William Andreasyan @WAndreasyan Twitter profile | Pikagi

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William Andreasyan

@WAndreasyan

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Los Angeles, CA

Joined July 2017

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@WAndreasyan

William Andreasyan

3 years

On the 3.5 year mark of managing my personal portfolio, I am publicly sharing my annualized returns for the first time! My general investment thesis has been to bet on disruptive companies in large markets where the incumbents are either unwilling or unable to respond to change.

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@WAndreasyan

William Andreasyan

4 months

The man is in town! Bill hung out for over an hour after his fireside chat to talk with audience members after the cameras cut off. Legend! @BillAckman

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@WAndreasyan

William Andreasyan

3 years

Every single time I have sold a position strictly due to valuation concerns, I have regretted it. I don’t know what conclusion to draw from this.

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@WAndreasyan

William Andreasyan

3 years

Survivor bias. “Great companies always bounce back” ... until they don’t. GE, IBM, Yahoo, Kodak, Blackberry ... many examples of great companies that never bounced back. No view on $CRM specifically, but a broader point on this line of reasoning.

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@WAndreasyan

William Andreasyan

3 years

Capital Camp is unlike any other conference I have ever been to. This is not a place to network with professionals, it is place to make friends. So grateful to everyone who made this possible and all of the new friends I have come to meet. @BrentBeshore @patrick_oshag

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@WAndreasyan

William Andreasyan

3 years

1/ A thread on what I learned from one of the best small cap investors I know - my friend and former boss @boskovic64 . First, some investment highlights: $ENPH: Initial cost basis $1.50 -> Market price $165 $ZDGE: $3 -> $17 $FLGT (I helped on this one): $4 -> $77

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@WAndreasyan

William Andreasyan

3 years

Many years ago I was rejected for a job at a large investment fund. It crushed me. I recently reconnected with the portfolio manager who turned me down and had my perspective on life changed.

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@WAndreasyan

William Andreasyan

2 years

@honam @lpolovets @HarryStebbings This reminds me of something Peter Kaufman told me. “What is the easiest way to become friends with successful people? Help your friends be successful.”

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@WAndreasyan

William Andreasyan

3 years

Talking with @EricRWeinstein about aliens. This is a fun time to be alive.

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@WAndreasyan

William Andreasyan

3 years

Sequoia Founder Bill Ruane's 4 Guiding Principles (a thread): From @williamgreen72 's wonderful new book "Richer, Wiser, Happier." H/T @GSpier

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@WAndreasyan

William Andreasyan

4 years

$FB/IG will launch a similar monetization feature (subscription, tipping, or premium tier) in 2021 and the stock will rip on the announcement. #timestamp

@TechCrunch

TechCrunch

4 years

Daily Crunch: Twitter announces 'Super Follow' subscriptions by @anthonyha

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@WAndreasyan

William Andreasyan

3 years

1/ Clubhouse is officially out of beta! As an admin of one of the largest clubs on the platform (200k+ followers), here are my thoughts on the future of social audio and the competitive dynamics between $TWTR, $SPOT, and Clubhouse. A thread:

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@WAndreasyan

William Andreasyan

3 years

7/ Second, don't take things too personally. The line between "success" and "failure" is thin, arbitrary, and shrouded by fortuity. Treating others with grace and recognizing that everyone is struggling with something really helps.

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@WAndreasyan

William Andreasyan

2 years

New industry paper estimating unit economics of autonomous vehicles vs human driven cost per mile.

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@WAndreasyan

William Andreasyan

2 years

Incredibly sad news. Days after laying off 20% of staff, $BBBY CFO is found dead at age 52 by suicide. The recent market frenzy has made it easy to forget that there are real people behind these tickers. Life exists beyond money and markets. Wishing everyone well this labor day

@GabeHoff

Gabe Hoffman

2 years

BREAKING: $BBBY CFO Jumped to His Death from 18th Floor of Tribeca Building Gustavo Arnal, 52

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@WAndreasyan

William Andreasyan

3 years

Reallocate resources from the most productive private citizen in the world to a government which struggles to maintain basic infrastructure despite near unlimited capital. Pass it along.

@RBReich

Robert Reich

3 years

Tax Elon Musk. Pass it along.

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@WAndreasyan

William Andreasyan

3 years

$WIX down 17% in the last month since the Chairman publicly promoted a trivial buyback. You love to see it.

@marktluszcz

Mark Tluszcz

3 years

We just completed a $200 million stock buy-back @Wix - think we are confident?

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@WAndreasyan

William Andreasyan

6 years

Just finished @BrentBeshore ’s new book. Thoroughly enjoyed it and have been recommending it to everyone. Having the framework of a private market investor is an edge in public markets. Looking forward to reading whatever the @adventur_es team puts out next.

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@WAndreasyan

William Andreasyan

3 years

8/ $ADBE and $MSFT are rare examples of companies which were able to transition business models successfully. While at ValueAct, I studied these two cases deeply and tried to understand what made them special. I may do a longer thread on this at some point if there is interest.

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@WAndreasyan

William Andreasyan

3 years

I took some notes in case you missed it! Here is a 🧵:

@GavinSBaker

Gavin Baker

3 years

Speaking with students at the London School of Economics right now if anyone is interested. Here is the link:

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@WAndreasyan

William Andreasyan

3 years

Identifying great businesses is easy, holding them is hard. Buffett has been better at this than anyone and that is why he is one of the greatest.

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@WAndreasyan

William Andreasyan

3 years

Waited over 30 minutes for an $UBER at LAX - ultimately no driver took the ride despite a huge price surge. Took my first ever taxi in LA. Immediate pickup and 30% cheaper than rideshare estimate. The driver shortage is real.

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@WAndreasyan

William Andreasyan

3 years

The crowdsourced book recommendations for tonight's Clubhouse room on improved mental performance: Deep Work - Cal Newport Flow - Mihaly Csikszentmihalyi The Upside of Stress - Kelly McGonigal Why Zebras Don't Get Ulcers - Robert Sapolsky The Stress Test - Ian Robertson

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@WAndreasyan

William Andreasyan

3 years

It really feels like Chinese stocks can go down more than 100%.

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@WAndreasyan

William Andreasyan

3 years

5/ Investing is supposed to be uncomfortable. The best decisions often make you sick to your stomach at the time. Whether it's cost averaging up, letting your winners run, or betting on a contrarian idea, feeling uncomfortable is generally a positive indicator.

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@WAndreasyan

William Andreasyan

5 years

@PTetlock This seems alarmingly simple 🤔

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@WAndreasyan

William Andreasyan

1 year

How is the self storage influencer beating us at our own game

@sweatystartup

Nick Huber

1 year

The best companies in the history of the world went down 50% and people were still afraid.

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@WAndreasyan

William Andreasyan

3 years

Does anyone use Interactive Brokers for their personal account? Considering moving over but I’ve heard their customer service is terrible.

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@WAndreasyan

William Andreasyan

3 years

An interesting take on China with a different perspective from the fear, uncertainty, and doubt in Western financial media today. @DennisHong17 @_ram_ @lillianmli @BillBrewsterSCG

@RayDalio

Ray Dalio

3 years

Recent Chinese policy moves have created a lot of doubt about capitalism and capital markets in China, so I’d like to help clarify what’s going on there. If you’re interested in learning more, you can read about it here:

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@WAndreasyan

William Andreasyan

3 years

A dividend is perceived as a sign of business strength. In reality, it is a weakness.

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@WAndreasyan

William Andreasyan

5 years

Here’s a well-written profile of one of the largest conglomerates in the 1960s, LTV, and its founder Jim Ling. It’s worth contrasting Ling’s eventual failure with the successes of other conglomerate founders (Singleton, Malone, Buffett).

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Now he’s in oil and gas, but the shadow of LTV still lingers.

www.dmagazine.com

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@WAndreasyan

William Andreasyan

2 years

@WilsonCompanies Sold a domain name for mid six figures that I bought for $200

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@WAndreasyan

William Andreasyan

3 years

Join us tomorrow, Aug 8 at 1 PM PT for a discussion with author @williamgreen72 about his new book “Richer, Wiser, Happier” as we explore the habits of the world’s greatest investors on @Clubhouse ! Cc @ClubhouseBest / @GSpier .

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@WAndreasyan

William Andreasyan

3 years

6/ First, if you look around and even the people at the top are miserable, you probably want to reevaluate. This is in the context of a job, but also true in other areas. If even success = misery, then what is the ideal outcome?

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@WAndreasyan

William Andreasyan

4 years

I want to thank @RyanKavanaugh , @lmgriffjohnson , @swansit , @Michaelgr1011 , @laurentgrill , and @asherhunt for being a light at a dark time in my life last night on Clubhouse. You all created a memory that my family and I will treasure forever. Thank you.

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@WAndreasyan

William Andreasyan

3 years

Alternative headline: U.S. stocks rebounded as investors rushed in to buy shares that they sold yesterday.

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@WAndreasyan

William Andreasyan

3 years

The best hedge against inflation is a competitively advantaged business which can pass on higher input costs in the form of higher prices. Commoditized businesses will be forced to give up margin to maintain market share and it won’t be pretty.

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@WAndreasyan

William Andreasyan

3 years

Another example is $NET. I love the business, bought in early 2020, and have never sold a share. The valuation seems stretched and I want to sell/trim. That will likely prove to be a mistake.

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@WAndreasyan

William Andreasyan

3 years

2/ Public markets are one of the only places in the world where you can see the road *not* taken. We never know what would have happened if we had moved to a new city or changed our careers, but in the stock market, we know exactly what *could* have been.

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@WAndreasyan

William Andreasyan

3 years

Are there any L/S funds out there which are investing solely in SPACs? There seems to be so much alpha in the space on both the long and short side.

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@WAndreasyan

William Andreasyan

3 years

Is $FISV not fintech enough for all of you?

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@WAndreasyan

William Andreasyan

3 years

@SBF_FTX The analysts who set “expectations” aren’t the most sophisticated.

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@WAndreasyan

William Andreasyan

3 years

If all your stocks got cut in half, then wouldn’t the relative return rankings be unchanged? Thus there should be no change in the portfolio other than cash balance?

@CCM_Ryan

Ryan Henderson

3 years

If all your stocks got cut in half from today’s price, which one would you double down on first? Probably $MTCH for me

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@WAndreasyan

William Andreasyan

3 years

“The investment world is full of people succeeding based on different talents.” Charlie Munger

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@WAndreasyan

William Andreasyan

3 years

This is what $NFLX is up against.

@alexweprin

Alex Weprin

3 years

Here's the new logo for Warner Bros. Discovery, per a press release that just went out.

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@WAndreasyan

William Andreasyan

3 years

3/ Ignore market predictions. "I firmly believe that nobody knows what the market will do. The important thing is to find an attractive idea and invest in a company that is cheap."

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@WAndreasyan

William Andreasyan

3 years

4/ Find an edge and bet heavily. "I try to learn as much as I can about seven or eight good ideas. If you find something very cheap, why not put fifteen percent of your money in it? I don't know anybody who can do a good job investing in a lot of stocks except Peter Lynch."

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@WAndreasyan

William Andreasyan

3 years

3/ Invest in owner operators. Founder-led companies align incentives between shareholders and management - thus improving outcomes for all. The empirical data shows this to be true over time and across industries.

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@WAndreasyan

William Andreasyan

3 years

I took some notes in case you missed it! Here is a 🧵:

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@WAndreasyan

William Andreasyan

3 years

“You want to be in a business which makes products people want to buy - not products you need to sell.” - @arachleff H/T @KatColeATL

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@WAndreasyan

William Andreasyan

4 years

I want to thank @DennisHong17 , @Benioff , @IntrinsicInv , and Peter Kaufman for their mentorship on this topic.

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@WAndreasyan

William Andreasyan

3 years

1/ Steve Martin discusses this idea in his autobiography “Born Standing Up”. Being great is easy. Being good consistently is excruciatingly difficult. @DanielSLoeb1

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@DanielSLoeb1

Daniel S. Loeb

3 years

Related is “deliberate practice”. Think of a musician doing scales, a runner doing hill repeats or a surfer practicing dry land pop-ups. According to Colvin it’s an essential part of the champion’s repertoire. Read the book does for other elements:

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@WAndreasyan

William Andreasyan

3 years

Thank you, Jennifer! Hope you enjoyed the room last night. 1/ The Internet is creating a new tribe of "global citizens". The social, political, and economic consequences will be disruptive, but presumptively positive over the long run.

@jennablan

Jennifer Ablan

3 years

@bullmarketsco @WAndreasyan talks about all of these subjects in his Clubhouse room.

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@WAndreasyan

William Andreasyan

3 years

@JerryCap and I seem to keep ending up in the same names. I underwrote $AVLR professionally two years ago and have owned it personally on-and-off since then. $AVLR is again a core holding for me at this valuation and @JerryCap does a great job of explaining the thesis.

@JerryCap

Jerry Capital

3 years

$AVLR is the highest conviction idea I have had in a couple years and (finally) one of my largest positions. In the US midmarket they are essentially the only competitive offering.

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@WAndreasyan

William Andreasyan

3 years

This email confirms what I have said many times, a yacht is a very reasonable business expense for a hedge fund and will generate considerable alpha over time.

@sindap

Sujeet Indap

3 years

Barry Diller on stand today in trial of Tinder founders v IAC/ Match. Per this 2014 email that came up, Diller knew Tinder was going to be big when his yacht crew told them they were using it:

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@WAndreasyan

William Andreasyan

5 years

@cyantist This is one of my favorite interview answers by him. I’d love to know what steps he’s taken towards this goal and what progress he’s made.

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@WAndreasyan

William Andreasyan

3 years

2/ There is a difference between companies which are "Unwilling" to respond to change and those which are "Unable". The competitive dynamic between $INTU and $HRB is a great example of being "Unwilling" to adapt.

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@WAndreasyan

William Andreasyan

4 years

Thank you for the kind words, Guy. It was a pleasure to connect and I appreciate your willingness to share your experiences in investing. Hope to do it again soon!

@GSpier

Guy Spier 🎗️🇮🇱 🇺🇦

4 years

@WAndreasyan I loved your AMA on @joinClubhouse Thank you for doing it.

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@WAndreasyan

William Andreasyan

3 years

Netflix hires a Head of Podcasts. Social audio is the future!

@njerieaton

N’Jeri Eaton (she/her)

3 years

I'm thrilled to join @netflix as the Head of Podcasts. 16 years ago, I watched three DVDs from Netflix a day while working the late night lab shift at a university. My obsession for storytelling has taken me all kinds of places but this is truly a dream!

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@WAndreasyan

William Andreasyan

3 years

In case you thought investing was hard or required second level thinking, Moderna is up +2,500% since January 2020, +105% in the last month, and +20% today. 🤦‍♂️

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@WAndreasyan

William Andreasyan

3 years

10/ Cloud adoption, e-commerce, online advertising, and payments all follow this growth trajectory and remain underpenetrated despite over a decade of "disruption". This "long-term disruption" model is what creates durable growth rates and seemingly perennial undervaluation.

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@WAndreasyan

William Andreasyan

3 years

Very surprised this didn’t work.

@OldTakesExposed

Freezing Cold Takes

@OldTakesExposed

3 years

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@WAndreasyan

William Andreasyan

3 years

“Venture capital is not about seeing the future - we are terrible at that. Our job is to understand what is happening right now in plain sight, but is under appreciated.” - @peterfenton H/T @KatColeATL @arachleff

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@WAndreasyan

William Andreasyan

6 years

I don't regret "missing out" on stocks that go up. I regret when I owned the stock but it was a small position. That means I was correct on my thesis, but for one reason or another didn't have enough conviction.

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@WAndreasyan

William Andreasyan

4 years

Great interview with one of the smartest and nicest people I know.

@goodinvestingc

Tilman Versch | Good Investing

@goodinvestingc

4 years

Thanks for being on @DennisHong17 ! Next time I should also about the biggest chart crime in 2020 😁 If you missed our talk during the livestream, you can watch it here:

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@WAndreasyan

William Andreasyan

4 years

Thank you for the kind words Steve. I plan on doing an ESG specific room soon. I look forward to speaking with you in future rooms!

@stevepodmore

Steve Podmore

4 years

@WAndreasyan very impressive room on Clubhouse. Caught the end but really appreciate the ESG and climate related investing lens. I’ll be listening in again.

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@WAndreasyan

William Andreasyan

2 years

If you’re in a relationship, make sure at least one of you has good credit. That’s why it’s called SIGNIFICANT other. Sign/If/I/Can’t

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@WAndreasyan

William Andreasyan

3 years

This thread didn’t get a lot of love at the time but $MGM is +150% since this tweet vs +30% for the S&P 500. The investment framework outlined below explains my overarching thesis: a step-change in technology can be a powerful industry catalyst.

@WAndreasyan

William Andreasyan

4 years

Offline to online shift + large market size + a source of competitive advantage tends to be a winning formula. These shifts generally increase TAM, improve margins, accelerate growth, and create winner take all dynamics. (1/2)

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@WAndreasyan

William Andreasyan

3 years

Spotify Greenroom has the potential to be game changing if executed well. It has a much higher probability of success than Twitter Spaces. The $SPOT stock price is unchanged as investors struggle to value option value. We should be watching this closely.

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@WAndreasyan

William Andreasyan

3 years

Closing docs are signed! Excited to participate in the first capital raise by MoonPay as they build the basic infrastructure in crypto that many of us take for granted. The frictionless experience MoonPay enables continues the work of making crypto more accessible for all. GM.

@Techmeme

Techmeme

3 years

Sources: Tiger Global and Coatue are co-leading a $400M financing round for cryptocurrency payments startup MoonPay at a $3.4B valuation ( @kateclarktweets / The Information)

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@WAndreasyan

William Andreasyan

2 years

@Main_Ridge Old West @boskovic64

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@WAndreasyan

William Andreasyan

3 years

Remember when I told you all that inflation was coming in 2010? Who’s laughing now?

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@WAndreasyan

William Andreasyan

3 years

2/ $RFL: $10 -> $56 Moreover, these ideas were all discussed in their shareholder letters! Attached below.

Press | Old West

www.oldwestim.com

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@WAndreasyan

William Andreasyan

2 years

A $300k supercar in line for gas at Costco. Times are tough!

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@WAndreasyan

William Andreasyan

3 years

4/ Volatility is the price of dramatic outperformance. After the initial investment in $FLGT at $4, I remember watching the price promptly fall to $3 and feeling my conviction tested. With the stock near $80 today, the short term concern feels silly in hindsight.

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@WAndreasyan

William Andreasyan

3 years

Performance Update! FY 2021 IRR: +31.9% Since Inception 4-Year IRR: +45.3% Contributors: $NET $UPST $KKR $ZS Detractors: $AVLR $TWLO

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@WAndreasyan

William Andreasyan

3 years

On the 3.5 year mark of managing my personal portfolio, I am publicly sharing my annualized returns for the first time! My general investment thesis has been to bet on disruptive companies in large markets where the incumbents are either unwilling or unable to respond to change.

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@WAndreasyan

William Andreasyan

3 years

For something to become true, people must first believe it.

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@WAndreasyan

William Andreasyan

3 years

Managing money in a taxable account has considerably improved my performance this year. Most of my outperformance has come from buying/holding winners and selling losers.

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@WAndreasyan

William Andreasyan

2 years

“In times of change, learners inherit the Earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.”

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@WAndreasyan

William Andreasyan

3 years

Thank you for the kind words, Jennifer. I always enjoy our conversations and I appreciate all your guidance. I would love to co-host a room with you soon and discuss the past/present/future of financial media!

@jennablan

Jennifer Ablan

3 years

@StinsonBeach123 Raw, honest and sincere. Also, I’ve been in @WAndreasyan ’s discussions. Professional and thought-provoking rooms.

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@WAndreasyan

William Andreasyan

3 years

In his autobiography, Born Standing Up, comedian Steve Martin says, "All entertainment is, or is about to become, old-fashioned." The same is true of investing. We should have roots to the past, but always look to the future.

@GavinSBaker

Gavin Baker

3 years

Whenever *any* investment style, philosophy or process becomes a consensus, it is long past time to start doing something different. When all the fishermen are in the same place, it's a lot tougher to catch fish. The meta is always changing. Investing, sports, videogames.

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@WAndreasyan

William Andreasyan

3 years

The Mind Gym - Gary Mack The Metabolism Plan - Lyn-Genet Recitas Moonwalking with Einstein - Joshua Foer The Creative Habit - Twyla Tharp

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@WAndreasyan

William Andreasyan

3 years

It’s my birthday today! Thankful for all of you and the amazing friendships I’ve built on this platform ♥️

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@WAndreasyan

William Andreasyan

3 years

⁦ @Kasparov63 ⁩ is currently interviewing Matt Calkin, CEO of $APPN, live on Clubhouse. Join now!

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Join Clubhouse to find more great rooms.

www.clubhouse.com

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@WAndreasyan

William Andreasyan

2 years

The Fed’s attempt at a soft landing

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@WAndreasyan

William Andreasyan

3 years

1/ Do not borrow money to buy stocks. Early in his career, Ruane took $600 and multiplied it many times using leverage. When the market corrected, he lost the entirety of his profit. He said, "You don't act rationally when you invest borrowed money."

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@WAndreasyan

William Andreasyan

3 years

11/ These are just some of the frameworks I have used over the past 3.5 years. Thank you to everyone who has helped contribute to my learning in the FinTwit community! H/T @honam @DennisHong17 @GavinSBaker @S_curvecap @BillBrewsterSCG @boskovic64 @CliffordSosin

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@WAndreasyan

William Andreasyan

3 years

9/ Lastly, whether the disruption is caused by "Unwilling" or "Unable" management, the rate of change is often remarkably slow. Geoffrey Moore outlines why in his "diffusion of innovation" framework.

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@WAndreasyan

William Andreasyan

3 years

3/ I took the rejection personally and used it to motivate myself. I promised to one day make them regret their decision. I thought about that interview for years. When I reconnected with the fund manager, I learned he ... didn't think about me at all.

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@WAndreasyan

William Andreasyan

2 years

@_dennishong @NautilusCap Given enough time there’s a chart to fit every narrative

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@WAndreasyan

William Andreasyan

4 years

@JohnHuber72 You are one of the best in the industry, John. I have learned a tremendous amount from your writings. Thank you for sharing so publicly. We met at a Kaufman dinner once and I remember being struck by your humility and kindness. I'm grateful for our friendship!

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@WAndreasyan

William Andreasyan

3 years

What surprises me most about FAANG+M is how peripheral they have remained to each other's businesses over the past decade. I believe this is changing and we will see the sleeping giants wake up and go to war over the next ten years.

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@WAndreasyan

William Andreasyan

3 years

1/ A few additional comments. First, I share these results with great humility. 3-year performance numbers are subject to more randomness than skill. My focus is on producing a great 10-year number and I'm not even half way there yet.

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@WAndreasyan

William Andreasyan

3 years

FinTwit is to FANG what Reddit is to meme stocks.

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@WAndreasyan

William Andreasyan

3 years

8/ Lastly, cryptocurrency enables economic sovereignty of the individual. Innovation in this space will help facilitate the fragmentation of nation-states.

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@WAndreasyan

William Andreasyan

4 years

Thank you Sonia! I have not experienced the implications of credit inequality directly, but the problem is obvious and needs to be highlighted. I hope we can create a space on Clubhouse to directly hear these intimate stories and begin to affect change.

@SoniaHendrix

Sonia Hendrix

4 years

@WAndreasyan loving this CH room. And what Brandon said earlier about the class war. Your comment, “It’s not a restriction on credit, but an expansion of credit that we need for historically excluded communities” (race/geography/gender)

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@WAndreasyan

William Andreasyan

2 years

@realdennishong Pepsi? This can’t be a real quote 🤔

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@WAndreasyan

William Andreasyan

3 years

CAS Investment Partners launches an activist campaign against $HOME! Facing a takeover offer from H&F, @CliffordSosin files a letter highlighting why $HOME is undervalued and the misaligned incentives pushing management to reach a deal. Letter:

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@WAndreasyan

William Andreasyan

3 years

1/ Public vs Private Market Investing In public equities, the most important thing is to be rational when you are wrong. Public equity investors tend to overreact to short term news. Thus, liquidity can be your greatest friend or your greatest enemy.

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@WAndreasyan

William Andreasyan

3 years

2/ Watch out for momentum. "When you see markets going crazy, either because the herd is panicking or charging into stocks at irrational valuations, proceed with caution."

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