1/ Notes from @anuhariharan episode at @InvestLikeBest
This one is packed with quality qualitative insights, most of which are also backed by numbers. The whole conversation makes me optimistic about the future.
Here are my notes.
This one is packed with quality qualitative insights, most of which are also backed by numbers. The whole conversation makes me optimistic about the future.
Here are my notes.
2/ Good point about looking at tech businesses in terms of functions, and not in terms of industries; makes you think a good tech analyst probably has more transferable skillset than other sector analysts. 
3/ The pitch for DoorDash which is expected to IPO before the end of the year.
Interesting how most investors seriously overestimate winner-take-all (or most) possibility in a market when most markets have usually room for 3/4 players, especially since end markets are so large.
Interesting how most investors seriously overestimate winner-take-all (or most) possibility in a market when most markets have usually room for 3/4 players, especially since end markets are so large.
4/ In two-sided marketplaces, you may need to subsidize suppliers and buyers at different stage of the business. At scale, the growth strategy can look very different than how you grew initially.
5/ Three key diligence elements in venture investing: team, market opportunity, and performance to date. She went on to a lot more detail into these points.
6/ Anu is bullish on India, Indonesia, and LATAM. The LATAM bit totally blew me away (mostly because I don't know much about the region).
Personally, there are only two countries I'm almost always in the perma-bull territory: US, and India.
Personally, there are only two countries I'm almost always in the perma-bull territory: US, and India.
7/ So, what's the catch in LATAM? Complex regulatory environment.
But given the wallet size of LATAM consumer and yet cheap cost labor, the bull case does seem quite impressive despite those challenges.
But given the wallet size of LATAM consumer and yet cheap cost labor, the bull case does seem quite impressive despite those challenges.
8/ Mental model for "hard" tech investments:
Science risk
Engineering risk
Market risk
Funding risk
Science risk
Engineering risk
Market risk
Funding risk
9/ "...when I work with my team, I always tell them, "Look, don't spend 30%, 60% of your time writing the bear case. Spend 70% of your time telling me what's your 20% upside probability case, because that's what most investors are not going to get."
10/ When Bezos says "it's Day 1", it's not completely rhetorical.
Oh btw, Amazon launched "Prime for Business" in 2017. We don't hear much about it, but I wouldn't be surprised if that's the new S-curve for $AMZN in this decade.
Oh btw, Amazon launched "Prime for Business" in 2017. We don't hear much about it, but I wouldn't be surprised if that's the new S-curve for $AMZN in this decade.
11/ What are some other exciting areas?
Fintech, and Edtech.
Fintech, and Edtech.
12/ Pretty special response to Patrick's usual closing question.
After coming from Bangladesh, I was most surprised by so many Americans' willingness to help me. I tell my friends whatever I have done after coming to the US is because of the generosity of complete strangers.
After coming from Bangladesh, I was most surprised by so many Americans' willingness to help me. I tell my friends whatever I have done after coming to the US is because of the generosity of complete strangers.
End/ Episode link: investorfieldguide.com/anu-hariharan-…
Transcripts: investorfieldguide.com/wp-content/upl…
All my twitter threads: mbi-deepdives.com/twitter-thread…
Transcripts: investorfieldguide.com/wp-content/upl…
All my twitter threads: mbi-deepdives.com/twitter-thread…
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