A Letter a Day

A Letter a Day compiles diverse insights from notable investors, founders, and operators, offering deep dives into industry-specific strategies, investment philosophies, company culture, and technological innovations. It spans various sectors including public markets, private equity, venture capital, real estate, technology, financial industry dynamics, and digital product development.

Investment Strategies Industry Insights Venture Capital Corporate Culture Technological Innovation Company Founding and Operations Market Trends Digital Media and Products

The hottest Substack posts of A Letter a Day

And their main takeaways

And... we're back.

255 implied HN points • 27 Jan 24
💼 Business News Finance Podcasts Technology Art & Illustration
  1. Steve Jobs and Substack didn't include on-off switches on devices or newsletters to avoid immediate disengagement.
  2. The author stopped the newsletter but received requests to continue due to its impact on readers' lives.
  3. The newsletter will restart, remaining free, with subscriptions only serving to measure engagement.

Letter #152: Steve Eisman, Danny Moses, Vincent Daniel, and Porter Collins (2024)

176 implied HN points • 03 Feb 24
💰 Finance Investing Financial Crisis Economy Stock Market
  1. Four 'Big Short' traders from FrontPoint Partners discussed their experiences and current perspectives on investing and short selling in the financial industry.
  2. They shared insights on their past trades like shorting Tesla and UPS, as well as their current high conviction trades and concerns about areas like commercial real estate.
  3. Despite changes in their approach and careers, these traders continue to monitor credit quality and consumer behavior as key indicators for the US economy.

Letter #153: Susan Li (2023)

117 implied HN points • 06 Feb 24
💼 Business Technology Finance Investing Innovation Marketing
  1. Meta CFO Susan Li discussed the strong Q2 results, digital ad spending, AI investments, and future ambitions during an interview.
  2. AI investments have positively impacted engagement and revenue growth on Meta's platforms.
  3. Meta's new app 'Threads' is focused on user experience first before considering monetization.

Letter #154: Josh Kushner and Kareem Zaki (2023)

98 implied HN points • 10 Feb 24
💼 Business Venture Capital Investing Startups Technology Entrepreneurship
  1. When starting a venture capital firm, consider going against conventional wisdom and focus on a unique approach. Josh Kushner and Kareem Zaki emphasize the importance of building a firm that is hands-on and sector-agnostic, going beyond traditional boundaries in investment strategies.
  2. In consumer investments, look at trends like the rise of creators and the power of brands. Thrive Capital highlights the significance of coupling an extraordinary product with strong brand presence across different industries, not just limited to direct-to-consumer businesses.
  3. Consider major life decisions beyond a specific industry. The intersection of software and hardware, growth in healthcare technology, and trends like brain-machine interfaces offer promising investment opportunities. Keeping a flexible mindset and being able to adapt to fast-paced changes is crucial in today's evolving landscape.

The Archive

550 implied HN points • 13 Apr 23
💼 Business Investors Venture Capital Private Equity Founders
  1. The project involves sharing letters from influential investors, founders, and operators.
  2. The bottom-up approach helps to understand industries and people by reading their published works and listening to their talks.
  3. The newsletter provides a diverse range of insights from various individuals across different sectors such as public markets, venture capital, private equity, founders, operators, and talent hubs.
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Letter #84: Sam Zell (1976)

334 implied HN points • 20 May 23
💼 Business Real Estate Investing Finance Economics Entrepreneurship
  1. Sam Zell was a successful real estate mogul, starting his career in property management before building a massive real estate empire.
  2. In his 1976 essay, Zell discussed the opportunities in distressed properties, emphasizing the importance of initial investment analysis and financial restructuring.
  3. Investors in distressed properties are motivated by the potential for equity value appreciation and long-term asset value growth, despite initial cash-flow challenges.

Letter #90: Andrew Pastor (2021)

275 implied HN points • 10 Jun 23
💼 Business Investing Company analysis Leadership Innovation Management
  1. Good investment ideas can come from unexpected sources, like a round of golf or a casual conversation.
  2. Successful investments often share common traits that aren't found through traditional stock screens.
  3. Applying specific filters, such as assessing risk and uncertainty, evaluating management decisions, and understanding company culture, can help in identifying valuable investment opportunities.

Letter #97: Henry Kravis (2004)

216 implied HN points • 04 Jul 23
💼 Business Private Equity Investing Value Creation
  1. The private equity industry has evolved over the past three decades, facing challenges due to its success.
  2. Private equity firms need to start adding value to their investments from day one, not just in year two.
  3. Success in private equity today requires skilled people, disciplined approach to managing operations, and global opportunities.

Letter #73: Jon Pollock (2015)

255 implied HN points • 15 Apr 23
💼 Business Investing Activism Technology Management Strategy
  1. Jon Pollock discusses how activism fits into Elliott Management's overall investment strategy by seeking to positively shape investment outcomes and drive returns.
  2. Elliott Management excels in activism in the Technology sector due to the complex nature of the industry and the potential for unlocking value through operational improvements.
  3. Elliott Management's success in attaining board representation without launching proxy fights is attributed to strong relationships with institutional shareholders and the identification of situations where change is needed.

Letter #86: Jensen Huang (2004)

196 implied HN points • 27 May 23
💼 Business Technology Investments Innovation Financial results
  1. Jensen Huang founded Nvidia in 1993 and helped revolutionize computer graphics with GPU technology.
  2. In 2004, Nvidia reached milestones like being first to market with programmable shaders and significant revenue growth in media and communication processors.
  3. Nvidia positioned itself as a leader in the Networked Digital Media Era, emphasizing on growth opportunities in GPU technology, media centers, mobile computing, and wireless handsets.

Letters #82/83: Evan Spiegel and Mitch Lasky (2014)

196 implied HN points • 16 May 23
💼 Business Finance Technology Investments Companies Market Analysis
  1. Email exchange between Evan Spiegel and Mitch Lasky focused on financing, hiring, and communicating with Facebook
  2. Discussion on the importance of sustainable monetization before seeking high valuations and the need for strategic hiring for growth
  3. Insight into the market conditions, the importance of revenue generation, and Snapchat's focus on innovation and growth

Letter #78: Julian Robertson (2000)

196 implied HN points • 02 May 23
💰 Finance Investing Stocks Market Analysis Financial history
  1. 20-year run of Tiger Management saw impressive returns but faced struggles from 1998-2000, leading to the decision to shut down the fund
  2. Julian Robertson emphasized the importance of value investing over speculative, short-term gains driven by irrational markets
  3. Regardless of setbacks, Robertson believes in the long-term potential of value investing and the cyclicality of market trends

Letter #77: Mark Zuckerberg (2012)

176 implied HN points • 29 Apr 23
💼 Business Technology Entrepreneurship Culture Innovation
  1. Mark Zuckerberg founded Facebook with a mission to make the world more open and connected.
  2. Facebook aims to help improve personal relationships, business connections, and interactions between people and governments.
  3. The company operates by important core values including focusing on impact, moving fast, being bold, being open, and building social value.

Letter #96: Larry Page and Sergey Brin (2004)

2 HN points • 01 Jul 23
💼 Business Technology Management Investing Entrepreneurship Companies
  1. Larry Page and Sergey Brin founded Google in 1998 and restructured it as Alphabet in 2015, focusing on core offerings.
  2. Google's founders emphasize serving end users, prioritizing long-term goals, and taking risks for high-reward projects.
  3. Their corporate structure aims at stability and independence with a dual class stock system to retain control over strategic decisions.

Letter #71: Brad Jacobs (2011)

1 HN point • 08 Apr 23
💼 Business Entrepreneurship Investing Management Logistics Acquisitions
  1. Brad Jacobs is a successful entrepreneur known for founding multiple billion-dollar companies and making successful acquisitions.
  2. He transformed Express-1 Expedited Solutions into XPO, a multi-billion dollar logistics company with three separate business divisions.
  3. Jacobs's strategy includes acquisitions, organic growth, and focusing on IT to optimize operations and drive profitability.