At-Bay Sale to Munich Re
57 views10/8/2026
The perspective of an At-Bay Investor following their recent sale to Munich Re.
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| 00:00 - 00:05 | So I put real money into At-Bay |
| 00:05 - 00:07 | At the $1.35 billion valuation |
| 00:07 - 00:10 | Rotem looked me in the eyes |
| 00:11 - 00:16 | And said this was the future |
| 00:17 - 00:21 | Cyber insurance...explosive growth |
| 00:21 - 00:24 | Zero rates...pure sugar rush |
| 00:29 - 00:31 | We're all gonna print |
| 00:31 - 00:34 | Then the "macro environment" happened |
| 00:38 - 00:40 | Rates, drought, ocean waves, Russians |
| 00:41 - 00:47 | Everyone's fault except his own |
| 00:47 - 00:50 | And now we're selling for $575 million |
| 00:50 - 00:56 | Half. Less than half. |
| 00:58 - 00:59 | But wait... |
| 00:59 - 01:01 | Rotem says "all investors made money" |
| 01:04 - 01:06 | "We care very much about our investors" |
| 01:06 - 01:08 | "An additional $300m came in" |
| 01:13 - 01:14 | "We built a real company" |
| 01:14 - 01:16 | Huge success apparently |
| 01:16 - 01:20 | Two months later... |
| 01:21 - 01:27 | Same guy... |
| 01:35 - 01:36 | "As for anyone wanting to dwell on how much a 2021 investor lost... |
| 01:36 - 01:39 | That's beyond me" |
| 01:41 - 01:44 | Beyond him |
| 01:44 - 01:47 | The man took my money at $1.35 billion |
| 01:47 - 01:49 | Now thinks my loss is a personal boundary issue |
| 01:50 - 01:53 | First he's a farmer |
| 01:54 - 01:56 | "Entrepreneurship is like farming" |
| 01:56 - 01:58 | "You need rain" |
| 01:58 - 02:02 | Bro I WAS the rain |
| 02:05 - 02:07 | Then suddenly he's a sailor |
| 02:10 - 02:11 | "You're building a ship but you can't control the ocean" |
| 02:11 - 02:13 | So which one is it Rotem |
| 02:15 - 02:17 | Are you a farmer or a sailor |
| 02:17 - 02:20 | Because your business just sank |
| 02:21 - 02:28 | And somehow it's still the weather's fault |
| 02:29 - 02:30 | Generational level cope |
| 02:30 - 02:32 | From "everyone made money" |
| 02:36 - 02:39 | To "please stop talking about it" |
| 02:40 - 02:42 | In two months |
| 02:50 - 02:55 | The farmer-sailor sold the farm-boat |
| 02:56 - 02:58 | Blamed the weather and the waves |
| 02:58 - 03:04 | Told the investors to stop crying |
| 03:04 - 03:09 | And still called it a success |
| 03:09 - 03:11 | Next time I'm skipping the visionary |
| 03:16 - 03:20 | Who blames the entire planet |
| 03:23 - 03:26 | And just buying Munich Re stock |
| 03:31 - 03:36 | So I can own the company that bought the guy who blamed the Russians |