Spearhead

Rapidly Growing Valuations Shouldn’t Scare You Off

Reading Social Proof Is an Art Form

Social Proof Is a Valid Signal

Ask About the Metrics They’re Not Showing You

It’s Easy to Exaggerate Early Traction

Everything Is a Proxy for Traction

Early Winners Don’t Always Make It to the Finish Line

Invest in the First Credible Mover

Monopolies Fall When Platforms Shift

A Lot of Great Tech Businesses Are Natural Monopolies

Great Companies Expand Their Markets

Invest in $0 Billion Companies

Invest in Pure Tech Companies

Raising Money Without Any Product Is a Red Flag

Product Is the Resume of the Team

Expanding Fast vs. Dialing in the Model

In PayPal’s Early Days, We Lost Money on Every Transaction

Get the Operation Working at a Small Scale

‘Tech-Enabled’ Often Means Thin Margins

Startups Didn’t Have to be Good at Accounting Until Software Ate the World