Investment Thesis
Angel investors love to say they have an investment thesis—but do most people actually have one before they start writing checks? In this episode, the guys unpack what an investment thesis really is, why it matters, and how it can keep investors from chasing shiny objects (or the latest AI hype train). Along the way, they compare their own approaches to investing, debate whether founder quality outweighs market timing, and admit that sometimes the best investment isn't just about returns—it's about satisfying your own curiosity.
The conversation wanders through everything from power law returns to coachability, and why patience is one of the most underrated advantages an investor can have. With plenty of real-world examples, and a few self-deprecating jokes, the hosts explore how experienced investors develop conviction without becoming dogmatic—and why a good thesis should evolve as you gain experience. They close with a challenge for listeners: write down your own investment thesis and send it in for a future episode, because nothing tests your thinking quite like putting it on paper.
Key Topics
• Building guardrails to avoid FOMO and emotionally driven investments
• Why founder grit and coachability often outweigh industry expertise
• Investing in industries you know versus industries you want to learn about
• Timing, discipline, and avoiding overhyped markets
• Concentrated versus diversified investing within the same market
• Creating a follow-on investment strategy for winning companies
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Mike Kelly
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Ben Pidgeon
Jacob Schpok