I'm not in the habit of watching congressional testimonies. But this one by Jeff Bezos @JeffBezos (Jul 29, 2020) is well worth your time (~ 5 minutes).
What caught my attention was the following: "More than any place on earth, entrepreneurial companies, start, grow, and thrive here in the US.
We nurture entrepreneurs and startups, have stable rule of law, the finest university systems in the world, freedom of democracy, and a deeply accepted culture of risk taking.
Of course this great nation of ours is far from perfect. Even as we remember Congressman John Lewis and honor his legacy we are in the middle of a much needed race reckoning.
We also face the challenges of climate change and income inequality. And we are stumbling through the crisis of a global pandemic.
Still, with all our faults and problems, the rest of the world would love even the tiniest sip of the elixir we have here in the US.
Immigrants like my dad see what a treasure this country is. They have perspective and often can see even more clearly than those of us who are lucky enough to be born here.
It is still Day 1 for this country and even in the face of today's humbling challenges I have never been more optimistic about our future."
As an immigrant and as an entrepreneur I couldn't agree more. I think it is worth repeating - "It is still Day 1 for this country and even in the face of today's humbling challenges I have never been more optimistic about our future." Thank you Jeff.
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Credit Suisse released its 2023 report on family-owned businesses recently. It's been a great tradition in CS since 2006 and I hope it will continue even after UBS takes over CS.
There are some interesting findings:
1. Family-owned companies outperformed:
2. Generations 1 & 2 delivered 2x returns compared to that of generations 4, 5 & later...
Just read this little book about the other Oracle - Stephanie Mucha. Unleashed the power of patience to create a multi-mill $$$ portfolio from humble beginnings.
1. Born in 1917 to poor Polish immigrants 2. Didn’t graduate high school 3. Worked as a nurse for VA Hospital in Buffalo NY 4. Husband Joseph earned $6k when he retired in 1958; she earned $23k when she retired in 1994
5. Led a frugal life 6. Portfolio was $300k in 1985 when Joseph passed away, which she grew to several mill $$$ portfolio
Li Lu of Himalaya Capital talking to students at Peking University's Guanghua School of Management in 2019. Some interesting comments on investing, life, knowledge...
Peter Thiel at Stanford in 2017 - "Competition is for Losers".
This is a gem and is absolutely worth 50 minutes of your time. I've jotted down some of the nuggets below.
A business creates X dollars of value and captures Y% of X, where X and Y are independent variables. Goes on to explain how larger the TAM, larger the competition & hence less differentiation - one of the most important points in this speech!
There are only 2 kinds of businesses - Perfectly competitive and Monopolies; shockingly little in between. While I don't completely agree...but his point is on target.