PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

You can build a better business by staying private for longer, as we're starting to see the evolution of large companies facilitating secondary rounds.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

Not all of our bad investments are necessarily mistakes; sometimes negative outcomes are part of the uncertainty inherent in investing.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

When investing, you predict future outcomes and sometimes take on uncertainty, which can lead to negative results that are part of the investing process.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

The first company we invested in that went bankrupt was a biotech company called Inaria, which failed after its therapy was rejected by the FDA.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

North Vault has been a very bad investment for us because we were too enamored with the idea of its necessity, but the team failed to execute properly.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

We often ask ourselves if we should have been more aware of the signs indicating North Vault's execution issues during our investment.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

We try to narrow down our focus to areas where we believe we have a greater competitive advantage, avoiding investments that involve product risk.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

We model upside for every company we look at, aiming for a five times return, and assess the probability of achieving that outcome.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

The probability of any given company going up five times if picked randomly is about 5%, so we look for companies with a 30-40% chance of achieving that.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

We plan ahead for capital requirements and consider dilution, especially for cash-intensive businesses, to ensure we maintain a balance in our investments.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

The question of why companies should go public is increasingly relevant, especially given the extended privatization windows available today. I think companies realize they can have greater focus by remaining private for longer.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

Companies can build a better business by staying private longer, allowing them to focus without external pressures.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

It's really hard to be a public company due to reporting requirements and misaligned shareholder interests.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

There are good reasons for going public, such as providing liquidity for employees and having a public currency for acquisitions.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I worry about the increasing barriers and weaker ties between countries, which could impact global investment opportunities.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I think China remains a big opportunity for investment, despite the added risks involved.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

The investment decision-making process at Baillie Gifford involves meeting a thousand companies, reviewing 600 private financing rounds, and making 11 new investments.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

We didn't participate in Stripe's down round because we had concerns about their progress and wanted to see how things developed with our existing investment.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I think the investment landscape is evolving, and we are seeing a professionalization of the growth stage market.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I think the most obvious investment I made was in Tesla in 2013, as they had already proven their product's demand and capability.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I believe that companies like Bending Spoons can take underperforming businesses with good products and turn them into profitable ventures.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I have enormous respect for Christo at Wise for his deep care and innovative approach to moving money efficiently.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I would love to have more time to invest in every decision I make regarding investments.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I think the current market conditions are favorable for growth stage investing, with many venture-backed companies entering the market.

PS

Peter Singlehurst

03/19/25

@ 20VC with Harry Stebbings

I believe that the right capital allocator can turn low-growth, non-profitable companies into valuable businesses.

Peter Singlehurst: Lessons from Turning Down Stripe, Coinbase and Losing Money on Northvalt

Takeaways