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AustenAllred's profile
Austen Allred
Austen Allred
Austen Allred
Verified account
@AustenAllred

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Austen AllredVerified account

@AustenAllred

CEO @LambdaSchool (YC S17): A CS education that's free until you get a job. I have made remarks that I do not agree with.

San Francisco, CA
lambdaschool.com
Joined December 2010

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    1. Austen Allred‏Verified account @AustenAllred Oct 27

      Lambda School looks like a charity from the outside, but we’re really more like a hedge fund. We bet that smart, hardworking people are fundamentally undervalued, and we can apply some cash and leverage to fix that, taking a cut.

      20 replies 86 retweets 941 likes
      Show this thread
      Austen Allred‏Verified account @AustenAllred Oct 27

      We’ll make good money on all these insane success stories you read, and there’s no loser involved. Outside of venture capital no one has really ever tried to arbitrage human capital, even though it’s the most obviously mispriced asset class there has ever been.

      12:52 PM - 27 Oct 2018
      • 38 Retweets
      • 488 Likes
      • zdriver VR Comrie Syed Kazim Rizvi Isaac Sultan Florian Klampfer 🦄 🚲🚎🥑 Chase 🇺🇸 Britton Misbah Ashraf
      13 replies 38 retweets 488 likes
        1. New conversation
        2. Bryan Birsic  🌎 🌍 🌏‏ @birsic Oct 27
          Replying to @AustenAllred

          fwiw, I worked at Bain & Co, and that is 100% a human capital arbitrage play

          2 replies 0 retweets 3 likes
        3. Austen Allred‏Verified account @AustenAllred Oct 27
          Replying to @birsic

          How so? Had never thought of it that way

          2 replies 0 retweets 0 likes
        4. Bryan Birsic  🌎 🌍 🌏‏ @birsic Oct 27
          Replying to @AustenAllred

          market opp is undervaluing / lack of commiserate opportunity for top level 22-28(ish) talent. mgmt consulting firms let those people do 98% of compelling work, package it with a savvy, resumed 40/50-something, and charge a monster markup. that said, done well, a win-win-win.

          1 reply 0 retweets 14 likes
        5. Patrick McKenzie‏ @patio11 Oct 27
          Replying to @birsic @AustenAllred

          The best phrase I ever heard about management consulting: without loss of generality Kellogg’s can’t employ 130 IQ 22 year olds on boring logistics so McKinsey outsources validation to Harvard then charges Kellogg’s $300 an hour and pays employee a third.

          2 replies 0 retweets 6 likes
        6. Patrick McKenzie‏ @patio11 Oct 27
          Replying to @patio11 @birsic @AustenAllred

          Kellogg’s gets out of this “We don’t have to entirely break our career ladder or pay scale in middle America but we do get a SQL/Excel workhorse that we would have great difficulty hiring otherwise.”

          0 replies 0 retweets 4 likes
        7. End of conversation
        1. New conversation
        2. Nate75Sanders‏ @Nate75Sanders Oct 27
          Replying to @AustenAllred

          Phil Gordon and somebody else (Rafe Furst maybe) had drawn up plans for investing in people as if they were startups 10+ years ago maybe. Your model is different, but I think their thing deserves mention.

          1 reply 0 retweets 0 likes
        3. Nate75Sanders‏ @Nate75Sanders Oct 27
          Replying to @Nate75Sanders @AustenAllred

          http://emergentfool.com/2009/10/30/investing-in-superstars/ …. I’m a little off on the timeline. And again the model is different, but similar in concept.

          2 replies 0 retweets 1 like
        4. Austen Allred‏Verified account @AustenAllred Oct 27
          Replying to @Nate75Sanders

          Did they do it though?

          1 reply 0 retweets 1 like
        5. Nate75Sanders‏ @Nate75Sanders Oct 27
          Replying to @AustenAllred

          For at least one person, evidently. I didn’t follow up back in the day. Only read part one, even then. Yours is a different model that affects a lot more people, anyway. I just think that what they talked about is worth mentioning.

          0 replies 0 retweets 0 likes
        6. End of conversation
        1. New conversation
        2. Rob Kornblum‏ @rkorny Oct 27
          Replying to @AustenAllred

          It is really amazing. How do we spread it 1) outside engineering and 2) to the inner city?

          1 reply 0 retweets 0 likes
        3. Austen Allred‏Verified account @AustenAllred Oct 27
          Replying to @rkorny

          It’s in the inner city now, other verticals coming

          1 reply 0 retweets 1 like
        4. Rob Kornblum‏ @rkorny Oct 27
          Replying to @AustenAllred

          I feel like medical and accounting would be huge

          1 reply 0 retweets 0 likes
        5. 1 more reply
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Oct 27
          Replying to @AustenAllred

          Selective universities (to the extent they are willing to let in students that the market misprinted in absence of IQ tests), management consulting, maaaaybe graduate school (if you allow “pay in non-monetary ways”), and certain flavors of finance all feel like arbitrage to me.

          1 reply 0 retweets 10 likes
        3. Patrick McKenzie‏ @patio11 Oct 27
          Replying to @patio11 @AustenAllred

          Also YC, all but explicitly.

          0 replies 0 retweets 6 likes
        4. End of conversation
        1. Britton‏ @bwinterrose Oct 29
          Replying to @AustenAllred

          I just hope @LambdaSchool offers an internal crowdfunding opportunity for alumni as part of it’s future funding raises. I’m excited to succeed and help open doors, but I’d love to invest as well. The non-accredited portion seems like the only challenge. But if its possible.👍

          0 replies 0 retweets 1 like
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        1. Peter Lacey-Bordeaux‏ @placeybordeaux Oct 28
          Replying to @AustenAllred

          "outside of venture capital no one has really ever tried to arbitrage human capital" Could you elaborate on what you mean by arbitrage human capital?

          0 replies 0 retweets 1 like
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        1. Philip Beaver‏ @Phil_osophical_ Oct 27
          Replying to @AustenAllred

          So cool; human capital has the opportunity for exponential growth like no other kind (when not burdened by the normal loan structure of higher education), love what Lambda stands for.

          0 replies 0 retweets 1 like
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        1. Brooks Morgan‏ @brooksmorgan Oct 27
          Replying to @AustenAllred

          Big believer. Outsourcing seems like another good example.

          0 replies 0 retweets 1 like
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        1. Scott Stephenson‏ @deepgramscott Oct 27
          Replying to @AustenAllred

          Valid point, but many examples of arbitraging human capital. Related: ~all good employees are undervalued and all bad employees overvalued, because switching cost is massive and “stuff still works”. If your employees are truly good, then you are arbitraging >100k/person/yr

          0 replies 0 retweets 1 like
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