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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 Feb 23
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      Patrick McKenzie Retweeted

      I had one of those funny juxtapositions visiting Vegas one year: 6 PM: Walk past friends playing at craps table, which has an ATM next to it. Highest allowed chip (and bet) at table: $5,000. Can buy that chip for cash with no questions asked. 9 PM: $5,000 investment to startup. https://twitter.com/BullyEsq/status/1231301801355436032 …

      Patrick McKenzie added,

      This Tweet is unavailable.
      8 replies 19 retweets 218 likes
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      Patrick McKenzie‏ @patio11 Feb 23
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      The investment required: a) That I factually be an accredited investor. b) A check with my professional advisor that they had due diligenced my accredited investor status. c) Bespoke professional services work documenting same for startup's future reliance. d) Call to bank.

      10:37 PM - 23 Feb 2020
      • 4 Retweets
      • 61 Likes
      • Ricky Piet Æ 1 X 🦉 Tweet News Umang Galaiya John Lee Henk Poley Adam McCullough ❘❘ bind infinitsummer strangeattractor
      5 replies 4 retweets 61 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Feb 23
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          Also the startup doesn't say "Contemplating an investment? Awesome! Can we interest you in free liquor?"

          3 replies 2 retweets 69 likes
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        3. Patrick McKenzie‏ @patio11 Feb 23
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          Similarly, have you seen the user experience or marketing for Robinhood? "Are you an unsophisticated investor with high risk appetite? Would you prefer to contribute capital to startups but are denied for being unaccredited? Then do we have a proposition for you: weekly options"

          1 reply 2 retweets 52 likes
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        4. Patrick McKenzie‏ @patio11 Feb 23
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          Robinhood: "Naked calls on Tesla with a 5 delta expiring this Friday!" Investor: "What does that mean?" Robinhood: "I dunno dawg are you man enough to figure out?" Narrator: It means sophisticated investors assess 95% probability of that position going to zero on Friday evening.

          4 replies 10 retweets 107 likes
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        5. Patrick McKenzie‏ @patio11 Feb 23
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          Robinhood: combining crypto's attitude regarding compliance and risk-taking with public markets' presumed legitimacy in the eyes of all stakeholders.

          4 replies 4 retweets 67 likes
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        6. End of conversation
        1. New conversation
        2. Kev Z‏ @kevzettler Feb 24
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          Replying to @patio11

          Is this a regular ticket size for you? I’d be into startup investments of this size but assumed solo angel tickets range $20-50k. Also looks like a lot of work from what you outlined.

          1 reply 0 retweets 0 likes
        3. Patrick McKenzie‏ @patio11 Feb 24
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          Replying to @kevzettler

          The more typical check size is about $25k. I don't generally invest that much because bluntly don't have that much bandwidth; startups are generally happy to take $5k from me because they perceive there as being value to having social license to ask me questions.

          1 reply 1 retweet 5 likes
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        2. Lars Brenna‏ @larsbrenna Feb 24
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          Replying to @patio11

          How come you don't (angel-) invest through a company that you fully own? Would that make it easier, regulations wise?

          1 reply 0 retweets 0 likes
        3. Patrick McKenzie‏ @patio11 Feb 24
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          Replying to @larsbrenna

          If you invest through e.g. an LLC, which I do, by far the most straightforward way to qualify is "Is every beneficial owner of this LLC an accredited investor?", which is the exact same question as would be asked of me investing personally (since I'm only beneficial owner).

          1 reply 0 retweets 5 likes
        4. 3 more replies
        1. Andrew Wooster‏ @wooster Feb 23
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          Replying to @patio11

          I have never had anybody check.

          0 replies 0 retweets 0 likes
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        1. New conversation
        2. Maia Bittner  🏡‏ @maiab Feb 24
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          Replying to @patio11

          and your bank grills you on what the wire is for to make sure you’re not getting swindled!

          1 reply 0 retweets 0 likes
        3. Carl OS‏ @CarlosMissirian Feb 24
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          Replying to @maiab @patio11

          Do foreigners also need to be accredited investors? Otherwise there is an opportunity there...

          0 replies 0 retweets 0 likes
        4. End of conversation

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