The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified Investor Stories 429. Focus and Discipline in Growth, The Dangers of Rules of Thumb, and Fighting Cynicism in Venture (Stevens, Patel, Shapiro)
Sep 25, 2025
Dive into the minds of seasoned investors as they share valuable lessons from their careers. Kevin Stevens emphasizes the importance of making strategic leaps rather than overwhelming shifts. Manish Patel encourages evaluating opportunities based on first principles rather than common patterns. Craig Shapiro highlights the delicate balance between a beginner's mindset and skepticism in venture investing. Together, they challenge the 'curse of perfect' and remind us that staying in our lanes can enhance our success in the ever-evolving investment landscape.
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One Leap At A Time
- Kevin Stevens recounts missing hardware investments when his firm tried to jump from software venture to hardware growth at once.
- He says making multiple leaps increased risk and blind spots, so focus on one meaningful change at a time.
Think From First Principles
- Manish Patel advises thinking from first principles instead of following rules of thumb or pattern-matching past failures.
- He warns against dismissing products like Canva based on crude analogies and urges independent research on product need.
Balance Naivete And Cynicism
- Craig Shapiro highlights the tension between naivete and cynicism and the need to balance them as an investor.
- He says beginner's mind helps back things that seem crazy while excessive cynicism protects against repeat mistakes but can block opportunity.