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Chris Hladczuk Profile picture
@chrishlad
Sep 16, 2020 • 15 tweets • 11 min read • Read on X
A MASTER operator and investor: @rabois

Yesterday: @chamath’s SPAC merger with @Opendoor

Today I inhaled Keith’s podcasts:

• @APompliano
• @eriktorenberg
• @Jason
• @david_perell
• @Patrick_oshag
• @AdamDraper

Here are 10 of his most IMPACTFUL ideas

🧵👇
1/ Who is @rabois?

• Political Science at Stanford, Harvard Law

• Exec at @PayPal @LinkedIn @Square

• PayPal Mafia with @elonmusk, @peterthiel, @reidhoffman, @mlevchin

• Investor @Airbnb, @YouTube, @stripe, @DoorDash

• Partner @foundersfund, Founder @Opendoor
2/ Barrels vs. Ammunition

• Barrels: people that take ideas from conception to shipping

• Ammunition: people that can execute a given task

• A company’s output is tied to the number of barrels

Find barrels by constantly expanding scope of responsibilities for employees
3/ Hiring

• Hire aptitude for upside and experience for mitigating risk

• Focus on finding and hiring undiscovered talent

• Interview question: “If you were a product, how would you describe your value proposition”
4/ @rabois’s Investment Criteria

What is anomalous?

What ‘secret’ is the company predicated on?

Could this be 1 of the most important companies on the planet?

What is the accumulating advantage?

Can the founder attract the right talent?

Our investor comparative advantage?
5/ Delayed Gratification

• Keys to success aren’t secret, they’re just painful

• It’s all about deferring immediate for delayed gratification

• “Can you trade long-term gratification for short term sacrifice, and can you compress the feedback loop?”
6/ Accumulating Advantages: as a company gets better/grows, it becomes easier to run

• Eventually B-B+ players can run the company, because it’s so strong you don’t need heroic efforts of talented people

• Why does it become easier? Trust and increased credibility
7/ Successful people

• People that change the world have extreme talent in 1-2 dimensions, then a screw loose in 1-2 dimensions

• Excellent at prioritization and allocating their time

• Ask “How and why are they successful”: Decompose it and try to emulate that
8/ Valuing your time

• Be aware of what you’re consuming and how to get the most possible leverage out of that time

• Spend time with people that are smarter and more successful than you

• Consume more content that’s stood the test of time
9/ “People who are naive about markets, do better than those with experience.”

• @patrickc with @stripe
• @elonmusk knew nothing about cars before @Tesla
• @rabois knew nothing about real estate before @Opendoor

With industry experience, less ‘WHY?’ questions
10/ You don’t discover a startup market, you create it.

“You imagine a better future, you create it, and then you sell tickets” - @rabois

Very different than the @ycombinator method
11/ If you want to learn more from @rabois, he started a short form podcast on @NuggetAudio called “How to Build an Iconic Company”

12/ @chamath’s investment thesis for @Opendoor

13/ Sources:

open.spotify.com/episode/4DwtIE…

perell.com/podcast/keith-…

investorfieldguide.com/rabois/
14/ Sources (cont.)

thisweekinstartups.com/keith-rabois-p…



open.spotify.com/episode/4Hkz6d…

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More from @chrishlad

Chris Hladczuk Profile picture
May 24, 2023
If you’re out of the loop - the US government has a $31 trillion problem.

And only a few days to fix it before tanking the economy.

Here’s “Debt Ceiling for Dummies” (and how I think it all goes down)🍿 Image
Alright, so here’s the deal:

The US has until June 1st to raise our $31.4 trillion debt ceiling.

If we don't?

The US defaults and the world goes wild.

But how did we get here? And what happens next?

Let's get to it...
US government money = you pay them taxes and they spend it on stuff like social security

But picture the gov’t as your buddy who is addicted to credit cards. He can't stop.

And he laughs at you every time you send him your favorite budgeting app...
Read 13 tweets
Chris Hladczuk Profile picture
May 14, 2023
Generic life advice is usually terrible.

So you need to be super specific.

Here are 5 lessons I wish someone told me 5 years ago before joining Goldman or a startup (with examples):
1) Re-frame what "risk" means.

Spoiler:

Most ambitious, high-achievers under 30 are way too cautious with career.

Here's an example...
I quit Goldman after 1 year.

I remember calling my boss scared sh*tless.

8 months later, I laugh at how "risky" that felt.

A good question to ask:

What's the worst case scenario?

Spending a few months living with your parents is far from catastrophic.
Read 11 tweets
Chris Hladczuk Profile picture
Mar 13, 2023
Over the last 72 hours, I talked to 200 startups representing over $2 billion.

And I have news for you:

Business banking will never be the same.

Here's what I mean👇
1) No one cares about “pretty banking” anymore

Fintechs won customers for a decade by making banking beautifully frictionless.

• Simple user experience
• Easy to use features
• Bonus perks

No one cares anymore about free wires or a cool dashboard.

So what matters?
2) Counterparty Risk

If your money isn’t in a bank your Grandma knows, you're moving it.

Or staying below the FDIC limit.

Why do anything else?

Every founder will move 99% off community banks.
Read 8 tweets
Chris Hladczuk Profile picture
Jan 8, 2023
Read this for 3 principles to avoid misery in 2023:
1) Playing a Different Game

I'm friends with solopreneurs like @dickiebush and @TrungTPhan.

They're awesome but I have no ambition to build a 1-man-media business.

So why do I still feel "so far behind" as they continue to build larger audiences?

The answer?
It's easy to get sucked into someone else's game.

• Don't envy the bodybuilder if you don't workout 4 hrs a day

• Don't envy the 1 million follower creator if you don't do it full-time

QUESTION:

What game do you play? Investor, creator, operator or something else?
Read 11 tweets
Chris Hladczuk Profile picture
Dec 11, 2022
I found a $170 billion industry where one company owns 80% of the market.

But in 2010, four grad students launch a startup and build a $2 billion brand.

Here's the story and 3 principles for industry disruption

🧵
It's the Fall of 2008 and four students are in their first semester at Wharton.

On a backpacking trip, one guy loses his glasses.

He then spends the semester squinting since it costs too much to replace them.

So over a few beers, the crew has an idea:

Disrupt eyeglasses
And Warby Parker is born.

But they have a problem.

80% of the $170 billion eyeglass industry is controlled by an italian conglomerate called Luxottica.

Luxottica owns...

• Ray-Ban
• Oakley
• Oakley
• Persol
• Oliver Peoples

Average price for prescription glasses?

$351
Read 12 tweets
Chris Hladczuk Profile picture
Dec 4, 2022
In 1933, Chung escapes home in North Korea.

He eventually builds a $30 billion business called Hyundai.

But it all started with a stolen cow.

Here's the story🧵
Chung ju-yung is born in a North Korean village in 1915.

His parents are poor farmers.

While his dad grows rice while his mom runs the household and raises silkworms for extra money.
So Chung grows up poor but manages to graduate from 5th grade.

You may be thinking... yea that isn't hard.

But this was an impressive accomplishment for his town!
Read 16 tweets

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