Two CPOs face the same product decision. One funds the bet and the board calls her decisive. The other funds it and is gone within the year. Same decision, same conviction - opposite outcomes. The difference isn't talent. It's the cap table behind each of them. We treat product judgment as a personal skill we build and carry between companies. It isn't - and the gap between what's brilliant at one company and career-ending at another is wider, and more invisible, than most CPOs ever see coming. This session is about the capital structure quietly making your hardest product calls - and what changes the moment you learn to read it.