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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 9 Mar 2019
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      Saw AltoIRA while doing some things on AngelList, and (at the risk of saying something nuanced on Twitter) virtually no people should invest in startups from their IRA but if you have had that exact problem then "competent self-directed IRA custodian which gets tech exists."

      3 replies 1 retweet 18 likes
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    2. Patrick McKenzie‏ @patio11 9 Mar 2019
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      "Why should most people not invest in startups from their IRA?" Most people shouldn't invest in startups, because it is difficult, the best startups (which generate most returns in sector) are unlikely to be available to you, and accreditation rule generally prevents it.

      3 replies 2 retweets 14 likes
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    3. Patrick McKenzie‏ @patio11 9 Mar 2019
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      Obligatory disclaimers: I have not used Alto; my tax situation is complicated by being an American in Japan and therefore much of the tax benefit of investing from an IRA (in anything) for me is moot.

      1 reply 0 retweets 8 likes
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    4. Harvey Multani‏ @HarveyMultani 9 Mar 2019
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      Replying to @patio11

      FD: investor in startups (including AltoIRA via IRA). Big difference between angel stage (startups) investing vs growth. Many Series B+ companies would have IPOed under previous benchmarks. Angel gets QSBS tax treatment which phases out at $50mil (~<Series B)

      1 reply 0 retweets 0 likes
    5. Harvey Multani‏ @HarveyMultani 9 Mar 2019
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      Replying to @HarveyMultani @patio11

      For ~B -> IPO, IRA investing can be compelling/tax efficient for accredited domain experts via direct or SPV (which AL enables). Alt. IRAs also used for investing in real estate, lending, (theoretically even ISAs), etc

      1 reply 0 retweets 1 like
      Patrick McKenzie‏ @patio11 9 Mar 2019
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      Replying to @HarveyMultani

      Mental monologue: “Seems implausible to me that someone would have an IRA which could meaningfully participate in a growth round, unless they were exercising pro-rata... oh people are much savvier than I am.” Thanks!

      6:56 PM - 9 Mar 2019
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      • Harvey Multani Vaibhav Mallya
      1 reply 0 retweets 2 likes
        1. New conversation
        2. Harvey Multani‏ @HarveyMultani 9 Mar 2019
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          Replying to @patio11

          Anytime! I had exact same thoughts while researching space. Great data here:https://www.forbes.com/sites/janetnovack/2014/09/16/retirement-rich-list-gao-estimates-314-taxpayers-have-iras-averaging-258-million-each/#2b5a9ed5b32c …

          1 reply 0 retweets 0 likes
        3. Harvey Multani‏ @HarveyMultani 9 Mar 2019
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          Replying to @HarveyMultani @patio11

          There's also this story from way back:https://www.forbes.com/sites/deborahljacobs/2012/03/20/how-facebook-billionaires-dodge-mega-millions-in-taxes/#6e8282e858f3 …

          0 replies 0 retweets 1 like
        4. End of conversation

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