Jeff Wang

I think it's hard. I think it's hard to know. And this is part of the being emotional and attached or not. I think it's really important to be dispassionate and look at the data in a way that synthesizes it for what it is. So if it's good, we have to really call it good. If it's bad, we have to really call it bad.

I think it's hard. I think it's hard to know. And this is part of the being emotional and attached or not. I think it's really important to be dispassionate and look at the data in a way that synthesizes it for what it is. So if it's good, we have to really call it good. If it's bad, we have to really call it bad.

I think it's hard. I think it's hard to know. And this is part of the being emotional and attached or not. I think it's really important to be dispassionate and look at the data in a way that synthesizes it for what it is. So if it's good, we have to really call it good. If it's bad, we have to really call it bad.

And so one of the things that we've done is we've actually pulled in our data science team as an extension of the investment team. They join our weekly pipeline meetings. We have them very tightly integrated with our investment team to make sure that I think we have that data science angle in all of our processes.

And so one of the things that we've done is we've actually pulled in our data science team as an extension of the investment team. They join our weekly pipeline meetings. We have them very tightly integrated with our investment team to make sure that I think we have that data science angle in all of our processes.

And so one of the things that we've done is we've actually pulled in our data science team as an extension of the investment team. They join our weekly pipeline meetings. We have them very tightly integrated with our investment team to make sure that I think we have that data science angle in all of our processes.

What we have as investors is a thesis. On the private side, you can get a lot of data to go verify that thesis, right? You're under NDA or you're on the board and you have depth of information that you can then go verify a thesis. We don't have that in the public markets. The data that you have in the public markets is the same as every other investor. That's Reg FD, right?

What we have as investors is a thesis. On the private side, you can get a lot of data to go verify that thesis, right? You're under NDA or you're on the board and you have depth of information that you can then go verify a thesis. We don't have that in the public markets. The data that you have in the public markets is the same as every other investor. That's Reg FD, right?

What we have as investors is a thesis. On the private side, you can get a lot of data to go verify that thesis, right? You're under NDA or you're on the board and you have depth of information that you can then go verify a thesis. We don't have that in the public markets. The data that you have in the public markets is the same as every other investor. That's Reg FD, right?

So the smallest investor to the largest investor in a company, you don't have any different information. So to the extent that we can, from the outside in, verify a thesis, that is very helpful for validating how big do we want to make that position. Is that thesis actually still holding true? Has something changed? Has competition come in and knocked us off the top seat?

So the smallest investor to the largest investor in a company, you don't have any different information. So to the extent that we can, from the outside in, verify a thesis, that is very helpful for validating how big do we want to make that position. Is that thesis actually still holding true? Has something changed? Has competition come in and knocked us off the top seat?

So the smallest investor to the largest investor in a company, you don't have any different information. So to the extent that we can, from the outside in, verify a thesis, that is very helpful for validating how big do we want to make that position. Is that thesis actually still holding true? Has something changed? Has competition come in and knocked us off the top seat?

So I think that is very helpful for our investment process.

So I think that is very helpful for our investment process.

So I think that is very helpful for our investment process.

Shopify has been one of our biggest winners. It is also one of my bigger regrets in terms of post COVID. Coming out of COVID, we simply modeled a baseline that still had the post COVID trend continue to go up and to the right. And that was the case for a lot of e-commerce companies, right? So one thing that we got wrong is a lot of things return back to pre COVID.

Shopify has been one of our biggest winners. It is also one of my bigger regrets in terms of post COVID. Coming out of COVID, we simply modeled a baseline that still had the post COVID trend continue to go up and to the right. And that was the case for a lot of e-commerce companies, right? So one thing that we got wrong is a lot of things return back to pre COVID.

Shopify has been one of our biggest winners. It is also one of my bigger regrets in terms of post COVID. Coming out of COVID, we simply modeled a baseline that still had the post COVID trend continue to go up and to the right. And that was the case for a lot of e-commerce companies, right? So one thing that we got wrong is a lot of things return back to pre COVID.

humans don't really change that much or they change more slowly. And so e-commerce really returned back to the pre-COVID trend line. Shopify is still continuing to gain share against the total e-commerce and the total retail pie in a very nice solid way. But to model this, 800 basis points step up in a year and to say that that was going to continue from that trend, that was obviously incorrect.

humans don't really change that much or they change more slowly. And so e-commerce really returned back to the pre-COVID trend line. Shopify is still continuing to gain share against the total e-commerce and the total retail pie in a very nice solid way. But to model this, 800 basis points step up in a year and to say that that was going to continue from that trend, that was obviously incorrect.