How does that compare to the opportunity? German Chancellor Angela Merkel gave a speech last summer where she noted that there are 1.3 billion people in China with three telecom operators, 300 million people in the United States with four telecom operators, and 350 million in Europe with 28 telecom operators. We first started buying Pixar in 2002 when the whole world was short the stock. Josh began his career as an analyst in the media and entertainment investment banking group at Bear Stearns. Everyone talked about how they only released one movie every two years, and the multiple was too high. JR: In many cases, it’s the cumulative experience with those companies over a long period of time, as we mentioned earlier. That was the general consensus. Houman Ashrafian Chairperson and co-founder Josh Resnick Director Mike Dybbs Director Veronique Birault Board Observer Kevin Pojasek President and Chief Executive Officer Scientific Advisory Board Adrian Hill, MB BCh DPhil University of Oxford, Oxford, UK. I actually met their team while I was in the VC industry. We looked at the business and thought they would earn $4 a share, which implied very low valuations at the time. The following summer, I worked at Bear Stearns and joined their Investment Banking Analyst Program after graduation. FB seems to be focused on building engagement first and focusing on monetization after. Josh Resnick is a Managing Director at RA Capital Management. A number of investors were using words we like to hear: “open-ended legal risk”, “wiped out”, “unknowable”. Currently, Dr. Resnick is a managing director at RA Capital Management where … I got in on Monday, covered the whole short and we actually went long. One thing that people may not appreciate with AMZN is that the highest paid employee there draws $165k in cash salary; most compensation is stock-based. RA Capital pursues a multi-stage approach, which spans new company formation, venture financing, and public investing. We think FB is a massive share taker in the media world, and we think that is going to continue for a while. As we approached the end of last year with the stock struggling, we spoke to a handful of employees at Amazon who said, “I love working at Amazon, but I’m not paying to work at a company.” So we realized that AMZN would need to change to retain these incredible employees. There is essentially no video revenue. Before founding Jericho Capital, Josh was a key principal at TCS Capital during which time he helped grow the fund from $5 million to over $3 billion. Historically, Europe telecoms have been viewed as a public good. The stock opened down 10%, but then amazingly finished the day up 22%. In situations where you aren’t able to meet management, you have to just to figure out what the variables are and what makes you think it’s a great stock. AbbVie Ventures, President, CSO and Co-Founder, It went from translating the bolivar at 8 to 1, to 50 to 1. To me, FB is not an expensive stock. Uprising Closes $1.25M Funding Round. JR: The multiple gap has narrowed considerably compared to peer media companies over the last few years. She is an experienced investor in biopharma companies, with over … With the goal of doing well by doing good, the company has been building breakthrough biotech startups for over 25 years. The stock went from as low as $82 to $130 today, trampling the bears in the process. We are amazed that there is still not a single example of a US internet company building a successful business on its own in China. Josh Resnick is Managing Partner/Founder at Jericho Capital Asset Management LP. G&D: Would you like AMZN to do that in India as well with Flipkart? Slowly but surely, we will see market consolidation. Timothy Noyes is Venture Partner at RA Capital and CEO of Arcuate Therapeutics. It’s not practical to do that from a personal or professional standpoint, but I try to get out and talk to people. We should have owned Altice or Numericable. As 2009 rolled around, I decided to launch my own fund. We think that precipitated a change in AMZN’s behavior. I don’t see any counteracting forces that would stop that trend. Sometimes our knowledge and perspective allows us to spot great opportunities. We estimate they are losing between $1.5-$2 billion from content spending this year, and we don’t add these costs back in our valuation. Around 23% of its revenue came from Venezuela and the exchange rate in the black market was diverging significantly from the official rate. We don’t think Amazon is going to be the first. These currency translation adjustments had a massive optical impact on earnings. I don’t really know that we have a great play in US media right now. Telecom Italia’s stock today is €1.08. Below is the resulting set of best practices, meant to benefit universities and VCs more broadly. Last year, with the negative sentiment toward internet companies, AMZN declined around 25%. If you simply look at last year’s expectations and today’s reality for the US TV ad market, you would definitely see some underperformance. He launched Sky in the UK and in Latin America. For example, when we started our fund, we had 15% of our capital in Australia. He was on the board of Wells Fargo, Disney, and Cal Tech. Most of the team is US-educated. Can you share any advice on how to enter the field, and to remain successful over the long term? JR: Our approach essentially gives negative value for the video business, which we think is quite conservative. Learn more, Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. We think consolidation is inevitable, but it has been delayed by Oi’s financial situation. Improved transparency will also showcase that AMZN’s retail business is actually quite profitable. Business was going great and executives didn’t see any weakness at all. We built the position while every Wall Street analyst discussed how expensive it was. If the stock really got hammered, we would be very interested in it, but right now the valuation seems well-balanced relative to the risks. As the leader in the cloud, it could fetch a revenue multiple given the growth rate and the potential future margin structure. In my opinion, the most successful investors are the individuals who really love what they do. According to the accounting principles, it had to record the revenues and the profits based on the stated market rate, not the black market rate. It’s a great illustration that if you back a great CEO and management team, you’ll constantly be positively surprised by the smart things that they do. G&D: To what would you attribute your success in being able to do that? When they reported 4Q results in February, not only did they exceed earnings estimates by 100%, but they also disclosed that they were going to be releasing separate financials for their Amazon Web Services (“AWS”) business in the next earnings report. Josh Resnick is a Managing Director at RA Capital Management. When I joined, it was the two of us and our CFO sitting in one office. See Josh Resnick's compensation, career history, education, & memberships. But Pixar just kept putting out amazing movies one after another. Josh Resnick is the founder and managing partner of Jericho Capital, a hedge fund focused on investing in the global technology, media and telecommunications (TMT) sectors. I thought the association would change upon Alibaba’s IPO. Nirit Resnick Varenbut (pictured), 39, of New York, was accused of telling her former husband Josh Resnick that she wanted to make ‘wallpaper’ out his new wife Danyelle Freeman. If it was up to me, I’d be out of the office 300 days a year. Also, having the appropriate fund structure right is very important. As a Managing Director at RA Capital, Josh’s primary responsibility is to lead early-stage private investments in and oversee the creation of new companies developing drugs, medical devices, diagnostics, and research tools. The subsequent internet meltdown convinced me that I didn’t want to invest in the private markets. We have been able to perform in years following 2009 as well. Have you spent time on Numericable or Altice? I think that is the right approach. I’m very unlikely to get access to Jeff Bezos; he does one investor meeting a year. And if they actually do care about the share price, it will increase significantly. When you’re looking at it from your computer in New York, you see it in a different way than when you are meeting the company in their offices. Published on January 6, 2021 January 6, 2021 By FinSMEs. It was probably a $20 million valuation when we passed on it in my prior job. JR: Yes, that’s part of it. We always thought it would be very challenging to deliver the results over the long term that BBRY presented, but we just felt like it was going to be this period of time where investors are going to focus on the story and Chen’s background. G&D: You just talked about selling. We have heard through our relationships that AMZN is changing how it views the China opportunity. The stock’s short interest built, and the stock price performance was fairly weak. He saw how successful eBay was in the US and he basically said, “I can create that business in Latin America,” and so they raised venture capital money. Josh’s primary responsibility at RA Capital is to lead early-stage private investments in and oversee the creation of new companies developing drugs, medical devices, diagnostics, and research tools. The share price got to the mid $80’s. Company visits also give insight into the personalities of the employees and other underappreciated elements that can help you. That’s really exciting for Telecom Italia, especially since everything we have learned about the company suggests the Italian government is not wed to having Telecom Italia as an independent operator. All of which would be high margin revenue. RA Capital’s inaugural venture fund, RA Capital Nexus Fund, L.P. (“Nexus I”) closed in July 2019 with approximately $300 million of capital. JR: We haven’t invested in those types of companies. Prior to founding Jericho Capital, Josh was a key principal at TCS Capital, a global TMT hedge fund that he … G&D: It appears a number of your best ideas were contrarian to some degree. RA Capital … Our differentiated view might simply come from a willingness to apply a different multiple. Joshua has 24 jobs listed on their profile. JR: We weren’t valuing the company on trailing earnings. FB is in a similar situation to what I referenced earlier: we are looking for situations where people are painting with a broad brush. This was at a time when most media companies were very US-centric. Josh Resnick's Jericho Capital Asset Management is located in New York City. We recognized that the competitive landscape in the US was very difficult due to the presence of Discovery Communications, but in international markets, National Geographic had an open-ended opportunity. T-knife was founded in 2018 by Thomas Blankenstein, Elisa Kieback and Holger Specht as spin-off from Max-Delbruck Center for Molecular Medicine with support of Charité University Hospital in Berlin/Germany and the mission to bring novel, sophisticated … That aspect of their business had grown dramatically over the first six months of last year and we were excited about that. Vantage Point Raises $1.3M in Seed Funding Round. After my freshman year at Emory University, I spent the summer interning at Republic National Bank. We have reduced our position somewhat as the share price continued to increase. And then this past quarter, they had a blow-out on the top line, but they lost ten points of margin on the bottom line due to investments in marketing and logistics. Francis Crick Institute, London, UK. They have yet to press the accelerator on video ads, which could be a huge, multiple-billion dollar opportunity for them. JR: We are always looking for interesting companies, and when we find them, we track them over time. However, it was pretty clear that there was a ton of imagination in between the current state of affairs and what they talked about as their goals. We made a big bet on the company. They were onboarding big brands to sell on their platform. Managing Director. Previously, Josh was a Managing Director at KPE Ventures, a media, entertainment and technology venture capital fund, and prior to that an analyst at Fox Entertainment Group in Los Angeles. G&D: Speaking of content, do you have a view on CBS? Their recent deal to buyback Vivendi’s Numericable stake for 19% below the current market price is incredible. JR: I think that the biggest driver for me is humility. Interestingly, because of Telecom Italia’s 67% ownership of the Brazilian subsidiary TIM Participações, we actually think Telecom Italia is one of the better ways to play Brazilian consolidation. In the previous example, visiting Australia was important to finalizing the thesis. These companies have continually been required to buy spectrum from the government and pay higher taxes on certain revenue items. You need to be thinking constantly about where you might be wrong with your thesis and how you can verify that you aren’t missing anything. It’s clearly one of the hottest fields in biopharma today, and has been for a few years. He seems to fit a number of the characteristics of what you’d like to see in managers. When we were launching in 2009, a number of investors were talking about Australia as the next housing bubble to burst.
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