Supported by Greenhaven Road Capital, finding value off the beaten path.
After Albert Wenger was on Patrick’s O’Shaughnessy’s Invest Like The Best Podcast I thought, this guy sounds fascinating, I gotta see what else he’s said. Hours – really days – later with viewed YouTube videos, exhausted podcasts, and creased pages from his book, World After Capital here are three things I learned from Wenger.
1/ The steps to thesis-driven investing. These including understanding the thesis deeply (i.e. network effects don’t overlay old businesses) and changing your thesis as others come in.
“To me, the idea of having a thesis is a little like the idea behind science.”
2/ Crypto-currency and techno-economic revolutions with a specific focus on the work of Carlotta Perez.
“My view is that when the dust settles there will be a dozen or so protocols that matter and to get to the ones that matter we’re going to have to try thousands if not tens of thousands.”
“The zero-knowledge position is that your best prediction for how long something will be around is how long it has been around. That predictor is very very powerful.”
3/ The World After Capital, why we need to sell the sizzle with the steak.
“We have failed to provide a good forward-looking narrative.”
Thanks for listening, and of course, the book’s pages were only metaphorically creased.