Shardul Shah

Which is like, often people say, listen, the best are priced high. Yeah, you know, Demir on my team once asked me this question. He's like, Shardul, how did you get comfortable with that price? And I was like, wrong question. I don't seek comfort. You have to be comfortable with being uncomfortable. We're in the business of taking risks. I'm not a value investor, right? I believe in the power law.

I think very few investments and decisions we make will create disproportionate returns. So I'm not seeking average returns. I'm not seeking good deals. I'm looking for outliers.

I think very few investments and decisions we make will create disproportionate returns. So I'm not seeking average returns. I'm not seeking good deals. I'm looking for outliers.

I think very few investments and decisions we make will create disproportionate returns. So I'm not seeking average returns. I'm not seeking good deals. I'm looking for outliers.

There's this scene. I see the hesitation. I'm the nerd here. There's this guy, General Akbar, who's alien. And at one point, he screams, it's a trap. That is the voice I hear in my head any time someone talks about TAM sizing. TAM is a trap. Go back and look at the S1s of some of the biggest public companies today. their market caps are bigger than what they thought the TAM would be.

There's this scene. I see the hesitation. I'm the nerd here. There's this guy, General Akbar, who's alien. And at one point, he screams, it's a trap. That is the voice I hear in my head any time someone talks about TAM sizing. TAM is a trap. Go back and look at the S1s of some of the biggest public companies today. their market caps are bigger than what they thought the TAM would be.

There's this scene. I see the hesitation. I'm the nerd here. There's this guy, General Akbar, who's alien. And at one point, he screams, it's a trap. That is the voice I hear in my head any time someone talks about TAM sizing. TAM is a trap. Go back and look at the S1s of some of the biggest public companies today. their market caps are bigger than what they thought the TAM would be.

The best founders find and expand market opportunities. So I think at Index, we've been really good at overthinking TAM and systematically underestimating the magnitude of our best companies. So no, I never run into market sizing because I don't put effort into it. In terms of market dynamics, I get that wrong all the time.

The best founders find and expand market opportunities. So I think at Index, we've been really good at overthinking TAM and systematically underestimating the magnitude of our best companies. So no, I never run into market sizing because I don't put effort into it. In terms of market dynamics, I get that wrong all the time.

The best founders find and expand market opportunities. So I think at Index, we've been really good at overthinking TAM and systematically underestimating the magnitude of our best companies. So no, I never run into market sizing because I don't put effort into it. In terms of market dynamics, I get that wrong all the time.

Here's an example. I thought that the endpoint security market would be totally commoditized by platforms. I thought I use a Chromebook. I thought MacBooks have pretty good security. And as a consequence, the EDR market like which the first generation was McAfee, Symantec, et cetera, would cease to exist.

Here's an example. I thought that the endpoint security market would be totally commoditized by platforms. I thought I use a Chromebook. I thought MacBooks have pretty good security. And as a consequence, the EDR market like which the first generation was McAfee, Symantec, et cetera, would cease to exist.

Here's an example. I thought that the endpoint security market would be totally commoditized by platforms. I thought I use a Chromebook. I thought MacBooks have pretty good security. And as a consequence, the EDR market like which the first generation was McAfee, Symantec, et cetera, would cease to exist.

At least $65 billion that explains I was wrong on CrowdStrike, Cyber Reason, Sentinel One, like this entire category.

At least $65 billion that explains I was wrong on CrowdStrike, Cyber Reason, Sentinel One, like this entire category.

At least $65 billion that explains I was wrong on CrowdStrike, Cyber Reason, Sentinel One, like this entire category.

It was not a quick conclusion. Uh, It was the consequence of overthinking it, like rule number two, and not recognizing George Kurtz for the phenom that he is. Those are the lessons from CrowdStrike. Terrible mistake. Did you have the chance to invest? I mean, even if anyone had the opportunity to invest as a public company and still make a tremendous return.

It was not a quick conclusion. Uh, It was the consequence of overthinking it, like rule number two, and not recognizing George Kurtz for the phenom that he is. Those are the lessons from CrowdStrike. Terrible mistake. Did you have the chance to invest? I mean, even if anyone had the opportunity to invest as a public company and still make a tremendous return.

It was not a quick conclusion. Uh, It was the consequence of overthinking it, like rule number two, and not recognizing George Kurtz for the phenom that he is. Those are the lessons from CrowdStrike. Terrible mistake. Did you have the chance to invest? I mean, even if anyone had the opportunity to invest as a public company and still make a tremendous return.

You know, there are business models that have real capital needs, right? they can encounter two challenges. Either the founders are unable to raise significant amounts of capital or their distribution model gets in the way of allowing there to be sufficient growth to overcome the capital needs.