Markets are complex adaptive systems. We can’t predict the future. Our job is to see the patterns that are unfolding in front of us.

History has shown that economic patterns unfold in waves across geographies and markets. We observe patterns in construction markets across Asia-Pacific, North America, Europe and Africa.

We believe in Gall’s law and are obsessed with founders who believe in a big tactile change in construction and mining — not an abstract or fringe idea.

We observe that technologies that deliver instant value scale exceptionally fast in construction and mining. That’s why we love to back founders who combine a long-term vision with instantaneous customer value.

We see why initially high margins are enticing, but we always opt for an opportunity that is ultimately defensible to increase margins at the right time. We believe in blitzscaling.

We go for spaces where we discover differentiating emerging tech and early customers begin to spread the word. We then back the team that has what it takes to become the defensible #1 in that space.

Technology outcomes are more linearly predictable than market outcomes. We love to exploit big opportunities where we begin to observe emerging market demand among early adopters in one or more markets.

Markets are complex adaptive systems and there’s only a limited amount of factors a founder can control. We back people who excel at adapting in fast-paced adaptive environments and who have an outsized will to succeed.

Innovation opportunities pay off in non-linear ways. We back ideas that can generate power law returns, and outperform the market. You don’t get there following consensus views. We go after non-consensus opportunities.

We trust Richard Zeckhauser: When others have a head start, they use it for their advantage. We don’t want it to become our disadvantage. This is why we favor opportunities in which everybody either does or doesn’t know the likely outcome yet.