Examples · Investment thesis library
Investment thesis examples by sector
Every example below uses the same seven-part framework from the investment thesis guide, then runs the facts through two legendary lenses to surface where they disagree. Sector matters because the moats, the operating metrics, and the falsifiers are different in each one — a SaaS thesis lives or dies on net retention, an energy thesis on reserve life and break-even.
SaaS
SaaS Investment Thesis Example
Atlassian (TEAM) through Munger vs. Marks
A durable developer-tools franchise read two ways: Munger's quality-and-incentives lens versus Marks's cycle-aware pricing lens. The disagreement isolates the real question — paying up for compounding versus waiting for a wider margin of safety.
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Consumer
Consumer Brands Investment Thesis Example
Crocs (CROX) through Li Lu vs. Buffett
A one-product global brand at a single-digit P/E. Li Lu interrogates 20-year durability; Buffett prices the current cash economics. Where they diverge is the thesis's most useful artifact.
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Energy
Energy Investment Thesis Example
Cenovus (CVE) through Graham vs. Lynch
A commodity producer with a long-life reserve base. Graham anchors on tangible asset value and downside; Lynch hunts for the operational turn the market hasn't priced. Two lenses, one balance sheet.
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Why a VC investment thesis framework looks similar
The seven-part structure — business, moat, numbers, management, price, falsifiers, holding period — is sector-agnostic and stage-agnostic. A VC investment thesis framework swaps "price" for "entry valuation and dilution path" and "numbers that matter" for early traction signals, but the discipline is the same: commit, in plain language, to a small number of falsifiable claims before you write the check.