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Investing Frameworks

Value in the anti.#

In large markets dominated by X, the demand for -X may be underserved.

  • Snap is the anti-Facebook.
  • DeFi is the anti-Wall Street.

Power to the people.#

From Rich Barton. Empower consumers with data previously hidden by incumbents to preserve information asymmetry.

  • Zillow
  • Expedia

The winning product becomes the best product.#

From Marc Andreessen. The best product doesn't always win. The winning product has some advantage in capital, talent, strategy, distribution, and/or marketing that affords it the most resources toward becoming the best product over time. That continuous R&D investment will eventually resolve any short-term deficiencies in the product relative to the competition.

Is it done in Excel?#

If an business operation done in Excel could benefit from autogenerated reporting built-in collaboration, and fine-grained access control, then there is a large SaaS company to be built.

Axes of Fintech#

Consumer fintech companies win because they either, unlock new customer segments, lower fees, price risk better, or dominate a distribution channel.