Andy goes into this in some detail in the class. He was an investor in the Facebook game. The Wealthfront pivot - which was indeed the case, since both depended on APIing the feed and broker layer – was partly inspired by many of his ex-students becoming rich in Facebook stock and coming to him with investing advice. He realized there was a generation of wealthy young people who didn’t want the hassle of an investment manager and couldn’t afford high-end management advice.
Part of it also came from his exposure to the Ivy investing method through his role on the endowment investment committee at UPenn.
The kinds of active managers you want to give your money to request you have a lot more than just single digit millions of dollars. And as I outline in the other post, a business fires its initial customers many times over over a decade-long run.
Part of it also came from his exposure to the Ivy investing method through his role on the endowment investment committee at UPenn.