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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 Jan 30
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      I think it is underappreciated by many technologists how many technology companies are, often quietly, building vehicles which have cash flow profiles similar to asset backed securities. The economy structurally wants those assets and capita for them is extremely abundant.

      10 replies 19 retweets 195 likes
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    2. Patrick McKenzie‏ @patio11 Jan 30
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      This isn’t a good thing or a bad thing by itself. (Securitization got an extremely bum rap after the global financial crisis, mostly not for good reasons.)

      4 replies 1 retweet 24 likes
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      Patrick McKenzie‏ @patio11 Jan 30
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      The opportunity is twofold: one, there is some underlying customer need for a transaction that cannot be facilitated economically in the status quo. Two, there exist enormous pools of capital which are return-sensitive and need an option in a low-interest environment.

      8:38 PM - 30 Jan 2020
      • 22 Likes
      • Justin Ridgely Christian Owens Simon Vans-Colina Zak Kukoff Diego Henrique Alec Resnick Sibelius Seraphini Jeff Rory Murray
      1 reply 0 retweets 22 likes
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        2. Patrick McKenzie‏ @patio11 Jan 30
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          “Can you give me an example?” Socially awkward, sorry, but you should look at basically any business model where there is a high initial expense and then a consistent stream of payments afterwards and think “Ahh tech companies don’t want that on their balance sheet.”

          2 replies 0 retweets 32 likes
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        3. Patrick McKenzie‏ @patio11 Jan 30
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          SaaS companies have approximately this dynamic but largely don’t securitize yet, because equity funding is so abundantly available for SaaS, but I will eat my hat if there are not billions of SaaS-cash flow backed securities issued by 2030. Probably closer to 2025.

          9 replies 7 retweets 128 likes
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