Shardul Shah

who you believe is on the spectrum of unethical to incompetent, you should sell immediately.

We're a large investor in a company. We invested early stage. Company got acquired for about a billion dollars by a public company. And within a week of receiving our proceeds, I asked our team to distribute the whole position. A couple of weeks later, price rocketed up. I got a few phone calls. A couple of months later, stock tanked and I got zero phone calls.

We're a large investor in a company. We invested early stage. Company got acquired for about a billion dollars by a public company. And within a week of receiving our proceeds, I asked our team to distribute the whole position. A couple of weeks later, price rocketed up. I got a few phone calls. A couple of months later, stock tanked and I got zero phone calls.

We're a large investor in a company. We invested early stage. Company got acquired for about a billion dollars by a public company. And within a week of receiving our proceeds, I asked our team to distribute the whole position. A couple of weeks later, price rocketed up. I got a few phone calls. A couple of months later, stock tanked and I got zero phone calls.

So you're rarely congratulated for making the right call. You do get phone calls if temporarily it looks like you've made the wrong call. But you don't lose any sleep over it when you know you've made the right decision.

So you're rarely congratulated for making the right call. You do get phone calls if temporarily it looks like you've made the wrong call. But you don't lose any sleep over it when you know you've made the right decision.

So you're rarely congratulated for making the right call. You do get phone calls if temporarily it looks like you've made the wrong call. But you don't lose any sleep over it when you know you've made the right decision.

It's a super tough one. We try not to be smarter than Mr. Market and like the invisible hand. That's real. There are people who are professionals at public market trading. That said, I do believe as a venture investor, you can have differentiation in terms of duration of hold. I do think you can have an advantage here.

It's a super tough one. We try not to be smarter than Mr. Market and like the invisible hand. That's real. There are people who are professionals at public market trading. That said, I do believe as a venture investor, you can have differentiation in terms of duration of hold. I do think you can have an advantage here.

It's a super tough one. We try not to be smarter than Mr. Market and like the invisible hand. That's real. There are people who are professionals at public market trading. That said, I do believe as a venture investor, you can have differentiation in terms of duration of hold. I do think you can have an advantage here.

in terms of understanding the business in more detail, and therefore you have more texture and nuance and context. But again, you've got to always be aware of that line between delusional and conviction. So often people kind of have rose tinted glasses because it's so rare to see a company go from point of investment to a public company that you believe it's going to continue and sustain.

in terms of understanding the business in more detail, and therefore you have more texture and nuance and context. But again, you've got to always be aware of that line between delusional and conviction. So often people kind of have rose tinted glasses because it's so rare to see a company go from point of investment to a public company that you believe it's going to continue and sustain.

in terms of understanding the business in more detail, and therefore you have more texture and nuance and context. But again, you've got to always be aware of that line between delusional and conviction. So often people kind of have rose tinted glasses because it's so rare to see a company go from point of investment to a public company that you believe it's going to continue and sustain.

And so we create some guardrails within index. It's not an individual's decision. We have a group of people that help, again, with agreeable disagreement to get to the best possible decision.

And so we create some guardrails within index. It's not an individual's decision. We have a group of people that help, again, with agreeable disagreement to get to the best possible decision.

And so we create some guardrails within index. It's not an individual's decision. We have a group of people that help, again, with agreeable disagreement to get to the best possible decision.

I think you won't be surprised when we talk about Rolex, Swatch, and the Apple Watch. And so I think a little bit less about who are winners or losers. Generally, I believe in a competitive industry, not changing seems... It's not the strategy I would take. If the world around you is changing, adapting seems to make sense.

I think you won't be surprised when we talk about Rolex, Swatch, and the Apple Watch. And so I think a little bit less about who are winners or losers. Generally, I believe in a competitive industry, not changing seems... It's not the strategy I would take. If the world around you is changing, adapting seems to make sense.

I think you won't be surprised when we talk about Rolex, Swatch, and the Apple Watch. And so I think a little bit less about who are winners or losers. Generally, I believe in a competitive industry, not changing seems... It's not the strategy I would take. If the world around you is changing, adapting seems to make sense.

But given the industry is so driven by the power law, I think people can withstand cycles longer than we probably give them credit for.