José Maria Macedo × Paavan Gami

India’s early IPOs can expose public investors to venture-style compounding: Gami cites a roughly $350 million median valuation, 70% founder-family ownership, and category leaders listing at $600 million–$1 billion.His thesis hinges on compliance-driven consolidation, with 5–6% leaders potentially reaching 30–40%; Eternal and Meesho show contrasting routes through rapid delivery and low-price logistics, making market-share gains central to the opportunity.

David Senra × Rafael Vivas

AppLovin challenged better-funded rivals with stronger targeting, sometimes monetizing inventory at “double the clip” and guaranteeing publishers more in writing.At roughly $150 billion in market value and 400 employees, AppLovin is on pace for $20 billion in ad spending versus roughly half a trillion across two biggest platforms, but better returns don’t automatically shift budgets.

Paige Finn Doherty × Molly O'Shea

Sourcery grew from O’Shea’s internal funding tracker into a public research archive, with LinkedIn bringing most subscribers.She favors broad promotion over exclusives, estimating 90% of interview work happens afterward; announcement timing helped early podcast traction.Behind Genius has backed over 60 companies across three funds, emphasizing “technical storytellers”; Doherty says Knox Metals’ visibility drives orders and investor interest.

Will Ahmed

WHOOP shifted from a $500 purchase to $15–$30 monthly subscriptions as membership grew from one million to three million in 24 months; Ahmed expects around four million at year-end.Its just-over-50-billion-hour data set supports emerging AI, but biomarker prediction remains preliminary; after an FDA warning letter, Ahmed says WHOOP’s case helped drive blood-pressure wellness guideline changes.

John Collison × Ben Thompson × Scott Kirby

United is using Starlink’s speed—not free Wi-Fi—to attract passengers and convert trial into loyalty through broader technology and service within Kirby’s two-to-three-year window before competitors, potentially including Amazon, catch up.At recording, 48% of flights had Starlink; Boeing 787 certification slowed rollout, while Los Angeles targets full coverage in the first half of next year.

Andrew Sharp × Ben Thompson

Netflix’s engagement is 10% below targets, while 2025 and 2026 price increases of 16% and 12% make low churn an increasingly fragile defense as ad expectations fall to $2.7 billion from about $3 billion.Thompson says urgent PHP vulnerabilities and compromised certificate trust strengthen the case for agent-patrolled private enclaves, though some devices may never receive security updates.

Toto Wolff × John Collison

Mercedes combines F1’s scarce team ownership with roughly $1 billion in revenue and a 30% margin, though Collison’s roughly 15x EBIT framing uses current earnings that Wolff says were considerably higher than at the transaction.Owner control supports a ten-year horizon, but the “$200 million and a bit” cap forces lap-time trade-offs, and DAS’s ban after one year leaves regulatory durability an unresolved risk.

Alex Rampell × Jean-Denis Greze

Town abandoned a tax business nearing $1 million in first-year revenue as annual demand and weak word of mouth favored incumbents.Its consumer-first assistant applies cheap tokens to concrete jobs, including supplier monitoring that may save restaurants hundreds or thousands.The test is whether reusable workflows deliver recurring value before model labs replicate them.

Jim Lanzone × Molly O'Shea

Lanzone says Apollo has largely recovered its $4.8 billion Yahoo cost through early cash returns and disposals including AOL.The reset shut loss-making ad tech that cost hundreds of millions annually and opened inventory to competing demand, while retaining DSP.Scout restores owned search, but Lanzone makes no IPO commitment and hesitates to call Yahoo’s audience distribution a moat.

Ed H. Chi × 曹卿云 Qingyun Cao

Ed Chi称模型或渐趋普及但非全部；价值或转向应用体验与 token factory 成本。Google全栈或最低成本供 token、成潜在护城河；助理受权限、可靠性限制，与 AI Mode Search 界面关系或在6个月至1年明朗。