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“Stanley Druckenmiller observed that huge and well-timed gambles were the essence of Soros's genius. Soros was right about the market's direction no more than other traders. What distinguished him was that when he felt a truly strong conviction, he acted on it more courageously. Likewise, Thiel had the guts to act on his understanding of the power law by betting big at the right moments. Because only a handful of startups would grow exponentially, there was no point getting excited about opportunities that seemed merely solid; in venture, the median investment was a failure. But when he encountered a potential grand slam, Thiel was ready to pile his chips onto the table.”
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“[...] violent revolutions do not so much redistribute wealth as destroy it. There may be a redivision of the land, but the natural inequality of men soon re-creates an inequality of possessions and privileges, and raises to power a new minority with essentially the same instincts as in the old. The only real revolution is in the enlightenment of the mind and the improvement of character, the only real emancipation is individual, and the only real revolutionists are philosophers and saints.”
― The Lessons of History
― The Lessons of History
“there is no single decision you will make that will impact your company value more than the pricing," Horowitz declared, with oracular finality. When a software company market a new product - something original that nobody has seen before - it has once chance to set the price. Whatever point it chooses will stick in customers' minds, making it hard to raise prices later. Moreover, any given price difference will generate a bigger difference in a company's profit margin.”
― The Power Law: Venture Capital and the Art of Disruption
― The Power Law: Venture Capital and the Art of Disruption
“Blitzscaling isn't really a recipe for success but rather survivorship bias masquerading as a strategy"
Yet the O'Reilly critique is less an indictment of VCs than a warning to founders. If the objective of entrepreneurship is personal autonomy, founders must understand that venture capital comes with conditions. If entrepreneurs want to grow their companies at a measured pace, venture capital may well create unwanted pressures. But while inexperienced founders may need to be told of these realities, venture capitalists understand them all too well: they are the first to proclaim that cautious founders should raise money elsewhere. "The vast majority of entrepreneurs should NOT take venture capital," Bill Gurley tweeted in 2019. "I sell jet fuel," Josh Kopelman of First Round Capital agreed; "some people don't want to build a jet." As these comments indicate, VCs may be capable of backing companies in a broad swath of sectors, but in another sense their competence is narrow. Venture capital is suitable only for the ambitious minority that wants to take the risk of growing fast...”
― The Power Law: Venture Capital and the Making of the New Future
Yet the O'Reilly critique is less an indictment of VCs than a warning to founders. If the objective of entrepreneurship is personal autonomy, founders must understand that venture capital comes with conditions. If entrepreneurs want to grow their companies at a measured pace, venture capital may well create unwanted pressures. But while inexperienced founders may need to be told of these realities, venture capitalists understand them all too well: they are the first to proclaim that cautious founders should raise money elsewhere. "The vast majority of entrepreneurs should NOT take venture capital," Bill Gurley tweeted in 2019. "I sell jet fuel," Josh Kopelman of First Round Capital agreed; "some people don't want to build a jet." As these comments indicate, VCs may be capable of backing companies in a broad swath of sectors, but in another sense their competence is narrow. Venture capital is suitable only for the ambitious minority that wants to take the risk of growing fast...”
― The Power Law: Venture Capital and the Making of the New Future
Phoebe’s 2025 Year in Books
Take a look at Phoebe’s Year in Books, including some fun facts about their reading.
566 books
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82 friends
182 books
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47 friends
0 books
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31 friends
33 books
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1 friend
Favorite Genres
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