Technology is the most powerful force reshaping industries. Our job is to find the companies that will define the next decade, not just the next quarter.
The best technology companies have flywheels. More users create more data, more data creates better products, better products attract more users. When you find a real flywheel, you hold on.
Specialization is a competitive advantage. We focus on technology because that is where we have genuine expertise. Generalists get beaten by specialists.
The market can tell you the price of a stock every second. It cannot tell you the value of a business. Those are different things, and confusing them is the most common mistake in investing.
We look for companies that get stronger as they grow. Not just bigger — stronger. That's a very different thing, and most businesses don't qualify.
The best founders I've met have a clarity of vision that borders on delusion, and the execution ability to make everyone else see what they see. That combination is extraordinarily rare.