From Stocks to Startups: What Public Markets Can’t Teach You About Conviction
Over the last few months, as I have delved deeper into investing with the launch of my own fund, SamVed, I’ve found myself revisiting an old question with fresh eyes:
How do we really build conviction as investors?
Not in a spreadsheet. Not after the outcome.
But early — before there’s traction, certainty, or proof.
We often associate investing with the public markets — stock tickers, quarterly earnings, share price graphs. That’s where most of us start. And lately, the public markets have been a masterclass in volatility.
Tech rallies. Then corrects.
Retail participation surges. Then retreats.
In a matter of weeks, sentiment flips — from greed to fear, from momentum to caution. I am not an active public market investor, but every time I review my portfolio, I see huge mark-ups and mark-downs.
Early-stage startup investing doesn’t work that way.
It’s not about reacting. It’s about believing before there’s anything to react to.
When we started LetsVenture in 2013, we believed that early-stage investing shouldn't be reserved for insiders. At that time, India had capital. What it didn’t have was a mental model for investing in startups.
There were just a few hundred angel investors.
No playbooks. No standardised processes.
And definitely no clear understanding of startups as a structured asset class.
What we’ve seen since is not just the growth of the ecosystem — it’s the evolution of investor thinking.
From hesitation to conviction.
From lone decisions to community-driven discovery.
From the fear of risk to the confidence that comes from understanding it.
From Stocks to Startups - Learning from the Czar of Public Markets, Nithin Kamath
To begin this series, I went back to a conversation I had with Nithin Kamath — someone who’s shaped how India thinks about public markets.
As the founder of Zerodha, Nithin has brought millions of first-time investors into stock trading. But when we spoke on The Private Market Show, it was his clarity about private markets that really stood out.
He told me:
“In public markets, you're buying history. In private markets, you're betting on the future.”
That single line captured everything I’d been trying to explain for years.
I am going to summarise the learning from each podcast into simple english. For all my friends, this series should help you understand this asset class more easily. I believe, everyone needs to understand startup investing, Everyone needs to learn how wealth and value creation can go hand-in-hand. I am starting simple, and keeping it easy for you. I promise there will be no jargon.
Public vs Private: Three Things That Change
Liquidity
Public markets let you exit instantly. In angel investing, you stay the course — for years.
Angel investing is not about flipping gains. It’s about compounding belief.
Information
You get analyst reports and balance sheets in public markets. In early-stage startups, all you have is a pitch deck and a founder call.
You learn to listen, think and evaluate differently while angel investing.
Role of the investor
When you buy a stock, the company doesn’t know who you are. In startups, your presence changes the outcome.
The earliest investor is often the first real signal to the founder — “Someone believes in this.”
“That belief can be the reason a startup gets built.” — Nithin
Why start this series now?
Because I know many of you may not yet be investing in startups.
You may have exposure to public markets. You may be curious, cautious, or just looking to understand how startup investing actually works.
This isn’t a transition.
It’s not about choosing one over the other.
It’s about understanding the difference in mindset.
What this series is (and isn’t)
One episode at a time. One idea per post.
Not summaries — but reflections.
It’s not advice. It’s not a playbook. It’s a way to unpack early-stage investing — through stories and principles, not jargon.
What to expect when you listen in:
🧠 What angel investors see that others miss
🔍 How early-stage investing actually works
💡 What conviction looks like before the metrics show up
🎯 What founders teach us about risk, timing, and decision-making
If you're a first-time investor, a curious founder, or just someone who wants to think about money differently — I hope this series gives you something useful.
Lets continue to UnBox - Learning, Investing, Entrepreneurship!
Team LetsUnbox
