A THREAD on some insightful ideas shared by Chamath Palihapitiya (@chamath):
1/
Bitcoin is the ultimate insurance policy against autocracy, currency curbs and other forms of value destruction.
History will look fondly on those who are long Bitcoin.
1/
Bitcoin is the ultimate insurance policy against autocracy, currency curbs and other forms of value destruction.
History will look fondly on those who are long Bitcoin.
2/
Books come in three forms: fact, fiction and fiction masquerading as fact.
Most books fall into this latter category so read wisely!
Books come in three forms: fact, fiction and fiction masquerading as fact.
Most books fall into this latter category so read wisely!
3/
This pandemic will hopefully mark the end of the perversion of higher education.
Since the 1980s, kids and parents have been forced to play a series of stupid finite games - grades, extra curriculars, influence peddling, donations for infinite assets: skills and knowledge.
This pandemic will hopefully mark the end of the perversion of higher education.
Since the 1980s, kids and parents have been forced to play a series of stupid finite games - grades, extra curriculars, influence peddling, donations for infinite assets: skills and knowledge.
4/
Markets have decided that "bits" are everything and "atoms" are nothing.
Bits are resilient and atoms are not.
As a result, tech companies have separated themselves from every other company, especially those that make physical things or operate physical things.
Markets have decided that "bits" are everything and "atoms" are nothing.
Bits are resilient and atoms are not.
As a result, tech companies have separated themselves from every other company, especially those that make physical things or operate physical things.
5/
WFH will prove things we always knew but, until now, couldn’t prove:
1. You only work 2-3 hours/day. The rest is busy time or socializing.
2. Politics are rampant when you’re physically close but impossible on zoom and slack.
3. Your company has 50% too many employees.
WFH will prove things we always knew but, until now, couldn’t prove:
1. You only work 2-3 hours/day. The rest is busy time or socializing.
2. Politics are rampant when you’re physically close but impossible on zoom and slack.
3. Your company has 50% too many employees.
6/
*Most* VCs are pathetic at generating returns and they opt towards playing a Ponzi scheme of fees and fake markups...
the suckers are the LPs and the employees of zombie companies propped up by these dollars whose equity is really worthless.
*Most* VCs are pathetic at generating returns and they opt towards playing a Ponzi scheme of fees and fake markups...
the suckers are the LPs and the employees of zombie companies propped up by these dollars whose equity is really worthless.
7/
Markets go up and markets go down but how investors ascribe value to businesses rarely change that much in the end:
Capital light >>> Capital heavy
Product moat >>> Capital moat
Network effects >>> Marketplaces >>> Everything else
Markets go up and markets go down but how investors ascribe value to businesses rarely change that much in the end:
Capital light >>> Capital heavy
Product moat >>> Capital moat
Network effects >>> Marketplaces >>> Everything else
8/
Value is what I buy. Valuation is what I pay.
Too often, emotion gets in the way and we forget that value and valuation are loosely correlated, at best, in the startup game.
Value is what I buy. Valuation is what I pay.
Too often, emotion gets in the way and we forget that value and valuation are loosely correlated, at best, in the startup game.
9/
An amazing stat:
In the last 25 years, deaths from cancer have fallen by 25%.
In our lifetime, through ongoing research, we are capable of transforming cancer from: acute —> chronic —> preventable
Long live science!!!
An amazing stat:
In the last 25 years, deaths from cancer have fallen by 25%.
In our lifetime, through ongoing research, we are capable of transforming cancer from: acute —> chronic —> preventable
Long live science!!!
10/
Short term capitalism is about the art of the profitable.
Long term capitalism is about the art of the possible.
As interest rates approach zero, long term capitalism is the only capitalism that has value.
Short term capitalism is about the art of the profitable.
Long term capitalism is about the art of the possible.
As interest rates approach zero, long term capitalism is the only capitalism that has value.
11/
The best trick some internet companies have played on the world is the one that got us to confuse “free” with “open”.
The best trick some internet companies have played on the world is the one that got us to confuse “free” with “open”.
12/
At the end of the day, the unit of value is the entrepreneur.
And what's beautiful about these people as a class is they are increasingly open minded, increasingly diverse, increasingly open to change.
At the end of the day, the unit of value is the entrepreneur.
And what's beautiful about these people as a class is they are increasingly open minded, increasingly diverse, increasingly open to change.
13/
Entrepreneurs increasingly want investors who've gone through the same battles they have.
Entrepreneurs increasingly want investors who've gone through the same battles they have.
14/
Focus on yourself and find peace there.
If successful, you may find other people’s opinions don’t matter as much.
Focus on yourself and find peace there.
If successful, you may find other people’s opinions don’t matter as much.
