Matt Wolfman
MBA candidate at Stanford GSB. The world is evolving rapidly; I seek to allocate capital accordingly.
About
My training as an engineer shapes how I invest. I seek critical analysis over narrative, conceptualize models as tools not answers, and believe that the increasingly accelerating rate of technological progress d³y/dx³ is the defining investment dynamic of our time.
I've spent my early career building a perspective that spans asset classes: PE diligence at Bain, early-stage venture at UP.Partners, and public L/S equity at Viking Global.
Through Stanford GSB, I've sharpened my investment skills, curated a network of exceptional people, and cemented my passion for investing. I'm excited to build upon that foundation and invest in the technologies defining our future.
Investment Focus
I gravitate towards sectors where my technical training, community of subject matter experts, and thesis-driven approach create an investment edge. These are the areas where I spend the most time thinking, reading, and building conviction.
Artificial Intelligence
Robotics & Supply Chain
Semiconductors
Selected Work
Representative investment analyses and research.
Duolingo ($DUOL) — Short Thesis
Thesis: Bearish on user growth and monetization relative to consensus. Declining MAU growth results from structural headwinds of TAM saturation and inherent growth vs. monetization product tradeoffs, rather than from a short term cycle of PR pushback on automation. Recent monetization improvements unsustainable and likely to revert to historical trend given subscriber dynamics of Max product and ex-US growth.
Analysis: Bottoms-up subscriber TAM saturation model utilizing churn-rentention-reactivation dynamics and segmented by demographics, peer benchmarking and margin implication of performance marketing, cohort retention analysis by product family, competitive positioning vs. AI-native competitors, social media growth trend analysis, natural language analysis of app review data in previous product controversy cycle. Extensive channel checks with competitors, former employees, AI researchers, language educators, and management (C-Suite + IR).
Industrial Real Estate — Sector Thesis
Thesis: Combining supply/demand mismatch in industrial real estate with macroeconomic indicators can be used to predict occupancy rates and rents with statistical significance. Demand is primarily driven by inflation-adjusted economic activity and ecommerce adoption, whereas supply is influenced by a variety of confounding factors. Developed a framework for the key inputs required to trigger a buy on $PLD (Prologis).
Analysis: Multivariate time-lagged correlation analysis between macroeconomic series and construction starts in industrial real estate, model developer pro-forma to forecast conditions at which speculative builders add supply to the market, market-by-market analysis of supply/demand and rent dynamics, competitive analysis of publicly-traded industrial REITs, valuation by various methodologies (NAV, FFO and AFFO multiples, implied cap rates). Extensive channel checks with industrial real estate developers, brokers, tenants, and ecommerce experts.
Private Company Investment Diligence
Early-stage companies whose investments I supported during my time at UP.Partners.
Experience
Viking Global Investors
Public Equity Investment InternSummer 2025
Fundamental analysis of public equities at a $50bn global investment firm. Developed and presented differentiated investment theses on the Industrial Real Estate market and Duolingo ($DUOL) for the Financials and TMT teams. Validated theses with proprietary analyses including multiple-regression supply/demand models, TAM saturation Markov models, and social media/user growth benchmarking. Built comprehensive financial models across NAV, FFO Multiples, Dividend Yield, and NOI/Cap Rate methodologies. Led calls with sell-side analysts and represented Viking in meetings with $DUOL management and post-earnings IR calls. Leveraged Bloomberg, VisibleAlpha, BamSEC, AlphaSense, and FRED API for research and modeling.
UP.Partners
Senior Associate2022 – 2024
Sourced and screened over 1,700 companies, ran deep diligence on over 50, and closed 11 deals into de novo and follow-on investments ranging from pre-Seed through Series C at a $230mm venture capital fund investing in next-generation mobility. Promoted to Senior Associate in 2023 for performing above expectations. Conducted diligence including meeting and negotiating with founders, leading customer calls, building financial models, and driving partnership alignment. Represented UP.Partners at conferences and co-authored thought leadership including the Future Mobility Report.
Bain & Company
Associate Consultant (Fulltime and Intern)2019 – 2022
Achieved top bucket ranking (“Frequently Exceeds,” ~10% of associates). Supported 9 live transactions in tech and healthcare for the Private Equity Group. Conducted primary research, developed TAM/SAM/SOM models, and built financial models across buyout and growth equity clients. Assisted a F50 semiconductor client with operations cost-cutting, competitor benchmarking, and scoping a 500+ FTE AI/ML division.
Microsoft & J.P. Morgan
InternshipsSummer 2018 & Summer 2017
Electrical Engineering intern at Microsoft (Redmond, WA); Investment Banking Summer Analyst at J.P. Morgan (San Francisco, CA).
Education
Stanford Graduate School of Business
MBA, Class of 2026
GMAT: 770
Selected Coursework
Finance
Soft Skills
Domain Knowledge
University of Pennsylvania
M.S. Robotics & B.S. Electrical Engineering
- GPA: 3.90 / 4.00
- Summa Cum Laude
- Outstanding Service Award
- Tau Beta Pi
- Senior Design Award
- Dean's List 2015–2019
Personal
I live in Palo Alto with my wife Dani, and we'll be relocating to New York City in September 2026.
Outside of work, I'm an avid traveler: 33 countries and 25 National Parks and counting. I have a deep interest in military and natural history, a carefully tracked craft beer list (700+ unique brews), and I enjoy keeping up to date on the latest in AI and playing around with new tools.
Words I Live By
“Risk comes from not knowing what you're doing.”
— Warren Buffett
Contact
I'm always happy to connect with investors, founders, and operators working in deep technology. Feel free to reach out.