Matt Levine on (without loss of generality) Netflix bonds is both instrumentally useful for tech people and a great seeing-the-world-in-different-lenses exercise:https://www.bloomberg.com/opinion/articles/2018-11-05/expensive-stocks-make-for-good-bonds …
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I'm not so sure about that. SaaS company debt seems like something of a market for lemons, in that all the good companies can sell equity at extremely attractive prices.
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New Stripe product in the works? Would be innovative and keep Stripe ahead of the curve.
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Can you explain more deeply why you hold this opinion? Sass companies have proportionally high fixed costs and low marginal costs so very good economics once they hit break even. But I don’t see how their inherent operating leverage makes them good credit risks?
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SaaS companies are intangible heavy (code, relationships, operations, patents, etc). Intangibles are hard to value, hard to sell, sunk costs hard to transfer compared to hard assets eg factory of Kuka robots. Lenders want predictable collateral, not roll of monopoly dice.
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