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Michael Driver @mdvex
, 12 tweets, 1 min read Read on Twitter
How to get rich by getting lucky (or how to farm fat tails)
Practice Serial Redundancy (little bet poker). Avoid ruin. Don’t invest more in an idea than you can afford to lose. Stay alive long enough to fall over opportunity.
Business is capitalising on short term advantage. When you’ve got the arbitrage maximise returns like a bastard.
You’re gonna have to cut a few corners. Every successful entrepreneur has, if you’re not comfortable with this then it’s not for you.
Understand that relative status is the primary driver of our species
Equity is they key to wealth. Don’t take VC money.
You will most likely get rich by taking what others do and doing it better. Revolutionary ideas are rarely turned into businesses, don’t be fooled by survivorship bias.
You need to be able to sell. First rule of all human interaction: break the formality.
The more capital you have at the beginning the less you learn. Capital insulates you from experience. Capital warehouses risk for later when your blow up may be huge and impossible to come back from.
Try to get more than your own skin in the game, borrow from family members and friends, put your reputation on the line.
Avoid leverage it makes you beholden to others.
Ignore advice from most ‘celebrity’ entrepreneurs - it’s mostly hindsight bias, virtue signalling and post hoc strategic rationalisation.
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