Investing

If you let others define your product category and follow accepted playbooks, you’re playing the game on others’ terms, including their market size.

The best companies create their own sectors. As a general matter, the most promising companies (at least from our perspective as investors) tend to share a few characteristics:

They are not popular (popular investments tend to be pricey; e.g., Groupon at so many dozens of billions).

They are difficult to assess (this contributes to their lack of popu... See more