asterisk2a + valuation   29

Canada Overwhelmed By 100,000 Chinese Millionaire Immigrants - YouTube
Flaunting your wealth. No connection w your culture and heritage. [...] also land taxes based on property value make it not affordable for some ... [...] Chinese love their property, half of their wealth/portfolio ... // http://www.theglobeandmail.com/report-on-business/top-business-stories/canadian-house-prices-from-overvaluation-to-downright-zany/article30535075/ &! http://www.cbc.ca/news/business/canada-banks-mortgage-1.3643793 - Canadian banks could survive a 25% house price decline, Moody's says. Banking system would be fine even if Toronto and Vancouver see a crash, ratings agency says.
Beton  Gold  Betongold  Canada  USA  China  property  bubble  real  estate  bubble  UK  globalisation  globalization  immigration  economic  history  asset  allocation  affordability  affordable  housing  social  housing  Generation  Rent  rent-seeking  rentier  ZIRP  NIRP  QE  BOC  secular  stagnation  migration  valuation  asset  bubble  asset  liquidity  distortion  distorted  Germany  1%  Super  Rich  Gini  coefficient  inequality  Latin  America  BRIC  emerging  middle  class  India  Asia 
june 2016 by asterisk2a
Benchmark’s Venture Capitalist Gurley: ‘Private Valuations Are Fake’ | Re/code
“Unicorns have priced themselves out of the public market,” said Gurley, adding that the valuations are “all on paper. It’s all a myth.” He issued a call for startups to return to business fundamentals. “We need to refocus on building real businesses that are sustainable,” Gurley said. “I personally wish the market would bring them all down so that we could get to a more sane place.”
Unicorn  distortion  Private  Market  ZIRP  NIRP  QE  unintended  consequences  Silicon  Valley  valuation  Bill  Gurley  a16z  Marc  Andreessen 
october 2015 by asterisk2a
Option Games: Common Stock Values Get Murkier — The Information
Valuing common stock has gotten trickier for startups. The growing number and complexity of rights on preferred shares are causing companies to adjust their reasoning around how much their common stock is worth, according to firms providing the valuations and lawyers overseeing them. But companies still have a lot of discretion, a reminder that how startups calculate their value frequently bears little relation to big funding headlines. [...] Valuations of startup firms’ common stock for employee option grants has been complicated by increasing complexity of rights on preferred stock and secondary market transactions. [...] [ !!! Snapchat offered common stock only in recent (May 2015) investment, Alibaba & two hedge funds were ok with it. But further termsheet details (liquidation preferences) unknown. Existing holders of common stock (employees) could be diluted massively, in future, ie Snapchat has a down round in the future/eventual IPO - on.wsj.com/1KICv8H &! bit.ly/1iiJw3G ]
cap  table  liquidation  preferences  common  stock  employee  option  grants  Start-Up  advice  Start-Up  lesson  HR  human  resources  compensation  package  valuation  Unicorn  Decacorn  preferred  stock  termsheet  Venture  Capital 
september 2015 by asterisk2a
We’re gonna need a bigger round...
After 15 years of staggering declines, the cost of building a company in San Francisco is rising sharply // prohibitive! diluting too much too early. // China and other BRIC paper millionaers divesting into property speculators, around the world. every city that has seen substantial price appreciation +10-20% over last +5 years // hot money from monetary policy, excess reserves, flushing around the globe //
cost  of  entry  cost  of  living  living  standard  living  spaces  standard  of  living  city  living  commuting  London  Start-up  Scene  San  Francisco  burn  rate  runway  advice  lesson  urbanisation  urban  planning  Mountain  View  Palo  Alto  Redwood  growth  round  Venture  Capital  hunt  for  yield  FOMO  asset  allocation  asset  bubble  speculative  bubbles  property  bubble  hot-money  ZIRP  NIRP  QE  China  PBOC  2015  credit  bubble  Fed  ECB  BOJ  excess  reserves  economic  history  equity  bubble  bond  bubble  bubbles  speculative  speculation  Micro  VC  Limited  Partners  Angel  Investor  Seed  Party  valuation  globalization  globalisation  flat  world  borderless 
september 2015 by asterisk2a
Pando: In the Valley, pre-seed is a meme. In New York, it’s a necessity
// cost of entry? // unable to make it happen? // Can't you write software from anywhere? // problem, heavily diluted early on approaching A/B, traditional shops don't like the cap table of pre-seed, angels, seed, accelerator & Micro VC's already owning ~+40% ... you come to a traditional A/B shop and not one of the existing investors is actually leading the round or committed in paper do double down? // // from a financial perspective/investment/math --- in the PRIVATE MARKET thrown under the bus by NIRP, QE, hunt for yield and FOMO (looking for their female unicorn or own Zuck) everyone can run 100 burger stands with unlimited/stellar returns in their spreadsheet model (bc cost of capital being 0 or negative). Despite the deflation of price of software & hosting (marginal cost, economics of abundance), Talent got bid up heavily (+200k/y in LA by Snapchat) in certain cities (SV, NY, London) // &! Steen Jakobsen - youtu.be/fnp5ETnKylU - min 16 avg guy does not have access to credit!
Seed  Round  Party  Round  Venture  Capital  Micro  VC  barriers  to  entry  cost  of  entry  London  Start-up  Scene  ecosystem  New  York  Scene  burn  rate  runway  traction  A  Round  seedfunding  funding  Angel  Investor  dilution  cap  table  lesson  advice  liquidation  preferences  hunt  for  yield  2015  distortion  FOMO  equity  bubble  credit  bubble  ZIRP  NIRP  QE  asset  allocation  Limited  Partners  monetary  policy  fiscal  policy  Wall  Street  asset  bubble  behavioral  finance  behavioral  economics  Silicon  Valley  Private  Market  Public  Market  reflate  reflation  cost  of  living  valuation  Unicorn  Decacorn  cost  of  leverage  financial  repression  financial  literacy  financial  financial  cycle  business  cycle  business  confidence  consumer  confidence  hubris  panic  irrational  exuberance  retail  banking  investment  banking  fractional  reserve  banking  banking  crisis 
september 2015 by asterisk2a
Gurley on Global Selloff: Bloomberg West (Full Show 8/21) - YouTube
'averting catastrophic events' - hard things about hard things - book // when taking on growth round to grow aggressively company (buying customer growth)... you might actually take on risk. especially when the sentiment and the market turns and you burned it all and weren't so good at allocating the money and 'growing' you have to maybe raise a flat/downround ... ooopsies. Or even have to accept a debt round and massive lay-off to get to cash flow even/positive. And run a tight ship with the user base/business you've got. // re: post-price correction after speculative China bubble burst and massive China weakness and still existing/persistent deflationary pressures in western world. // &! bit.ly/1NTc3GM - Public markets affect venture funding. Full stop.
growth  round  IPO  Bill  Gurley  Venture  Capital  Private  Market  Unicorn  Decacorn  Mutual  Fund  Private  Equity  Hedge  Fund  2015  speculative  bubbles  speculative  speculation  hunt  for  yield  burn  rate  runway  sentiment  business  confidence  consumer  confidence  China  recovery  bubble  reflate  reflation  book  Ben  Horowitz  Marc  Andreessen  business  model  cash  flow  cash-is-king  Start-Up  lesson  financial  model  Start-Up  advice  valuation  Mark  Suster  Wall  Street 
august 2015 by asterisk2a
The frustrating, no-win "Goldilocks Zone" of seed deals
Don’t do party rounds. Raise as much as you possibly can so you don’t get crunched. Don’t raise money from just seed funds. Don’t raise money from just big name VCs unless you know you’ll breakthrough, and then absolutely do. And actually you never know that, so nevermind. Oh, and good luck rationalizing all of this advice, first timers. [...] TL;DR version: Large VC firms may do lots of seed deals but each partner will only do one to two Series A deals a year. So basic math tells you it’s a game of survivor. Most of the seed deals will not get a Series A from that firm. The concern is if you don’t quite make the cut, is the signal so bad to other VCs that you are worse off than if you never raised that, say, $200k from a big name VC to begin with? [ not every product consumer or b2b will not be a 500m/1bn dollar company, thus it's not worth it to raise risk capital and just grind it out!? at a sustainable pace, putting back in what you earned. ] &! bit.ly/1HjO13v
Seed  Round  Party  Round  Start-Up  lesson  Start-Up  advice  Angel  Investor  Micro  VC  Venture  Capital  Series  A  seedround  seedfunding  traction  business  model  Silicon  Valley  economies  of  scale  pageviews  Unicorn  valuation  speculative  bubbles  speculative  speculation 
july 2015 by asterisk2a
Snapchat Solicits Longer Content By Ditching Tap-And-Hold-To-Watch | TechCrunch
bit.ly/1NAmQWu "he's showing that he can make practical decisions that benefit the Snapchat users, even if it means losing something that was fundamental to Snapchat's product itself." // But doesn't he give up the 'attention grab/focus' feature for long-form content and thus also loosing share of the snacking %' !!?? long-term we will see what Snapchat will become and be eventually worth. Because it won't be a Facebook. It could turn out to be a Twitter with problems in monetisation (turning a profit and meeting growth stage investors expectations - current valuation ... at IPO and post-IPO one, two years on.) Gary might be right about putting yourself out of business than letting the other guys do it for you. But Snapchat (Mr Spiegel) may have been forced to abandon its 'differentiation' in order to meet valuation expectations by appealing to a broader potential user base to use it more, like to read news & consumer other types of content than Snapchats ( P2P or B2C versions ).
Snapchat  snacking  attention  span  user  behaviour  mobile  homescreen  mobile  phone  valuation  Evan  Spiegel  product  management  consumer  product  Social  Media  Social  Network  Core  Value  Proposition  product  experience  Design  Minimal  Viable  Product/Market  Fit  Officer  differentiate  differentiation  Twitter  Facebook  business  model  Unicorn  speculative  bubbles  speculative  speculation  growth  round  Silicon  Valley 
july 2015 by asterisk2a
The curse of the first-day pop, and why Shopify deserves better | PandoDaily
Shopify also faces competition from other small-business commerce platforms like the open-source Magneto and from Square and other payments processors. But the company’s products and handholding tutorials are tailored to address one of the key challenges of the small-business enterprise market – that business owners often aren’t tech-savvy enough to give consumers the seamless expereience they’ve come to expect, and are often too harried to try and learn. Shopify’s plug-in-and-go offerings are designed to address that issue. [...] the offering was priced at $17 a share, giving it a market cap of $1.1 billion in the offering, or around ten times its revenue last year. [...] Let’s say revenue doubles again this year. The stock is still valued at nearly 10 times its expected revenue – a risky valuation for any company, let alone one in a competitive market.
Shopify  IPO  valuation  differentiate  differentiation 
may 2015 by asterisk2a
Unicorn sugar crash | PandoDaily
liquidation preferences // // &! http://www.bothsidesofthetable.com/2015/05/14/the-most-important-advice-i-could-give-you-about-unicorns/ - So here’s advice I give people all the time when they’re raising money. Narratives matter. Narratives are memorable. I’m not talking about raising money at a billion dollars. I’m talking about making your company memorable by describing it with a narrative that people will later remember. Showing people your features or even your recent performance lacks context and won’t be memorable. Your business needs to be cast in a story that puts it into perspective. Why is your market broken? Why is your solution 10x better? Why are you the unique person to solve this problem? Why is it a really big market? Why is it ready for disruption? Why is now the right time? How do you remain defensible?
Unicorn  termsheet  liquidation  preferences  growth  round  Start-Up  lesson  Start-Up  advice  Silicon  Valley  pitch  deck  valuation  speculative  speculation 
may 2015 by asterisk2a
Slack's massive funding round is everything amazing and insane about the startup bubble | The Verge
[ COMPETITION 4 HOT DEAL, Private Market (Private Equity) highest bidder wins. Thus to get in, people make compromises. ] "It’s the best time ever in the history of the world, or at least the tech industry, to raise money. Will it get better? It’s possible. Six months from now, we might say darn it, we should have waited," Butterfield told me. "On the other hand it’s a pretty amazing deal. In a certain respect it would have been irresponsible not to take it for five-ish percent of the company on clean terms." For those not familiar with venture capital, Butterfield means he only had to give up a small percentage of the ownership in Slack to get this new funding, and that the deal didn't come with a bunch of crazy terms which favored the new investors. [...] [ also mentioned 20-30% rise in HR cost compared to last year! << SF/SV becomes prohibitive for bootstrapping & even for Seed/Angel backed start-ups w 2-5m. Run out of time (MVP fit) bc run out of cash bc high local burn rate. ]
Slack  Unicorn  growth  round  Silicon  Valley  San  Francisco  distortion  Private  Market  Private  Equity  Venture  Capital  SAAS  Enterprise  2.0  valuation  hunt  for  yield  speculative  bubbles  asset  allocation 
april 2015 by asterisk2a
Cloud HR Startup Zenefits Is Looking To Raise A Giant New Round Of Funding | TechCrunch
Aims 2 raise up2 $500M at $3B+ valuation; Zenefits prev said it expected $100M ARR by '15; expects GAAP rev of $50M+ this yr; prev raised $83.6M // Free SAAS, makes money by receiving commissions from insurers. [NEEDS SALES & MARKETING hires to sustain growth trajectory and justification of valuation multiple.] By the end of 2014, Zenefits had around 500 employees, according to sources, but that number is expected to quadruple by the end of 2015. Last year, the company said it wanted to hire around 1,300 employees over the next 3 years. [Capturing Marketshare USA/Canada - hitting it with the baseball bat.] // youtu.be/KporpXG0XK8 min6 direct marketing/e-mail/hustle/hands on sales pitch > COO/Accounting/HR // youtu.be/7KmjzfK3f38 min 11 Start-up struggle, figuring it out along the way but having a sense // (2015) youtu.be/8DwlS_6jLAo "Hyperscaling Inside Sales" &! YC W2013 application video - youtu.be/-S83fysRwn4
valuation  Silicon  Valley  Zenefits  HR  Unicorn  growth  round  enterprise  2.0  SAAS  SPV  business  model  customer  acquisition  user  churn  customer  churn  user  acquisition  marketing  Box  DropBox  Salesforce  ZenDesk  user  experience  Software  Is  Eating  The  World  operations  freemium  scaling  LTV  scale  human  resources  hiring  Core  Product  Value  Proposition  sales 
april 2015 by asterisk2a
Sure Stripe has more cash, but does it have a path to exit? | PandoDaily
The problem with raising capital at nosebleed valuations is that the number of scenarios under which a positive outcome is possible becomes greatly diminished. By raising at $3.5 billion, Stripe, [... and Investors ...] — are betting that the company can exit at or above $7 billion. That’s a steep price and largely eliminates acquisition as an option. The list of potential acquirers is likely limited to Facebook, Google, Apple, eBay, Amazon, and Alibaba in the tech sector. On the financial side, there are the large banks and credit card companies. But it’s hard to see anyone ponying up $7 billion to acquire Stripe, which has yet to prove that it has a sustainable business or attractive margins. [...] Not every round requires a doubling valuation, and in this case, it may turn out that everyone involved would be better if more modesty was applied. [...] [ Merger of Square & Stripe as worst case scenario? ] [ & IPOs to forget - Box, Groupon, Zynga, HortonWorks ... ]
Venture  Capital  Stripe  Apple  Pay  PayPal  Google  Wallet  Bitcoin  Amazon  Alibaba  Rakuten  Silicon  Valley  growth  round  exitstrategy  exit  strategy  IPO  M&A  business  model  margin  AliPay  Braintree  mobile  first  mobile  homescreen  Platform  network  effect  economies  of  scale  scaling  scale  Venmo  valuation  ycombinator  Unicorn  Square  Wall  Street  mobile  payments  online  payments  creditcard  Visa  Mastercard  payments  micropayments  Start-Up  lesson  Start-Up  advice 
december 2014 by asterisk2a
Peter Thiel on why Airbnb should be valued way higher than Uber… and why it’s not | PandoDaily
Rather than explaining how two companies locked in such a battle could possibly justify nearly $2 billion in collected investment and sky high valuations, he made the point that Airbnb in contrast is wildly undervalued at least relative to Uber. Thiel is also an investor in Airbnb– yet another darling of the sharing economy, valued at a “mere” $10 billion compared to Uber’s $18 billion. Unlike Uber and Lyft, Thiel argued, there is no obvious competitor to Airbnb. That in and of itself makes it a more valuable company because of the distraction and profit erosion that he describes throughout his book. So why doesn’t the market reflect that thinking? Thiel gave an amusing answer to that too: VCs like to invest in things they like to use. VCs love getting in black town cars, but they typically stay in five star hotels. Fewer still open up their homes to strangers for extra cash. Uber gets a “yeah! I like this one!” valuation boost.
Peter  Thiel  Venture  Capital  pattern  recognition  pattern  matching  Lyft  Uber  AirBnB  valuation  competition  Fred  Wilson  Bill  Gurley  burn  rate  runway  Silicon  Valley  unintended  consequences  ZIRP  bond  bubble  equity  bubble  NIRP  QE  hunt  for  yield 
october 2014 by asterisk2a
Shrink Your Digital Footprint with Mark Cuban's Cyber Dust | Disrupt SF 2014 - YouTube
min 8:45 - Silicon Valley & Culture & Valuations (_cost of Living_!!! - Silicon Valley and surrounding areas ie SF and Palo Alto etc.) & FOMO (fear of missing out) ... arbitrage >> coming from the outside, selling it to the inside. +++ http://youtu.be/nXVKA__JohU
Silicon  Valley  Mark  Cuban  Start-Up  advice  Start-Up  lesson  FOMO  valuation  Unicorn  culture  hunt  for  yield  Los  Angeles  Start-Up  Scene  New  York  Start-Up  Scene  Berlin  Start-Up  Scene  Europe  Start-Up  Scene  London  Scene  angelinvestor  angelinvestors  seedfunding  seedround 
september 2014 by asterisk2a
Report: Fenwick study points to rising valuations, but don’t call it a bubble | PandoDaily
Fenwick partner Barry Kramer, who co-authored the report, breaks down the fundamental signs of a bubble into three things: high valuations, an absence of investment fundamentals, and large volumes of investment activity. Today’s report confirms that the first factor is very much a reality, but the latter two are far less of an issue. +++ http://pando.com/2014/08/11/a-look-at-whether-being-the-most-prolific-vc-really-a-good-thing/
Venture  Capital  Silicon  Valley  hunt  for  yield  valuation  Start-Up  lesson  Start-Up  advice  unintended  consequences  ZIRP  NIRP  QE  asset  bubble  speculative  bubbles  seedround  seedfunding  angelinvestor  angelinvestors 
august 2014 by asterisk2a
Founder School with McKinsey - YouTube
growth can't be infinite in a finite world population. PERIOD. revenue 2x more worth for that margin - in terms of apples to apples company valuation. long-term thinking applies; we can later improve margins. lets focus on scale. market dominance/relevance. [...] getting over the 1bn figure is hard. Instagram. ... WhatsApp ... FB was overpaying (19bn) in order to have it, be relevant in that space, and not let it have anybody else. PERIOD. Was Strategic as Instragram was for Pictures (vertical). [...] Patent system is, can be, stifling in many ways. Because it serves as distraction from the Vision, the Product and the Execution. The current overall patent environment is prohibitive to innovation.
Start-Up  lesson  Start-Up  advice  business  math  business  management  shareholder  value  stakeholder  value  valuation  scale  scaling  growth  hacker  economics  business  model  revenues  revenue  Silicon  Valley  long-term  thinking  short-term  thinking  customer  acquisition  customer  retention  monetization  monetize  monetisation  business  plan  stifling  execution  Vision  product  management  Product/Market  Fit  Design  multi-product  company  patent  trolls  innovation  stealth  patent  troll 
june 2014 by asterisk2a
Hussman Funds - Weekly Market Comment: Quantitative Easing and the Iron Law of Equilibrium - March 7, 2011
The key point, in any event, is that the primary function of QE is to distort market equilibrium by raising the price and depressing the future prospective returns on nearly every asset class.
QE  QE-2.0  economics  asset  bubble  valuation 
march 2011 by asterisk2a
Comparing term sheets « HighContrast
Jeff correctly points out that the pre-money valuation of the company is not what entrepreneurs should focus on exclusively because the pre-money includes an option pool, which is under board control. Instead, he suggests that entrepreneurs should look at “the promote” which is the ownership of the founders * the post money as an indication of how good a deal they got. In his example he compares a 6 on 7 offer with a 20% pool with a 6 on 9 offer with a 30% pool. The promote in the first case is $4.4M (34% of 13M post) and in the second it is $4.5M (30% of $15M post).
option-pool  pre-money  Valuation  termsheet 
november 2009 by asterisk2a
Spreadsheet programs
You will find a revenue growth estimator as well as a generic valuation model for high growth firms in this section.
Valuation  models  model  value  revenue  growth  estimator  finance  Investing  equity  resources  patent  spreadsheets  spreadsheet  reference  asset  business  tools  excel  education 
november 2009 by asterisk2a
Entrepreneur Corner Roundup: Firing your customers and looking beyond pre-valuation dollars | VentureBeat
How to fire your customers –
Negotiating VC funding? Look beyond ‘the pre’ –
Trust your team, not the crowds, when it comes to risk –
Startup Spotlight: WhoDoYouKnowAt: A more exclusive, private LinkedIn –
5 tips for choosing a co-founder –
Does your company really deserve VC money? –
entrepreneurship  venturecapital  VC  start-up  startup  advice  entrepreneur  lessons  lesson  networking  Valuation 
october 2009 by asterisk2a

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