Duncan Davidson built his investing approach around the idea that fund size shapes behavior more than personality does, which is why Bullpen focuses on smaller, targeted checks instead of the large bets bigger funds are forced into; he looks for founders with a genuine, non-obvious insight and something to prove, and he's drawn to companies that change how people behave, not just ones that improve on existing habits. His background as an operator and IPO-era executive, combined with a habit of thinking about technology in broad waves like semiconductors, bandwidth, and software rather than narrow sectors, shapes how he evaluates both execution and timing across very different industries.