Nick Chirls

And you will continue to be able to make lots of money and work with amazing founders just doing that.

And you will continue to be able to make lots of money and work with amazing founders just doing that.

So if you look today though, Nick. I'd much rather do momentum investing or consensus investing in the winners at series A, series B,

So if you look today though, Nick. I'd much rather do momentum investing or consensus investing in the winners at series A, series B,

So if you look today though, Nick. I'd much rather do momentum investing or consensus investing in the winners at series A, series B,

If I'm trying to pick the winner in a very crowded competitive category, I'd like to see some data across how the teams operate, across how the companies... I think the really interesting part there is actually Series A is the worst place for that because the price inflation... Or maybe B. Yeah, maybe B. No, but the price inflection point, I don't know if you find this, it's very high, but the company progression rate is like a little bit less steep.

If I'm trying to pick the winner in a very crowded competitive category, I'd like to see some data across how the teams operate, across how the companies... I think the really interesting part there is actually Series A is the worst place for that because the price inflation... Or maybe B. Yeah, maybe B. No, but the price inflection point, I don't know if you find this, it's very high, but the company progression rate is like a little bit less steep.

If I'm trying to pick the winner in a very crowded competitive category, I'd like to see some data across how the teams operate, across how the companies... I think the really interesting part there is actually Series A is the worst place for that because the price inflation... Or maybe B. Yeah, maybe B. No, but the price inflection point, I don't know if you find this, it's very high, but the company progression rate is like a little bit less steep.

If you're doing really true early stage investing, I hate like, for example, like, okay, we see an idea. It's a pretty good idea. Our assumption now, it's a pretty good, well understood idea. Like the market will understand this. Our assumption now is there are at least 10 to 15 competitors to that company. Maybe we know a few.

If you're doing really true early stage investing, I hate like, for example, like, okay, we see an idea. It's a pretty good idea. Our assumption now, it's a pretty good, well understood idea. Like the market will understand this. Our assumption now is there are at least 10 to 15 competitors to that company. Maybe we know a few.

If you're doing really true early stage investing, I hate like, for example, like, okay, we see an idea. It's a pretty good idea. Our assumption now, it's a pretty good, well understood idea. Like the market will understand this. Our assumption now is there are at least 10 to 15 competitors to that company. Maybe we know a few.

It makes me really uncomfortable to invest in a company where there's 20 others that are doing the same thing that I don't even know about. I don't even know who they are, where they are, how good the teams are. What I love investing in is companies. I wouldn't describe it as contrarian. It's not like the market is like, we hate this thing. Actually, the market is we just don't care.

It makes me really uncomfortable to invest in a company where there's 20 others that are doing the same thing that I don't even know about. I don't even know who they are, where they are, how good the teams are. What I love investing in is companies. I wouldn't describe it as contrarian. It's not like the market is like, we hate this thing. Actually, the market is we just don't care.

It makes me really uncomfortable to invest in a company where there's 20 others that are doing the same thing that I don't even know about. I don't even know who they are, where they are, how good the teams are. What I love investing in is companies. I wouldn't describe it as contrarian. It's not like the market is like, we hate this thing. Actually, the market is we just don't care.

This doesn't seem like an interesting big opportunity. Like we just don't care. My bet is that for some subset of those companies in the next three to five years, people will care. The venture market will care. The market will care. At least that's the only way I've figured out how to do this. The other advantage of that, by the way, is that the founders are real, right?

This doesn't seem like an interesting big opportunity. Like we just don't care. My bet is that for some subset of those companies in the next three to five years, people will care. The venture market will care. The market will care. At least that's the only way I've figured out how to do this. The other advantage of that, by the way, is that the founders are real, right?

This doesn't seem like an interesting big opportunity. Like we just don't care. My bet is that for some subset of those companies in the next three to five years, people will care. The venture market will care. The market will care. At least that's the only way I've figured out how to do this. The other advantage of that, by the way, is that the founders are real, right?

Like if a founder is built obsessed with a little thing that no one else cares about, like that's real. It's much easier to figure out what that founder's incentives are and why they're doing that thing. I think for independent minded investors and for independent minded founders, it actually does not matter how much competition there is in the market.

Like if a founder is built obsessed with a little thing that no one else cares about, like that's real. It's much easier to figure out what that founder's incentives are and why they're doing that thing. I think for independent minded investors and for independent minded founders, it actually does not matter how much competition there is in the market.

Like if a founder is built obsessed with a little thing that no one else cares about, like that's real. It's much easier to figure out what that founder's incentives are and why they're doing that thing. I think for independent minded investors and for independent minded founders, it actually does not matter how much competition there is in the market.