我为什么投这个？

预期是什么？

进入时机好不好？

仓位够了吗？

别人的反面评价会让我保持坚定还是开始怀疑？

我希望明天和下个月都上涨5倍并抛售获利，还是希望项目能够在长期取得大发展？

How does Multicoin play it?

Play a game of being “non-consensus and right.”, it is not enough to just be right – you must be right about something that everyone else ridicules or ignores.

How to do it?

• Thesis formation. Some funds operate opportunistically, investing in great founders that surface new ideas. That’s not Multicoin’s style.

• Sourcing opportunities. Once Multicoin has a thesis in mind, it searches for projects with a similar view of the world. Doing so involves making some noise.  

• Evaluating investments. The partnership only funds businesses it believes are “first-order correct.” Adhering to this rule has involved missing some winners. 

• Surfacing blindspots. To sharpen its thinking and disabuse itself of weak arguments, Multicoin runs investment committees that operate like debates. 

• Sizing bets. Once Multicoin has decided to invest in a company, it thinks about how to size its investment. Part of what has made it most effective is its willingness to bet big.

• Adding value. With few exceptions, every investor tries to support its portfolio companies. Multicoin goes particularly deep with its founders and is proactive in providing support. 

• Aggressively doubling down. Part of Multicoin’s approach is to follow its best bets with further investment. It does this even when other VCs seem to be taking a step back. 

• “swiping on Tinder.” wont work

• Play it Long