Happy Sunday everyone.

What a freaking week for people that love following the markets. Congrats to all the employees and shareholders of Doordash and Airbnb.

The IPO’s led to some incredible ‘mea culpa’ memes on Twitter as venture capitalists shared their emails ‘passing’ on the Airbnb investment. Brian Chesky (Airbnb CEO) shared 7 of them in an old post here. My favorite was actually a made up one by Logan Bartlett a venture capitalist at Redpoint which is absolutely hilarious:

Great investor Reid Hoffman has an excellent piece on his investment in Airbnb in this post titled ‘Airbnb Reflections‘.

Next up…

The crazy IPO pops of both hit IPO’s have created a bit of a problem for Goldman Sachs. Rumors are that the next hot IPO in gaming – Roblox – is holding off their IPO as they consider how NOT to leave hundreds of millions on the table in an IPO pop.

I have long been biased against banks leading IPO’s, especially hot IPO’s. Great companies with large customer bases and product fans can go public with more shares the regular way to reduce the ‘pop’, can do a direct listing, or can do a SPAC.

Last week it was reported by Reuters that Robinhood had chosen Goldman Sachs to lead an IPO for them in 2021. As a seed investor in Robinhood, I cringe at having Goldman profit from anything Robinhood. As someone that has watched the streams on Stocktwits, Reddit, Twitter etc for years I know a direct listing or SPAC would get the job done for a brand and company like Robinhood. Selfishly, I would love to see that happen and sooner than later as the markets today may never be more receptive.

Finally…

I played golf with Max yesterday up at Silverleaf and was thrilled to witness his first 67. Max went 34-33 (the back nine is much tougher) and he had a makeable putt for 66 on the very hard 18th hole.

I tweeted a photo, thinking not much of it, but a bunch of people at Silverleaf follow me so Max was a celebrity for the day.

I have been lucky to play more golf with Max this fall in Phoenix and this was a real treat for a dad.

Putting some context around Max’s incredible first 67, John Rahm shot a ’27’ on the same front 9 and tees the day before, without pulling out his driver.

As the PGA ads say…’These guys are good!