Deal Flow

Inside the world of M&A, IPOs, and Venture Capital

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June 07, 2006

Great Minds Think Alike (Or Else One Great Mind Thinks Alike All the Time)

Tim Mullaney

It was a funny, if slightly out-of-body, experience to read this morning's New York Times. They followed a story I did last month on Netflix, a 2002 IPO I've followed ever since (hence its place in the Deal Flow blog). The column by BW alum David Leonhardt was fine -- close enough to mine that I could say "I beatcha" but clearly his own work. The money pitch was reading these quotes from CEO Reed Hastings...

From today's Times...
"At the heart of any good investment, I tell investors, is a contrarian thesis that they and the company believe very deeply," Mr. Hastings said, "and that the rest of the world thinks is crazy."

From BW Online Last Month...

"Any great investment has at its heart some contrarian thesis the rest of the world thinks is ridiculous. Ours is that DVD will dominate for a decade or more. If one believes DVD will evaporate in two or three years, they shouldn’t invest in Netflix."

The quote ran in BW's print edition this way...

“Any great investment has at its heart a contrarian thesis...and ours is that DVD will dominate for a decade or more,” says Hastings

That Reed Hastings is one on-message dude.

04:00 PM


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