A few weeks ago, we shared the idea of a multi-bagger. When a stock of yours grows by 10x, you've earned a ten-bagger.
For Airbnb & DoorDash seed investors, those investments were 1000x baggers (yes, even after dilution). Regardless of luck vs. process, these are walk-off-the-field, retire-into-Hall-of-Fame sort of returns.
It's ironic that two colossal success stories from the last decade happened to go public in the same week in an otherwise a very dark year. Now the private investing community is passing the torch to us public investors.
Despite Airbnb's and DoorDash's success looking backwards, are they good investments looking forward?
This is what we're rigorously evaluating: whether these newly IPO'd stocks could be possible Titan Flagship holdings for you. (Reminder: we're very picky)
One of the first frameworks we use is outlining a company's paradigm. Why does a business exist? ABNB and DASH strike us as intermediaries for core user behaviors that have been around since human existence: traveling to new places and eating.
There will be a lot of jargon thrown around in the coming weeks (e.g., platforms, network effects, unit economics, market sizing), but ultimately having a simple reason to exist is the most important starting point in our work.
If you can't explain an investment to a kindergartner, it's probably not one you should even consider making.
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