The Twenty Minute VC

IAC CEO Joey Levin: Why Value Investing is BS; The Most Insane Element of SPACs | 20VC #982

Joey Levin is the CEO of IAC where he has overseen the constant evolution of the company, including the initial IPO and subsequent spin-off of Match Group, the spin-off of Vimeo, and the acquisitions of Angie’s List and Care.com. If that was not enough, in October 2022, Joey was also appointed as CEO of Angi Inc. In addition to this, Joey also serves on the boards of IAC, Turo, and MGM Resorts International. ------------------------------------------------- Timestamps: 0:00 Intro 0:44 Who is Joey Levin? 7:00 Most Dangerous Traits from the Boom Times 10:13 Why “Value Investing” is BS 11:51 Be Greedy When Others Are Fearful 13:44 Private Market Valuations vs Public Market Valuations 16:21 Simplification is the Key to Value Creation 18:55 What makes “great messaging”? 19:58 Company Values 23:11 Being CEO of IAC and Angi at the Same Time 24:32 The Problem with SPACs 29:03 Joey’s Relationship to Money 36:00 When is the right time to give up? 38:50 Quick-fire Round ------------------------------------------------- In Today’s Discussion with Joey Levin We Discuss: 1.) The Makings of a Great Leader: When Joey was younger, what did he want to be when he grew up? What is Joey’s biggest advice to people coming out of college/university at this time? What 1-2 things does Joey credit his internal and fast rise in IAC to? 2) Value Investing is BS & The Markets Today: Why does Joey believe the idea of “value investing” is BS? What 1-2 behavior traits of investors in the last few years were most dangerous? Why does Joey believe that the current market is reasonable and now is the new normal? How does Joey keep internal morale high when people have become accustomed to high stock prices? Does Joey believe in the statement, “be greedy when others are fearful and fearful when others are greedy”? 3.) Simplification is the Secret to Margin & Messaging 101: Why does Joey believe simplification is the core of high margins? How can startups and scale-ups identify where to simplify first? What are the subsequent steps? Why does Joey believe that the best values should make you feel uncomfortable? What is a lesson from Joey’s father on what makes truly great messaging? 4.) Parenting, Money and Marriage: How does Joey reflect on his own relationship to money today? What are 1-2 lessons taught by his mother on how to approach money and wealth? What does Joey believe is the secret to truly happy marriages? What are Joey’s biggest lessons on what it takes to be an effective and good father? ------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on Twitter: https://twitter.com/HarryStebbings Follow Joey Levin on Twitter: https://twitter.com/joeyl Follow 20VC on Instagram: https://www.instagram.com/20vc_reels Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com -------------------------------------- #JoeyLevin #IAC #HarryStebbings #20VC

Joey LevinguestHarry Stebbingshost

Feb 23, 202342mWatch on YouTube ↗

WHAT IT’S REALLY ABOUT

IAC CEO Joey Levin On Markets, SPAC Madness, And Real Value Creation

Joey Levin, CEO of IAC and Angi, discusses career longevity, leadership, and building enduring businesses through hard work, clear opinions, and simplification. He challenges the traditional notion of “value investing,” arguing that true value lies in future potential, not low multiples, and explains why SPACs were structurally flawed for real companies. Levin dissects the impact of an entitled, bailout-conditioned generation, distorted private valuations, and the current market reset on operators and investors. He also reflects on personal topics like money, parenting, and persistence, sharing how family frugality and values-driven decision-making shape his leadership today.

IDEAS WORTH REMEMBERING

5 ideas

Hard work plus real opinions accelerate careers inside large organizations.

Levin attributes his rise at IAC to doing the work to deeply understand businesses (e.g., reading every filing and transcript) and being willing to take clear positions—even if they’re sometimes wrong—because opinions make you stand out and drive decisions.

“Value investing” is about future value, not cheap multiples.

He rejects the narrow definition of value investing as just buying low-multiple stocks; paying seemingly high multiples (like Sequoia did for Figma) can be true value investing if the long-term potential justifies the price.

To be greedy when others are fearful, you must pre-build capital.

Levin notes that everyone talks about buying in downturns, but you can only do it if you deliberately preserved cash and avoided overextending in boom times; IAC keeps over $1B and no parent-level debt precisely for this flexibility.

Simplification is the most powerful lever for value creation and margin.

He frames businesses as paid to simplify something for customers; removing steps in funnels, clarifying pricing, and sharpening messaging all increase conversion and justify margin, while overextending product scope and TAM obsessions destroy focus.

Clear, specific company values help separate real opportunities from distractions.

Generic values like “integrity” don’t guide tradeoffs; Angi’s value of “build lifelong customers” tangibly changes product roadmaps and forces uncomfortable but healthy debates about short-term wins versus long-term trust.

WORDS WORTH SAVING

5 quotes

You build a company for as long as it takes you to build a company… and then in that critical moment, you give somebody else who doesn't know your company at all a free option on effectively selling that company to the public for three months. That is completely insane.

— Joey Levin

Value investing also can be buying something at a very high multiple, but that there's value there because of what you believe in the growth and the future.

— Joey Levin

Simplifying is our margin in all of our business. That's what entitles you to margin.

— Joey Levin

Money is round. Sometimes it rolls towards you, sometimes it rolls away from you.

— Joey Levin (quoting a friend)

We know that adversity builds these important features, and all we do as parents is spend all our life making sure our children avoid adversity at every possible turn.

— Joey Levin

Career development, mentorship, and staying 20 years at IACMarket cycles, entitlement, and government bailouts shaping behaviorValue investing, valuations, and public vs. private market dislocationSimplification as the core driver of value creation and marginCompany values, focus, and distinguishing opportunities from distractionsSPAC structures, why they mostly failed, and their consequencesPersonal relationship to money, parenting, and knowing when to quit

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