. She's dedicated her life to it. She was most recently at the National Security Council focused on immigration. Yes, I was just in Dubai two weeks ago. It's a different Dubai. Some of the brightest minds of Europe have moved to Dubai, attracted by the Vivram metropolis that's setting up their low tax jurisdictions, low bureaucracy, whereas the rest of Europe is taxing and making immigration harder and ending the non dumb, some countries like Dubai, like Singapore, are opening up to the world and attracting the world's best talent. Soon enough we'll wake up and say, hey, the United States can't lose this edge. I hope it does.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“The reason the United States is not suffering from the same issues is we've had very healthy legal immigration for the last 30 years, and that's refreshed and populated half the unicorns. So I suspect part of the answer of the sort of West that's aging is flexibilizing. Immig”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a tough one. I think the aging of the West creates numerous opportunities for healthcare services. It will be mission critical, and I think we have to invest in making sure we work under the health spent issue, how they solve those issues. My crystal ball is not perfect. I am a big believer in immigration.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, somehow Japan lost its innovation edge it had in the nineties, and it had to do with the generation that was not embracing of rapid change. And there's a new generation of managers that are embracing rapid change. They don't yet have a growth equity industry, but they're great in software, they're great in financial services, they're great in gaming. I think it's early, but I do see a lot of innovation out of Japan. In Southeast Asia, Vietnam is super exciting. It's a net beneficiary of supply chain diversification away from China. It is incredibly entrepreneurial. It's incredibly young. We've made investments in the financial services sector. We're right now looking at something in the healthcare sector. That's also very exciting.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Lester Africa is the next frontier. We've done two initial investments in Africa, it's still 10 years away from growth equity. Rule of law still needs to work. We just open offices in the Middle East. The golf economy is vibrant entrepreneurship is thriving. Southeast Asia is having a pickup. We're beginning to do more work in Japan. The next generation of Japan is rediscovering its innovation roots that it had in the 90s but lost for 30 years. So all these places are very exciting. Now, the US is incredibly exciting. It's half of what we do. It is transformational. It's leading the AI revolution. AI is the defining. incredible revolution of this generation of 25 year olds and that's also very exciting it's probably one of the most exciting new par alles is what we see going on in ai”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Same issue private solution not a public solution. But it addresses to one of the core beliefs I have, which is a lot of the inefficiency and poverty outside the US is there is no meritocracy. Biometrics allows for a meritocracy. You can have a track record, you pay your taxes, you show your formal, you can borrow against it. If you pay your loans, it is trackable, your interest rate comes down. If your interest rate comes down, you can borrow and you can send your kid to a better college. So this idea of taking friction away and bringing meritocracy forward is so mission critical and so unlocking of value that it's very exciting to be able to back the rails of that. And India has been a role model on this.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Or with a digital curriculum that self-learning using AI, blah, blah, blah. So big problem, big solution. Another one, for example, turns out Brazil and Mexico number one and number two in the world in fraud and identity fraud. We are absolutely world-class fraudsters in my neck of the woods. We have two companies, one focused in Mexico, one focused in Brazil, that use biometrics to zero out all fraud with tremendous impact on financial inclusion. Our North Star for most of what we do in the emerging markets is to find digital solutions to these big problems and hopefully profit that way.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, listen, what we've tried to do in the emerging markets is to focus on the big problems. Turns out there are bigger problems in the emerging markets. And if you can find a digital solution to a big problem, you're likely going to be able to build a beautiful business with gross margin, that has a moat. Renting an apartment we were just talking before about the rental market. It's hard in the US. In Brazil, it's almost impossible because 80% of the listings are fake. They're just a broker trying to get you to, oh, that one just sold. But let me show you three other ones that I have. Buying a used car is hard in the United States. In Mexico, you may discover what you bought is not actually a car. So if you create a platform that creates a transactional platform, education, huge problems in education. If you create a supplier that provides a digital curriculum, we now have a company in Brazil that teaches 3 million kids a day.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“In moments of chaos, there is opportunities to do once in a generation 10x bets is an insight that has allowed me to navigate the volatility in all the emerging markets because chaos visits more frequently the emerging markets.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Waiting for the fat fish. And then when he appears, you have two seconds to make the kill. And that's what they do. And their journey was, so they're investment bankers. They had the number one investment bank in Brazil, too much cash. They wanted real assets. They were hunting for a large asset that had a characteristics of an industry that would benefit once inflation stopped. That was their bet. And they weighted the weighted, they waited. And a week before a momentous election, the Swiss owners of the number two beer company panicked and they sold their business in two days. They bought it. Big fish. Then they waited ten years. They made that business really profitable, really efficient. And then another crisis, when the number one beer company was in difficulties, they pounced again. And they did it again twenty years later when Anhauser Bush was in the great crisis of the great financial crisis and they struck globally creating the, so this idea that”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“And they actually physically are spear fishers. They go on the weekend. And the beauty of spearfishing, which I've done since. Is you not swim towards the fish? You choose an area full of fish, you dive down without a tank just you and your spear, and you hold your breath for three to five minutes.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Bolivia taught me about chaos Brazil taught me about profiting from chaos. So, one of the interesting experiences is at the darkest moment of the night when Sumarino was almost bankrupt, I decided I had almost lost hope at emerging markets investing. And I decided like I typically do to treat it like a research project. And I convince a professor from Harvard to do a project with me where we studied 10 incredible Brazilian companies that had thrived in the 90s and become multibillion dollar corporations and compared them to 10 competitors of theirs that didn't thrive. And we took it, we did 500 interviews, we wrote this book, which I gave you a copy of, and I hope you'll enjoy it. And the big insight is that in moments of chaos, there is a once-in-a-generation opportunity to do a transformational change to your business. And the masters of this, and there's 10 examples in the book, but the masters of this is the 3G guys. And what the 3G guys set out to do is what I call spearfish.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Eventually long after we were gone in 2012, when I started at GA, we looked at the Brazilian market. And the four retail banks had 99% share. And we said, This smells like something we've seen before. We backed one of the disruptors, 99% dropped to 78%. This company multiplied itself 100 times. We've done the same thing in India with IFL Wealth, in China, with Futu. We're doing it again in Mexico with Clark. So a lot of this future telling is pattern recognition. And the more you have done in a para alley, the easier it is to recognize these patterns.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“It helps when you're specialized in a business model. So one of our power allies is investment management. And I'll tell you one long story to bring a power ally to life. In the mid-90s, we looked at the wealth management industry in the United States, and it was 80% concentrated in retail banks. The guy that was selling you the mortgage, the checking account was also selling your 401k and your brokerage. And the fees were high and the service was poor. We took the bet that 80% would come down. And sure enough, over the following decade, 80% came down to 10%. They were disrupted by Schwab, a meritrade, e-trade, fidelity, vanguard. We invested in E-Trade 27 times multiple within seven years.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“You have to capture gross margin. You have to sell the unit you produce at a markup to what the cost of production is. The bigger the margin, the more beautiful you are. Now, the beauty, that's a picture of beauty. What's really relevant about beauty is lifetime beauty Is that gross margin defensible or will it be eroded away by the competitors that see your beautiful gross margins? And the real question about it is the durability of the beauty. And you get durability when you have moat. And you get moat when you have economies of scale, economies of scope, learning externalities, network effects, agility. What are the conditions that this team has to create gross margin and build a humongous, beautiful moat that allows us to be a lifetime gross margin, hopefully an increase in gross margin?”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Listen, there's more uncertainty in the world than usual and predicting the macro is hard. When faced with uncertainty? Diversify, globally diversify, and focus on the highest quality companies, and they uncertainly becomes less determined to your fate. Predicting the US politics for the next four weeks is impossible for the next six months. Even harder. So please don't take me there. This solution to the uncertainty is diversification and qual”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“This quarter a little up, maybe some headroom there, some headwinds. The third one is you need six IPOs that pop. We haven't had that. But I think Conditions are set for the market to open at some point in this year. And when they do, it will unlock a lot of value. Now, this dislocation is going to take a while to flow through because a good IPO market moves about $200 billion of stock. I said there's $800 billion of backlog. It will take two to three years for pricing conditions to normalize.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“Globally. More than half in the US, but it is a backlog of 800 billion dollars of stock. That hasn't been able to move. And that's why we're seeing such attractive pricing in the growth equity space is mostly hunting in these tired cap tables, pressured GPs that need to show DPI, and companies that are unable to go public. Now, what does it take for the IPO market to open up? Historically, you need three things. One is you need positive S&P 500 performance for the trailing two years.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source
“So the The growth equity opportunity set is the cheapest it's been in twenty-five years. The price for growth that we have been asked to pay is the cheapest I've ever seen in my career. I've been around. Why is it so cheap exactly for what you just said, Barry? We've gone three and a half years without a vibrant IPO market in the United States. That is really long. This is the longest period in recorded history. The second longest this century was 18 months starting in March of 2000. We estimate there's about 3,000 companies waiting to go public. This is about 800.”
2025-04-17 · Masters in Business · Trends in Emerging Markets with Martín Escobari · IDENTIFIED FROM THE TRANSCRIPT · source