Must-Read Investment Memos

A masterclass in identifying early consumer traction. Botha saw YouTube's explosive growth in user-uploaded video at a time when most dismissed it as a piracy risk. The memo demonstrates how to build conviction around behavioral signals rather than financial metrics.

Written when Google was a Stanford research project. The memo captures Moritz's framework for evaluating technical founders and assessing market timing in a crowded search market.

The legendary $500K angel check for 10.2% of Facebook. Thiel's thesis centered on network density at Harvard and the structural advantage of starting with an exclusive, high-engagement community.

a16z's thesis on crypto infrastructure. The memo argues that every financial system needs a trusted exchange, and Coinbase was positioning to be the regulated on-ramp for an emerging asset class.

Published as 'A Deeper Look at Uber's Dynamic Pricing Model.' Gurley's framework for understanding marketplace dynamics, network effects, and why Uber's TAM was vastly larger than the taxi market.

One of the greatest venture returns in history ($6.7M became $5B). The memo focuses on marketplace liquidity dynamics and the power of buyer-seller network effects at a time when e-commerce was unproven.

USV's investment thesis centered on Twitter as a new communication protocol, not just a social network. Wilson's framework for 'large networks of engaged users' as the primary investment filter for USV.