Investment Philosophy

Markets occasionally misprice persistent growth opportunities, and that is the essence of great growth investing. Apple and Amazon are examples of the power of persistent growth. Shares of AAPL and AMZN are up 10x since 2012. The S&P 500 is…

This was originally posted on Doug’s blog, Uncomfortable Profit. The most powerful question in investing is: What is something you do today that everyone is going to do in the future, and the market doesn’t know it? Thus begins the search…

Takeaways: Tesla announces that FSD subscriptions will increase to $12,000 starting Jan. 17th, the company’s intentions for doing so and whether or not FSD will be mandated in the future. Theranos: their ethos, our verdict, and the gray area between…

The following post was originally written for Doug’s blog, The Contrarian Mindset. The blog explores contrarian ideas across investing, tech, and beyond.  Earning the attention of other people is a timeless game. Winners of the attention game get a person’s…

The following note was first published on Doug’s Substack, The Contrarian Mindset. When something extraordinary happens, the immediate reaction is to try to figure out how it will happen again. The epic short squeeze of GameStop stock by WallStreetBets is…

We recently shared these thoughts with our limited partners about current public market dynamics.  When someone asks if we’re in a market bubble, the expectation is for one of three answers: No Yes, but it isn’t ready to pop Yes,…

Dear reader, Thanksgiving is our favorite holiday. Generosity has long been one of our most closely held values, and generosity is borne out of gratitude. But 2020 has been different. 2020 has stretched our gratitude muscle in new ways. For…

Being non-consensus and right is the only way to generate extraordinary results. Howard Marks knows this. Warren Buffet knows this. Andy Rachleff knows this. And I think Brian Armstrong, CEO of Coinbase, knows this. Armstrong made a non-consensus move this week, particularly for a Silicon Valley…

Many great venture investment opportunities emerge from the deconstruction of some accepted norm or behavior. One of the most famous deconstructions was that of Craigslist where verticalized marketplaces like Airbnb, Let Go, Stubhub, Indeed, etc., emerged to do one of the…

Toys facilitate the imagination. They replicate and blend some elements of reality and some elements of fiction, equipping us to pretend. We’ve been considering the benefits of toys that incorporate novel technologies, from playful robots to LEGO sets with augmented…

Problems are the guiding light for founders to build solutions around. Problems are also the guiding light for investors to decide whether a company is a good investment. When we started investing in early-stage companies, we were taught that founders,…

Since we started writing about tech addiction as a potential market opportunity, we’re often asked, “What exactly are the opportunities?” We see opportunities across three broad categories: Health services Leveraging healthy addiction Augmentation These opportunities can be visualized along a…