My regular Saturday morning blog post "Lessons from Josh Wolfe (Lux Capital) is now up at 25iq.com/2018/07/07/les… "Edge is a key element of Lux’s investment philosophy: edge can derive from informational, analytical or behavioral sources."
“The greatest entrepreneurs are risk killers. They think about killing failure paths. They also understand that risk and value can change form. When risk has been killed then value has been created and a subsequent investor should pay a higher price for a percentage ownership..."
“What is predictive of financial returns is how much capital is going into the sector. The more capital that is going into the sector, the worse financial returns will be.” “The higher the price you pay, the lower your expected return.” Josh Wolfe
“People tend to pine for the nostalgia of yesteryear. Today incremental discovery requires scientists to be more and more specialized. But the bigger combinatorial possibilities are bigger than ever." Josh Wolfe. Today's innovations are not like the flush toilet.
"Jim Watson [gave me] this admonishment which is double meaning, three words: ‘Avoid boring people.’ I love it, because he’s saying: ‘Stay away from people who are not interesting,’ avoid boring people, and, ‘Avoid boring people. Don’t be boring to people. Be interesting.’”
