How Start-Ups And VCs Get Fooled By The Big Market Delusion
(4 min read)
How does one avoid investing in a company like WeWork? Its original IPO valuation was $47bn but it ended up being valued closer to $14bn. The answer lies in understanding “the big market promise” argue Aswath Damodaran and Bradford Cornell in their new paper, The Big Market Delusion: Valuation and Investment Implications. It’s the promise of unbounded big markets that fuels the overconfidence of entrepreneurs, venture capitalists and investors at large.
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