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Qualified small business stock (QSBS) refers to shares of a qualified small business (QSB) as defined by the Internal Revenue Code (IRC). A QSB is an active domestic C corporation whose gross assets—valued at the original cost—do not exceed $50 million on and immediately after its stock issuance.

Continue Reading Qualified Small Business Stock (QSBS)

“Software contracts are better than first-lien debt. You realize a company will not pay the interest payment on their first lien until after they pay their software maintenance or subscription fee. We get paid our money first. Who has the better credit? He can’t run his business without our software” – Robert Smith

Continue Reading Recurring Revenue: The Rise of an Asset Class

Will Thorndike is an investor and author of The Outsiders, a study of eight unconventional CEOs who did an exceptional job of allocating capital in their businesses. In this presentation from Tugboat Institute Summit 2019, Will shares the essential lessons of the CEOs he profiled in his book, as well as updated insights.

Continue Reading A PRAGMATIC, NON-VISIONARY BUSINESS WORLDVIEW: LESSONS FROM THE OUTSIDERS

I wish I had been a VC in the 90’s. And those people wish they had been doing LBO’s in the 80’s. And those people wish they had been doing high yield credit in the 70’s.

Continue Reading What Will The Investors of 2040, Wish They Had Been Doing in 2019

Todd Boehly’s visit to Topeka, Kan., wasn’t going as planned. It was one of his earlier trips in his negotiations to buy life insurer Security Benefit, but one dark morning in 2010 after his cab dropped him off, he found that the doors of his hotel did not open. The front desk was empty, his…

Continue Reading Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans