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One of the things that VCs will tell you is that we love big markets, and the way we measure market size is usually called TAM, which stands for Total Addressable Market. I’ve seen so many entrepreneurs get tripped up on this in pitch meetings, that I want to lay out how I think about TAM as an investor, how I suggest entrepreneurs figure out the appropriate TAM, and how to think about different TAMs that have different traits.

The key word in “total addressable market” is the middle word “addressable.” If your business plan is to sell bottled water in front of amusement parks, you can’t use the total size of the bottled water market as your TAM, because a lot of bottled water is sold in other places (grocery, drugstore, gas station, etc) and your business plan doesn’t have a way to reach those customers. …


“Freedom is never more than one generation away from extinction. We didn’t pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.” — Ronald Reagan

“What we do now echoes in eternity” — Marcus Aurelius

I hate that I have to write this post, because I am primarily an economic voter, and I believe the by and large the Republicans (pre-Trump) had much much better economic ideas than the Democrats. In fact, I wrote a piece (subscription required) defending Trump’s economic ideas in the Boston Globe just before the 2016 election. …


Up until recently, it was assumed the Republicans would hold the Senate even if Trump lost the White House. The latest polls call that into question. While there is still a chance of a Trump win, and a chance even if he loses the Republicans keep the Senate, there is also a turn of events that could lead to a landslide loss for the Republicans.

The scenario works like this… as we get closer to the election, if it looks like Trump may lose AND the Senate goes Democrat, then Trump will be blamed for the loss, and have no power in the Republican Party going forward. That leaves a leadership gap. A strong Trump supporting Republican won’t be accepted as someone to fill that gap. …

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