Скачать или смотреть Jean-Baptiste Wautier on optionality and surviving macro shocks

Option-rich businesses are the ones that stay alive when the macro turns.

In this exchange, Thomas and Jean-Baptiste Wautier zoom in on a word that sounds abstract but is actually deeply practical for investors and operators alike: optionality. Wautier has been refining this idea since his BC days and still leans on it today.

For him, optionality means a company has multiple engines of growth and multiple exit paths. In private equity that might look like geographic expansion, brand stretch, buy and build, pricing power, margin improvement, and cost efficiency. None of these levers are perfectly correlated, which is exactly the point. When one stalls, others can carry the story. 🧩

He applies the same logic at exit. Can this asset be sold to strategics, to another PE fund, or kept and grown for another five years. Even in public markets, once your position is meaningful, liquidity and exit routes matter. COVID, the GFC, whatever comes next, the lesson is the same: you cannot predict the shock, but you can design your way into resilience. 🚀

Optionality, in Wautier's framing, is not a buzzword. It is a disciplined way to build multiple layers of value creation and multiple ways to get your money back when the world changes. 🎯

"You want different levers that you can pull just in case the macro goes against you."

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