Insights

After digging into the most common valuation shortcuts in venture capital, a few clear truths emerge: 1️⃣ Cost is not fair value Cost is historical. Fair value is current. IPEV and ASC 820 are explicit: once new information exists, holding at cost stops being conservative and starts being misleading. 2️⃣ Last price per share ≠ portfolio truth LPPS reflects one deal, at one point in time. It ignores preferences, protections, optionality, and changes in performance or market

From Clarity to Confidence In my article - VC Waterfall Calculations: The Hidden Engine Behind Cap Table Clarity , I argued that waterfall calculations are the hidden engine behind cap table clarity. But clarity alone isn’t enough. In venture finance, clarity must translate into confidence, confidence in valuations, negotiations, and ultimately, decision-making. When founders, CFOs, and investors understand not just what they own  but what they can get , they unlock a new lev