Very few smart corporate people has this combination of high practical intelligence partnered with a good sense of humor. Another guy who speaks with a lot of intelligent content with a good sense of humor, Warren Buffet.
Amazing talk. I can't believe that this talk was given back in 2011. A lot of these points are still relevant today. His point at around 11:00 on the similarities and differences between PE and VC is especially interesting because it seems like since 2011 to today in 2021 VC has become a more common path for students graduating from business school that might have otherwise gone into PE. It's a trend I've noticed with my classmates from business school as well. As someone with both a software engineering and business background, It'd be interesting to get Chang Sun's thoughts on how PE companies think about investing and valuing software companies and how it's different from the physical, tangible asset businesses that PE shops typically invest in. For example, Vista Equity Partners was in the news a couple months ago for their industry leading returns as a PE shop that primarily invests in software companies. You also have Constellation Software in Canada that has been doing well following a similar model. Thank you Wharton and Mr. Sun for making this information available for everyone.
I had a chance working in finance and valuing both conventional company and also software. From my experience. Principle is quite the same but valuation method is different. Conventional company is using traditional DCF. Meanwhile at software, typically SaaS with revenue under 10M/year is valued at 30x to 60x monthly net profit. But for monopoly startups (linkedin,fb, google), these companies are way far more valuable than SaaS since they have very little competition.
When hearing this, macroeconomic focus and standpoint is inevitable when investing as well as micro one like business model issue and sector selection.
Thank you all for this brilliant, discussion to make every one feel comfortable to learn different ways of set up business and company operate we. This is good for networking process, for those who can reach outside quick.
Great and relevant lecture now im 2024. I am retiref commercial banker specializing in debt restructure. I dealt with many compamied most witj big problems. It sounfs like we both dealt with the variety of business people.
Can someone explain the put and option things he was discussing about? I understand how those work, but what scenarios he was explaining? Convertibles into equity that give them >49% more participation?
This guy openly mentions all the names of the people he fired over the years and does not worry about being sued as he is leaking confidential hr related details out relating to people performances.. what a professional!
He's very quick to put into practice what the lecturer says at the start of the lecture about dozing off during lecture. To be really successful, you need to doze off during lecture.
I think he’s Japanese (based on the infamous Japanese salary-man Panasonic laptop). It’s common for Japanese people to sleep through lectures in college too lol
Na' how, curious why recommend the friend whom wasn't that good, now representative on your word to another company? Are you making sure he's doing good things? Because it might be our money he's moonlighting lifestyle... Just a thought Appreciate you and experiences
You obviously didnt hear his statement. He said that as the country is becoming less and less corrupt you dont have to rely on politics and bribing government officials.
@@gjorgji9339 Unless your operations are limited in size, you always need to have relationships with those in government. Besides, now corruption isn't as "straightforward" (e.g., letter cash) as in the past, but it is more creative (e.g., using the network as a supplier that sells for above-market prices, issuing common stock close to par for the network).
This guy is passionate about his craft and it is unmistakable. This was a real blessing for me. Thank you!!!
Very few smart corporate people has this combination of high practical intelligence partnered with a good sense of humor. Another guy who speaks with a lot of intelligent content with a good sense of humor, Warren Buffet.
One of the most balanced and insight heavy presentation is have seen, out of the Wharton series. Thanks People
Thank the Tech Lead.
Great lecture! Thank you so much for posting this online for those don't have the access to learn from professionals and true talents.
This is one of the best lectures I heard, loved the dynamic approach to explaining PE
Amazing talk. I can't believe that this talk was given back in 2011. A lot of these points are still relevant today.
His point at around 11:00 on the similarities and differences between PE and VC is especially interesting because it seems like since 2011 to today in 2021 VC has become a more common path for students graduating from business school that might have otherwise gone into PE. It's a trend I've noticed with my classmates from business school as well.
As someone with both a software engineering and business background, It'd be interesting to get Chang Sun's thoughts on how PE companies think about investing and valuing software companies and how it's different from the physical, tangible asset businesses that PE shops typically invest in.
For example, Vista Equity Partners was in the news a couple months ago for their industry leading returns as a PE shop that primarily invests in software companies. You also have Constellation Software in Canada that has been doing well following a similar model.
Thank you Wharton and Mr. Sun for making this information available for everyone.
I had a chance working in finance and valuing both conventional company and also software. From my experience. Principle is quite the same but valuation method is different. Conventional company is using traditional DCF. Meanwhile at software, typically SaaS with revenue under 10M/year is valued at 30x to 60x monthly net profit. But for monopoly startups (linkedin,fb, google), these companies are way far more valuable than SaaS since they have very little competition.
i literally caught onto that too buddy, his overall analysis is spot on and v relevant today. Are you in VC yourself?
@@titobaskoro2240 your thoughts on Palantir, please?
Great lecture and insights to the PE world! Thank you Mr. Chang.
So informative thank you Chang for your experience and insights.
When hearing this, macroeconomic focus and standpoint is inevitable when investing as well as micro one like business model issue and sector selection.
Really good lecture. Well worth the entire watch. Thanks you Chang Sun
Too bad I can't his slides from his presentation! A lot of good stuff here!
Really love this channel! Brain working so hard smoke is coming out. Oh, and major validation of my investing instincts, management 🙄, so much!!
Terrific lecture! This guy running TPG China now btw
You know him? Please say hello
Thank you all for this brilliant, discussion to make every one feel comfortable to learn different ways of set up business and company operate we. This is good for networking process, for those who can reach outside quick.
Brilliant lecture!!!! I wish I had come across this earlier.
Great and relevant lecture now im 2024. I am retiref commercial banker specializing in debt restructure. I dealt with many compamied most witj big problems. It sounfs like we both dealt with the variety of business people.
really good aged content still effective today
I learned tons of knowledge from Chang Sun (孙强). From his story, I really think PE is a fun job.
Sha Sha appreciate your lessons learned...
Thank you , and have a great day ; Mr. Chang Sun 🦉
i put this on as background noise and ended up finding a hidden gem
Thank you Mr. Chan Sung, nice seeing you got your life straight after mortal kombat
Thank you very much for this video
Great lecture , got a lot of insights of PE
thx for sharing, that 's a great lecture
Wow didn't expect hearing about Indonesia in the lecture.
Can someone explain the put and option things he was discussing about? I understand how those work, but what scenarios he was explaining? Convertibles into equity that give them >49% more participation?
It's Mr. Sun.
such a great one!
That was amazing
great lecture
This guy openly mentions all the names of the people he fired over the years and does not worry about being sued as he is leaking confidential hr related details out relating to people performances.. what a professional!
u know nothing
+Xiaoli Xing wrg
good point, but the actual risk is very low, if there was wrongdoing, what would they do?
The performance belongs to the firm, not the individual.
Great Lecture
this is pretty interesting
this was sharp
How is the dude at 13:39 falling asleep on this great lesson?
The dude on the right looks clueless too.
Who would knew the pandemic could end many deals ?
And usher in many more.
16:31 Asian dude dozing off lol
He's very quick to put into practice what the lecturer says at the start of the lecture about dozing off during lecture. To be really successful, you need to doze off during lecture.
I think he’s Japanese (based on the infamous Japanese salary-man Panasonic laptop). It’s common for Japanese people to sleep through lectures in college too lol
large pension fund wants PE to beat s&p by 100% !?? wow, ! great lecture. thankyou
4:20 10 years on and you were almost wrong about that hahaha
Why is this on my recommended 10 years on
Because you need it now.
LOL : "..that's what's wrong with koreans. they want to own a golf course!...." hilarious. and it is true. i m korean. hilarious..
안녕하세요 ㅎㅎ
Na' how, curious why recommend the friend whom wasn't that good, now representative on your word to another company? Are you making sure he's doing good things? Because it might be our money he's moonlighting lifestyle... Just a thought
Appreciate you and experiences
872 vs 982
13:45
Is it just me or are there a lot of Indian guys in the room ?
Over underrated video
Warburg Pincus , KKR , JPmorgan , General Electric , General motor , Mckency
Simon Cheng wtf are u talking about gtfo learn how to spell
2:55 🤣
“Connections less and less important”
That didn’t age well. How different 10 years ago it was
You obviously didnt hear his statement. He said that as the country is becoming less and less corrupt you dont have to rely on politics and bribing government officials.
@@gjorgji9339 Unless your operations are limited in size, you always need to have relationships with those in government. Besides, now corruption isn't as "straightforward" (e.g., letter cash) as in the past, but it is more creative (e.g., using the network as a supplier that sells for above-market prices, issuing common stock close to par for the network).
The parsimonious notify certainly soothe because approval contemporaneously stitch beside a windy cafe. fixed, economic apparatus
The blonde at 1:34 is really hot.
Allen Scott Miller Helen Thompson Mary
The obnoxious parcel byerly cross because yew counterintuitively lock till a half spark. good, needless rod
capital seeks idea not create ideas
"this is how pe makes money" - incorrect. EBITDA multiple arbitrage. that is really the only golden ticket.
The embarrassed locust proximally suffer because fiction subsequently develop unto a tawdry sunshine. natural, sparkling grandmother
"you don't have to worry about Obama government gets toppled by some coup", so much for that.
You don’t have to worry about instability in the USA Obama government. Wow…how things have changed..
non-erobeik /does not/ hbiid happened/does not happened' /nd.D
iThe SearcHforY'HigH/Uyields 13.38 YLd. //nd.D