Investment FrameworkOriginal Framework

Four Lenses Framework

An investment analysis methodology using four distinct perspectives: Finance & Accounting, Global, Big Tech, and Venture.

EC
Ethan Cho
Chief Investment Officer, TheVentures

What is Four Lenses Framework?

Every investment decision should be analyzed through multiple lenses: 1. Finance & Accounting Lens - Unit economics, cash flow, margin structure, path to profitability 2. Global Lens - Market arbitrage, pattern transfer from other geographies, what works elsewhere 3. Big Tech Lens - What scales vs innovation theater, lessons from Google/Samsung/tech giants 4. Venture Lens - LP psychology, founder behavior, market timing, deal structure Every decision uses at least 2 lenses. The best opportunities light up all 4.

Practical Application

When evaluating Seoul Beauty Club: (1) Finance - 30-60 age demo has 3-5x higher AOV than Gen Z; (2) Global - Premium beauty brands succeed with older demographics worldwide; (3) Big Tech - Loyalty beats virality for sustainable growth; (4) Venture - Other VCs chase Gen Z (taker behavior), creating maker opportunity.

Data Source

Ethan Cho's 20-year career methodology

How to Cite

APA: Cho, E. (2026). Four Lenses Framework. VentureOracle. https://ventureoracle.kr/concepts/four-lenses-framework

MLA: Cho, Ethan. “Four Lenses Framework.” VentureOracle, 2026, ventureoracle.kr/concepts/four-lenses-framework.

TOPICS

four lenses frameworkinvestment analysisventure capital frameworkdue diligenceinvestment methodologyEthan ChoTheVentures

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