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Just read @bedrock’s firm letter “In Search of Narrative Violations” - kudos to @justGLew & @ericstromberg! Eager to follow the firm & see their impact & growth evolve over time. @patrick_oshag you should interview these guys if you haven’t already! A few blurbs I liked most:
“Our primary shared value is radical open-mindedness; we constantly question popular narratives in search of hidden truths.”
“Thus we’re presented with a stark new reality: Deeply considering - and defending - the societal consequences of a product is now as elemental to building a startup as was writing a line of code. Not for the faint of heart.”
“Allowing a popular narrative to decide for you is the most seductive of shortcuts. When everyone takes the same shortcut at the same time, everyone competes to deploy more and more capital into the same set of companies.”
“Narrative mirages create the illusion of a market so large that anyone who owns even the smallest slice of it will be richly rewarded..it is easy to forget that the extraordinary returns generated by tech have been generated almost entirely by only a few dozen companies globally
“Rather than chase popular narratives, Bedrock’s approach is to invest when companies are incongruent with the narrative. Simply put, we search for narrative violations.”
“These companies [that violate the pop. narrative] are granted immunity from clone wars by narrative shade that can last for years. They also remain systematically underestimated by investors.”
“By the time the popular narrative catches up to begin resembling truth, these companies have grown beyond their fragile early days. And at that point - when they have bent the narrative toward a new reality by sheer force of will - they have already become unstoppable.”
