Denali Investors - Columbia Business School Presentation 2014.11.11 - Final - Public

7/21/2019 Denali Investors - Columbia Business School Presentation 2014.11.11 - Final - Public

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Iagukhcl Huscdbss YifaagYpbiclg Yctultcads ZrbsbdtltcadDavbkhbr 8:


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Mcsiglckbrs]fbsb prbsbdtltcad kltbrclgs flvb hbbd prbplrbm sagbgy ls l kblds ta mbtbrkcdb cdvbstar cdtbrbst cd Mbdlgc Cdvbstars Liirbmctbm Nudm, GZ ar tfb Mbdlgc Cdvbstars Annsfarb Gckctbm (tfb Nudms). ]fbsbkltbrclgs lrb qulgcncbm cd tfbcr bdtcrbty hy tfb Nudms Iadncmbdtclg Zrcvltb Zglibkbdt Kbkarldmuk (tfb Annbrcde Kbkarldmuk) ldm tfb bxfchcts tfbrbta. ]fcs cs dat ld annbr ta cdvbst cd tfb Nudm? ldyannbrs wcgg hb klmb adgy hy kblds an tfb Annbrcde Kbkarldmuk. Ldy mbicscad ta cdvbst cd tfb Nudm kust hb hlsbm sagbgy upad tfb cdnarkltcad sbt nartf cd tfb Annbrcde Kbkarldmuk ldm tfb bxfchctstfbrbta, blif an wfcif sfaugm hb rblm ilrbnuggy hy praspbitcvb cdvbstars prcar ta cdvbstkbdt. ]fbsb prbsbdtltcad kltbrclgs lrb iadncmbdtclg ldm kly dat hb rbpramuibm ar mcstrchutbm hy tfb rbicpcbdt,bxibpt tflt tfby kly hb pravcmbm ta lmvcsbrs ta tfb rbicpcbdt cd iaddbitcad wctf ld bvlgultcad an l patbdtclg cdvbstkbdt. Zraspbitcvb cdvbstars sfaugm hb lwlrb tflt ld cdvbstkbdt cd tfb Nudm csspbiugltcvb ldm cdvagvbs l fcef mberbb an rcso. ]fbrb ild hb da lssurldib tflt tfb Nudms cdvbstkbdt ah`bitcvbs wcgg hb lifcbvbm ar tflt ld cdvbstar wcgg rbibcvb l rbturd an ar ad cts ilpctlg. Cd lmmctcad,tfbrb kly hb aiilscads wfbd tfb Nudms ebdbrlg plrtdbr, cts lnncgcltbs ldm/ar cts kbkhbrs ar bkpgaybbs kly bdiaudtbr patbdtclg iadngcits an cdtbrbst cd iaddbitcad wctf tfb Nudm. Ld cdvbstkbdt cd tfbNudm cs suh`bit ta rbstrcitcads ad trldsnbr ldm wctfmrlwlg. ]fb Annbrcde Kbkarldmuk mcsiussbs tfbsb ldm atfbr ckpartldt rcso nlitars ldm iadscmbrltcads tflt sfaugm hb ilrbnuggy bvlgultbm hbnarbklocde ld cdvbstkbdt cd tfb Nudm. Zraspbitcvb cdvbstars sfaugm iadsugt wctf tfbcr awd gbelg, tlx ldm ncdldiclg lmvcsbrs ls ta tfb iadsbqubdibs an ld cdvbstkbdt cd tfb Nudm.Yauribs an Cdnarkltcad. Ibrtlcd an tfb biadakci ldm klrobt cdnarkltcad iadtlcdbm fbrbcd fls hbbd ahtlcdbm nrak puhgcsfbm sauribs ldm/ar prbplrbm hy tfcrm plrtcbs. Ufcgb suif sauribs lrb hbgcbvbmta hb rbgclhgb, dadb an tfb Nudm, cts ebdbrlg plrtdbr, tfb cdvbstkbdt kldlebr ar tfbcr rbspbitcvb lnncgcltbs, bkpgaybbs ldm rbprbsbdtltcvbs lssukb ldy rbspadschcgcty nar tfb liiurliy an suif cdnarkltcad.Narwlrm-gaaocde Ytltbkbdts. ]fbsb prbsbdtltcad kltbrclgs kly iadtlcd narwlrm-gaaocde stltbkbdts wctfcd tfb kbldcde an tfb Rdctbm Ytltbs nbmbrlg sbiurctcbs glws. Narwlrm-gaaocde stltbkbdts lrbtfasb tflt prbmcit ar mbsirchb nuturb bvbdts ar trbdms ldm tflt ma dat rbgltb sagbgy ta fcstarcilg klttbrs. Nar bxlkpgb, narwlrm-gaaocde stltbkbdts kly prbmcit nuturb biadakci pbrnarkldib, mbsirchbpglds ldm ah`bitcvbs an kldlebkbdt nar nuturb apbrltcads ldm klob pra`bitcads an rbvbdub, cdvbstkbdt rbturds ar atfbr ncdldiclg ctbks. L praspbitcvb cdvbstar ild ebdbrlggy cmbdtcny narwlrm-gaaocdestltbkbdts ls stltbkbdts iadtlcdcde tfb warms wcgg, hbgcbvb, bxpbit, ldtcicpltb, cdtbdm, iadtbkpgltb, bstckltb, lssukb ar atfbr sckcglr bxprbsscads. Yuif narwlrm-gaaocde stltbkbdts lrbcdfbrbdtgy udibrtlcd, hbilusb tfb klttbrs tfby mbsirchb lrb suh`bit ta odawd (ldm udodawd) rcsos, udibrtlcdtcbs ldm atfbr udprbmcitlhgb nlitars, kldy an wfcif lrb hbyadm tfb Nudms iadtrag. Darbprbsbdtltcads ar wlrrldtcbs lrb klmb ls ta tfb liiurliy an suif narwlrm-gaaocde stltbkbdts.]a bdsurb iakpgcldib wctf R.Y. Cdtbrdlg Xbvbdub Ybrvcib Icriuglr 89:, yau lrb fbrbhy datcncbm tflt0 (l) ldy mcsiusscad an R.Y. Nbmbrlg tlx cssubs iadtlcdbm ar rbnbrrbm ta fbrbcd cs dat cdtbdmbm ar wrcttbdta hb usbm, ldm ilddat hb usbm, nar tfb purpasb an lvacmcde pbdlgtcbs tflt kly hb ckpasbm udmbr tfb R.Y. Nbmbrlg ]lx Glws? (h) suif mcsiusscad cs wrcttbd ta suppart klttbrs lmmrbssbm fbrbcd? ldm (i)praspbitcvb cdvbstars sfaugm sbbo lmvcib hlsbm ad tfbcr plrtciuglr icriukstldibs nrak ld cdmbpbdmbdt tlx lmvcsbr.Mbdlgc Cdvbstars, GGI adgy trldslits huscdbss cd stltbs wfbrb ct cs prapbrgy rbecstbrbm ar datcib ncgbm, ar bxigumbm ar bxbkptbm nrak rbecstrltcad rbqucrbkbdts. Naggaw-up ldm cdmcvcmulgczbm rbspadsbstflt cdvagvb bctfbr tfb bnnbitcde ar lttbkptcde ta bnnbit trldslitcads cd sbiurctcbs, ar tfb rbdmbrcde an pbrsadlgczbm cdvbstkbdt lmvcsb nar iakpbdsltcad, ls tfb ilsb kly hb, wcgg dat hb klmb lhsbdtiakpgcldib wctf stltb cdvbstkbdt lmvcsbr ldm cdvbstkbdt lmvcsbr rbprbsbdtltcvb rbecstrltcad rbqucrbkbdts, ar ld lppgcilhgb bxbkptcad ar bxiguscad. Aur iurrbdt mcsigasurb stltbkbdt cs lvlcglhgb narrbvcbw upad rbqubst.Dat ld Annbr ta Zuriflsb ar Ybgg Ybiurctcbs. ]fcs maiukbdt cs nar cdnarkltcadlg purpasbs adgy. ]fb cdnarkltcad iadtlcdbm fbrbcd cs suh`bit ta ifldeb. Fawbvbr, wb lrb udmbr da ahgceltcad ta lkbdm arsuppgbkbdt tfcs maiukbdt. ]fcs maiukbdt mabs dat iadstctutb ld annbr ta sbgg ar tfb sagcictltcad an ld annbr ta huy ldy cdtbrbst cd tfb Nudm. Cdtbrbsts cd tfb Nudm wcgg adgy hb lvlcglhgb ta plrtcbs wfa lrbliirbmctbm cdvbstars (ls mbncdbm cd Xugb 2:< prakugeltbm pursuldt ta tfb Ybiurctcbs Lit an


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]fb Ypbiclg Yctultcad Iyigb

Naur Kl`ar K&L wlvbs

Naggawbm hy Ypbiclg Yctultcad wlvbs

Bxpgascad

anErbltdbss


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Ebdbrlgs + Uaroauts

Ebdbrlgs Rdmbrvlgubm staios Dbegbitbm Gade tckb farczad Nlvarlhgb rcso/rbwlrm

Yfarts Nglwbm huscdbss,

kldlebkbdt

Rdrblgcstcibxpbitltcads Dbeltcvb iltlgysts

Uaroauts Dad-rbiurrcde?

Iltlgyst Cdtbrdlg/Bxtbrdlg Kbrebrs ]bdmbr Annbrs Ypcd-anns Ilpctlg Ytruiturb

Lrhctrleb

Xbareldczltcads Gcqucmltcads Hldorupticbs

Ngbxchgb sblrif nar appartudctcbs


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Ypbiclg Yctultcads Cdvbstcde

Uflt cs spbiclg sctultcads cdvbstcde1

Ldswbr0Ypbiclg sctultcads cs vlgub cdvbstcde wctf liiaudtlhcgcty


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Yckpgb Nrlkbwaro

Yurvcvlg CdvbstcdeYurvcvlg ; ^lgub + Ypbi Ycts + Aptcads

Cdvbstcde ; Lrt + Irlnt + YicbdibXbspbit Kcira + Klira + Iyigbs

+ + ;


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Ilsb Ytumy #

Documents

Denali Investors - Columbia Business School Presentation 2014.11.11 - Final - Public