402. Are Software Businesses Defensible? What is the S curve and How to Time it, and Lessons from Investing in Snowflake, Databricks, and Confluent (Sebastian Duesterhoeft)
The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified
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The Evolution of Price and Valuation in Investing
This chapter explores the speakers' evolving relationship with the price of investments over the past 10 years, discussing the distinction between price and valuation in investing. They also emphasize the importance of understanding the fundamentals of valuations and having conviction and a long-term perspective when paying high multiples for companies.
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