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I got about ~40% faster solving sudoku after casually watching an hour of YouTube (turns out sudoku YouTube is a thing) and now I’m wondering how many other things in life are shaped like this.
You would not guess that level of improvement trivially available for someone who had been on math team and casually solved a few hundred sudoku puzzles over the years, right?
I'm wondering in particular how much routine cognitive work, like mortgage underwriting or radiology diagnosis or what have you, is "Watch an expert narrate this process and show you a few things from their toolkit which you'll apply 15 times a day for forever" improvable.
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Patrick McKenzie
@patio11
If I ever run a fund I will also “defect” in this way, openly and notoriously. It’s a silly norm with grossly disproportionate consequences for pool of new GPs.

We don’t have it and wouldn’t impose it elsewhere in software industry, certainly not for VC funded companies.
Why is the norm silly? Because presumably if you’ve convinced somebody to stake you with $100M you have convinced them that you are sufficiently financially competent to calculate the NPV of your career, which becomes heavily indexed on success of the fund.

Skin in the game.
Similar logic would apply to founders, incidentally, in some perverse universe where VCs wanted to see them suffer a bit more if the company failed.

“Where’s your skin in game?”
“Opportunity cost versus career track at Google is $N million. There, done.”
Read 5 tweets
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Patrick McKenzie
@patio11
A thing that I “knew” but had never considered in as many words:

VC funds by custom are described as charging charge 2 and 20. (2% management fee on assets; 20% of profits).

They actually charge 20 and 20. One of the 20s is split over 10 years (mgmt fee is annual).
I understand why the microeconomics of running a fund make that management fee really crucial, particularly for newer firms, but the part of me interested in pricing psychology notes how different it feels when phrased as 20/20.
(There’s some nuance here on how quickly capital is deployed, etc etc.)
Read 3 tweets
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Patrick McKenzie
@patio11
A year ago, Stripe opened an all-remote engineering office. We hired ~100 engineers and tripled the number of remotes across the company.

Here is what we learned:

stripe.com/blog/remote-hu…

Some thoughts:
All technology improvements, including organizational technology, improve both futures which are forseeable and those which are not.

We didn't have coronavirus in our outlook a year ago, but having remote infrastructure firmed up prior to 2020 turned out to be crucial.
The tools for working over the Internet are so, so good now, and they're getting better rapidly.

Organizations / people / culture are a much harder, and more important, thing to iterate on.
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