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Tren Griffin
@trengriffin
, 3 tweets, 1 min read Read on Twitter
My 25IQ post today is a review of Scott Kupor's new book: Secrets of Sand Hill Road (Venture Capital and How to Get It)" 25iq.com/2019/06/08/sec…

"Wise entrepreneurs understand how the VC business works, what makes VCs tick, and what ultimately motivates (and constrains) them.”
If you ever do write a book do it for yourself and/or because you love to help other people learn more. Writing for me is relatively easy. Getting people to read what you write is extremely hard. Few people will read my blog post on Kupor's book, but writing it was enjoyable.
Skilled and experienced professionals avoid time and energy wasting behavior. They tend to avoid pointless posturing and counter productive negotiating styles. If you have a choice between dealing with an idiot or a professional, dealing with the professional is a better option.
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More from @trengriffin see all

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Tren Griffin
@trengriffin
Four words of advice meme:

Stay in competence circle
Maintain margin of safety
Price is not value
The Market is bipolar
Buy bargains and wait
Be a learning machine
Use multiple diverse models
Favorable odds are essential
Be rational, avoid hubris
Avoid high transaction costs
Solve real customer problems
Value before growth hypothesis
No cash no business
Can't spend GAAP earnings
Software eating the world
Love high gross margins
Avoiding stupid is smart
Solve problems by inversion
Don't pee electric fences
Help others learn more
Want love? Be lovable
Understand business better investor
Understand investing better business
Discount future cash flows
Optionality can be mis-priced
Markets are inevitably cyclical
Effortless money sedates rationality
Risk is possibility of loss
Uncertainty is not computable
Be happy right now.
Read 3 tweets
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Tren Griffin
@trengriffin
If you want to sell a lot of copies of a financial advice book, historical evidence reveals that an author should recommend a simple formula (e.g., never buy coffee drinks or flip houses with no money down). Unfortunately, the market for actually useful financial advice is small.
The probability someone will buy a useful financial advice book is inversely proportional to their need to read that book. In other words, the people who would benefit most from the book are least likely to buy and actually read it. Many people believe buying the book is enough.
When an actually useful book like Range by David Epstein breaks through to best seller lists, it makes me smile. amazon.com/Range-Generali…
Read 3 tweets
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Tren Griffin
@trengriffin
When I write a 25IQ blog post like I did this morning on @skupor 's new book I never have an editor. I make changes to the text up to the last minute. I appreciate when someone picks up a typo. Two of my motto's are: write fast and furious and write first and ask question later.
"For 14 years he toiled unremittingly. He had his subject at his finger ends, and at last was ready to begin. He sat down to write. He died.

He did what he wanted, and he died when his goal was in sight and never knew the bitterness of an end achieved."
redfez.net/fiction/obsess…
Somerset Maugham's Mayhew is an example of how you can convery ideas with a story. He said once: "I have never pretended to be anything but a story teller. The telling of a story just for the sake of the story is not an activity that is in favor with the intelligentsia."
Read 3 tweets

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Paras Chopra
@paraschopra
Do you believe in 📈 progress? Here's why you're wrong.

(A thread)
1/ The world is more materially abundant than ever, we’ve eliminated several diseases, lifted millions out of poverty.

Yet, people aren’t reporting higher levels of meaning or happiness than before.
2/ Why is this happening? Rising income or material abundance does not automatically lead to a higher satisfaction.

And not just at a global level, but also at a personal level. Why?
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Ahmad Butt
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[THREAD] In chapter 4, we discuss how to solve for #HumanCapital challenges in #VC. So if we haven’t found a strong argument why we shouldn't try & build a fund from scratch as there appears no structural barrier to entry that cannot be overcome — how do we therefore do this?
1.) Where to look first?

The churn in top tier performance is drastically increasing as the VC market matures & #Alpha is dispersed due to the inherent inefficiencies. Only the best funds plan for succession.
2.) Ultimately, VCs firms are small partnerships. Behavioural challenges in #InvestmentPartnerships include:

•Economic Allocation
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•Personal Risk Minimisation
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Ahmad Butt
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[THREAD] As a systematic public market investor, #VentureCapital was an asset class that felt opaque to me based on only my limited exposure of #AngelInvesting & my friends in the industry. In this article, I set the context for Unpacking Alpha in Venture Capital.
1.) It is a challenging asset class to digest & I am sure a majority of large institutional pools of capital would struggle to list more than a handful of brand name VC firms or investors.
2.) That said, top decile returns in VC are extremely impressive so I decided to take a deeper look with a view to create an ecology map & building an institutional footprint from first principles.
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Jake Hamby
@jhamby
Reading "The End of Influence: What Happens When Other Countries Have The Money" by J. Bradford DeLong. Great analysis of the problems created by neoliberalism. My only complaint is that we didn't "[use our] economic dominance exclusively for global good." a.co/1hJrwak
Other than that suspicious claim on page 1 (was the author intentionally ignoring all of the social democracies that the CIA worked so diligently to subvert during the Cold War, to benefit American companies at the expense of the people of the targeted countries?), good analysis.
The book was published in 2010, so the stress of the then-recent recession led the author to be more clear sighted about the dangers of America's excesses back when we "had the money." We don't "have the money" any more. China, Japan, sovereign wealth funds, and billionaires do.
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Paras Chopra
@paraschopra
1/ I finished @nntaleb's new #book Skin in the game, and here are my learnings, insights and notes.

Warning: this thread is going to be huge.
2/ Human systems are systems within systems, interacting in complex ways. No article / paper / logic can capture all interactions of such systems and their evolution over a non-trivial amount of time.

So fear one shot, large scale interventions (such as invasions, UBI, CRISPR)
3/ People with fuck you money should call out famous or powerful people when they are wrong
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The_War_Economy
@The_War_Economy
(1) A Conspiracy On QAnon: October 28, 2017.
(2) DISCLAIMER: I do not believe in this at all. But I am fully aware that some of my followers read the posts. And who doesn't like a good conspiracy?
(3) On October 28, 2017, QAnon appeared on the image board 4chan and left a message. At the name, QAnon's name was the same as everybody else on the board - Anonymous.
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