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Bottlenecks & Thresholds - by Sophie

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Investing is a practice where one is rewarded for understanding the world. There is no one way that works. If there were, everyone would follow the grand unified theory of investing and markets would be perfectly efficient. Instead, we look at where markets intersect with both the laws of physics and human behavior. We study what changes over time and what doesn’t. The development of a thesis isn’t about developing a strict set of rules that one must follow to a t, but to codify a framework, a way of thinking, that serves as a lens through which to try to understand the world, how it has changed through history, and how it may change in the future. In our experience, the best investments are found when we are in search of the inevitable. It is of course far easier to look back in hindsight and say “it was inevitable that so and so happened” but the exercise of understanding patterns of history and how the forces of scientific discoveries, technological breakthroughs and human behavior

Investing is a practice where one is rewarded for understanding the world. There is no one way that works. If there were, everyone would follow the grand unified theory of investing and markets would be perfectly efficient. Instead, we look at where markets intersect with both the laws of physics and human behavior. We study what changes over time and what doesn’t. The development of a thesis isn’t about developing a strict set of rules that one must follow to a t, but to codify a framework, a way of thinking, that serves as a lens through which to try to understand the world, how it has…

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