All startups are leveraged bets on a trend line -- one goal being you see the trend line better and sooner than anyone else. Sometime the fundamentals don't ma

All startups are leveraged bets on a trend line -- one goal being you see the trend line better and sooner than anyone else. Sometime the fundamentals don't make sense (I don't understand how WeWork planned on software style profits or any significant moat around them) and often you get out executed, but getting the timing wrong is a real threat too: - Self driving cars could come too late to save Uber - Some companies have too high a burn rate for this interest environment -- but some cautious companies went under because their competitor out-raised & out spent them - Lots of Dotcom bubble companies failed, only to have similar business models work in 2023 (Pets.com/Chewy, Streaming audio, even Cuecat style QR codes are everywhere) In 2020 many people thought a vaccine was 5+ years away (wrong) and Covid was a permanent shift in how we worked (partially true!) and interest rates will have to be low for years because of the impending recession. If that's your worldview, what would you invest in to hedge that risk?