A View and A Bet
Why investing is beautiful
As a graduating senior, there’s a common question from underclassmen: jobs.
“How did you know you wanted to go into this?” One freshman asked.
The truth is that I didn’t. I’ve been fortunate that over the last four years I’ve tried jobs from investment banking to startups to Instagram influencing — doing all that I could before I graduate.
So, where did I end up?
I ended up in venture growth. It was an asset class that I didn’t know anything about (partly because it didn’t really exist), but one that I fell in love with after being in it for almost two years.
This short essay isn’t about my journey on job selection; instead, I want to bring you into my brain on investing. I aim to explain why I love what I do. Hopefully, this is helpful for you as you consider investing as a career choice.
What is investing? Investing is about having a view on the world, and making bets that align with what you believe the future looks like.
There are two components to my definition:
A view of the world
Making bets that align with said view
There’s nothing more beautiful than having a perspective of what the future looks like. It’s much more than looking at the quantitative and qualitative data. It’s about our personal experiences, culture, history alongside expert calls, credit card data, and revenue growth.
Take history, for example. As a student of business, I’m required to study this subject. As Mark Twain said, “history doesn’t repeat itself, but it often rhymes.” Learning about previous technology cycles, companies, and founder biographies certainly help to come up with a perspective of what’s to come.
Investing, for now, is innately a human task. LPs and GPs make certain calls on which fund or company to invest in. The human psyche is more similar than one thinks. To be a good investor requires one to control their own emotions and to understand the emotion of others; by doing so, one can find themselves in attractive opportunities. It’s the classic investing lesson: buy when others are fearful.
Why do I bring this up? Well, this requires a view of the world. One shouldn’t buy when others are fearful. One buys when others are fearful and wrong. This is only possible after one develops that perspective.
After developing a view of the world, you make bets that align with said view. This is fun! You get to be incredibly picky. You go out to hunt and pick out companies that fit into your future.
As an investor, you serve your portfolio companies. You help them through blood, sweat, and tears. You are the first phone calls during signs of trouble. You double down when others are fearful.
Both developing a view and making bets require one act: uncovering truths. Investing is ultimately being an investigative journalist. You talk to people to separate fact and fiction. You stand outside data centers to figure out what’s going on. There’s nothing more exciting about investing than uncovering these truths about the world.
What’s the (+) for doing all of this? Hopefully, as you develop a view (a thesis) and make bets (deploy capital) — you’re also generating a crap load of money (DPI). Doing something I think is fun, while also making money? Sign me up!
Why start investing now? I can start my job in venture growth after two years of banking or private equity. A common question I receive is why I’m jumping the gun so early.
My answer: We’ll never live through a tech cycle like this ever again.
I can’t even begin to explain how lucky we are to live in this AI super cycle. Had I come into this world a few years later, I would’ve missed out on this entire wave. When there’s a once-in-a-lifetime opportunity, you grab it. No questions asked. The next opportunity won’t come until 10-15 years later.
As a student of history, I study previous technology cycles:
Semiconductors (1960s) — Fairchild, National Semiconductor, Intel
Systems (1970s) — Apple, Microsoft, Oracle
Networks (1980s) — Cisco, Compaq, Dell, Autodesk, Adobe
Internet (1990s) — Amazon, Yahoo, eBay, Google
Apps (2000s) — AWS, Facebook, PayPal, YouTube, Salesforce, ServiceNow
Mobile (2010s) — Airbnb, Uber, DoorDash, WhatsApp, Instagram, TikTok
AI (2020s) — OpenAI, Anthropic, xAI, Google
If history serves as any benchmark, the next revolution is coming up in a few years. But we’re living in one right now and it’s the biggest computational transformation that we’ve seen in our lifetime. It’s a new way in how information is processed, not delivered (like internet, apps, and mobile).
This is the most exciting time to be an investor. The job is hard as reflected in faster rounds and higher prices, but it’s also what gives the job thrill!
This is merely my spin on why I find investing beautiful. The styles of investing become way more nuanced too (seed to growth, special situations to buyouts).
If you’re still wondering if investing is for you, I encourage you to ask yourself: “Did I get excited reading this?” If you do, then this is for you.
If not, I still encourage you to continue exploring and hearing the perspectives of others. This is just my take, but there are other takes that are equally valid.
Love it! The picture is awesome - Carson truly looks like your son
Happy grad! You’ll kill it