The Mash Quarterly | 3Q25
- Kunal Mashruwala
- Oct 12
- 1 min read
In a market that feels like driving through a hailstorm, it's easy to become numb to the turbulence and feel like just another number.
Our 3Q25 Investor Note explores the echoes of the 1999 tech bubble in today's AI frenzy, detailing both the familiar script and the crucial differences in capital structure that make this cycle unique.
We discuss why investing is more a practice of preparation with a prudent temperament and how our refined selling discipline allows us to participate in the innovation while surviving the valuation spectacle - why we aim to remain awake while the world dreams.
Read our 3Q25 Investor Note below.
And if you prefer, feel free to listen to a podcast-style audio conversation of the same (courtesy NotebookLM). Welcome to the AI world, let the ride begin.
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