We invest in growth that depends on two things: a spark and a wave.

The spark is caused by a fundamental change. Technology is the most exciting spark. Other sparks come in the form of new cultural trends, evolving social dynamics, or changes in laws.

The spark represents future potential, but the spark itself is only the beginning of a growth story.

The wave describes the translation of a spark into a widespread phenomenon of persistent growth.

Value is created when a wave persists far longer and far bigger than anyone thinks is possible.

We invest in sparks and waves. We invest in growth.

The Cone of Expectations

For fundamental investors, stock prices represent a demand of future business performance. Those future demands can be demonstrated in reverse DCFs where you solve to a price rather than project an outcome on your own estimates. The same thing can…

6-Minute Read

Doug Clinton

The Art of Idea Generation

What do writers, painters, musicians, and investors have in common? Each lives and dies on the value of their ideas. Inspiration for the next stanza, the next stroke, the next lyric can be painstakingly difficult to come by. Similarly, the…

3-Minute Read

Doug Clinton

What Makes Deepwater Different?

The best way to answer how we should be different from other growth investors is by posing another question: What makes a bad growth investor? Before we worry about being different, we should worry about avoiding the common mistakes that…

4-Minute Read

Andrew Murphy

Introducing Deepwater Asset Management

I’m excited to share our new brand with the world: Deepwater Asset Management. Our goal in rebranding was to align our brand with our strategy. We’re known for thoughtful investing based on deep insights. Deepwater Asset Management reflects who we…

1-Minute Read

Will Thompson

Don’t Forget About Base Rates

“Steve is very shy and withdrawn, invariably helpful but with very little interest in people or in the world of reality. A meek and tidy soul, he has a need for order and structure, and a passion for detail. Is…

4-Minute Read

Doug Clinton

Identity: The Mega Theme of the 2020s

Welcome to the 2020s, the decade of identity. Whereas search was the defining function of the Internet in the 2000s and social was in the 2010s, identity will be the tech megatrend that defines our current decade. A Framework for…

9-Minute Read

Like how we think?

We manage equity investment funds across the growth spectrum in public and private markets.

How to Invest