"Thiel Talks" - recordings of Peter Thiel's public appearances

open.spotify.com/show/2bp2OznFx…
"Where did the future go" with David Graeber
Leaving big law firm: "on the outside everybody wanted in, on the inside everybody wanted to leave." People said it was "good to see someone could escape Alcatraz" when "all you had to do was go out the front door"
"Developing the developed world" (2013)
Globalization vs. technology
"Most of the companies in the Nasdaq are described as technology but they are really bets against technology"
->Fundamental bet that there will be no technological disruption
"Financial markets and the singularity"
Japan as the first "hyperboom" and "what if the mathematicians at LTCM were right?"
"Failures and self-hatred of big tech"
The pendulum of centralization vs. de-cententralization
Nature of progress: bits vs. atoms
"Technology is about people, human agency. Not inanimate forces, Marxist Historicism"
Also: reforming education and the Bitcoin origin story
Meeting Rene Girard ("one of the last great generalists") and implementing mimetic theory: preemptively avoiding internal conflict in a business.
"People don't fight about differences but about wanting the same things."

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More from @NeckarValue

16 Oct
In 1987, an unknown black lawyer rocked Wall Street with the $985 million LBO of Beatrice International.

Reginald Lewis had bootstrapped his way to the top of the buyout world, negotiating with the likes of Henry Kravis and Michael Milken. Image
Kenneth Frazier, CEO of Merck: “Reg Lewis opened up a world of possibilities for an entire generation of black business leaders. I distinctly recall my reaction when he engineered the acquisition of Beatrice Foods. I said to myself, “Who is this brother?’” Image
Lewis grew up in Baltimore and wanted to play professional football. However, after an injury he ingeniously worked his way into Harvard Law School.

He joined a prestigious law firm but was told he wouldn't make partner.

So he set out on his own. Image
Read 18 tweets
15 Oct
Larry Ellison in 2002: "I knew that the dot-com thing was madness."
At the height of the dot-com boom he crated a website called "HeyIdiot" where people could bid on HeyIdiot stock.
"The horrifying thing was we got messages: 'We're trying to buy the stock and it's not working.'" Image
Ellison once paid investigators to go through Microsoft's garbage

"I wouldn't want to through garbage personally, because I'm wearing a very expensive suit. If Microsoft wanted to deceive the American people and not get caught, they should have bought a few more shredders." Image
"Technology is going the same way as the car industry. There is going to be a handful of large technology competitors. The idea that the software and computer industries are going to be forever young is fanciful." Image
Read 5 tweets
14 Oct
Even Bill Gates sat down with Playboy (in 1994). He was all over the internet and how it would change the world.
web.archive.org/web/2010080107… Image
Netflix, Yelp, social media:
"Video on demand, finding people with common interests, picking a doctor"
"You'll want to know what movies others liked, based on what you thought of other movies. Afterward, you can even share what you thought."
"Community will expand" Image
So very 90's: "we're involved in a new generation of fax machines"

Meanwhile, his "wallet PC" is the iPhone: "buttons replaced with a graphics interface. Digital keys, tickets, money, maps." Image
Read 9 tweets
24 Sep
In 1999, at the height of the tech bubble, Jeff Bezos sat down for an interview with Playboy Magazine. A few highlights:

davidsheff.com/jeff-bezos
"I don’t believe any Internet company is appropriate for short-term investors."
"It's too easy to check stock prices and it's a complete waste of time."
I almost spit out my coffee when he talked about dating:
"I am not the kind of person women fall in love with. I sort of grow on them, like a fungus."
Read 12 tweets
10 Sep
What do the deal and Steve Jobs's raid on Xerox PARC have in common? They're both examples of George Soros's concept of reflexivity at work.

I wrote about it here:👇
"What George Soros Can Teach Us About EV Stocks"
neckar.substack.com/p/what-george-…
Soros thought deeply about the self-reinforcing relationship between perception and reality:
"A boom/bust process occurs only when market prices find a way to influence the so-called fundamentals that are supposed to be reflected in market prices." Image
A recent example was the boom in "platform" companies as laid out in this excellent 2015 presentation.

valuewalkpremium.com/wp-content/upl… ImageImage
Read 14 tweets
10 Sep
The web is such a treasure trove.. Bessemer Venture Partners shared some of their deal memos.

Check out Shopify $SHOP
2010: "BVP to invest $5mm at $25mm pre-money"
2020 market cap: $115 billion

bvp.com/memos/shopify
"Profitable and largely bootstrapped"

"Shopify sells a simple SaaS solution that enables a business to quickly setup and run an online retail store. A typical customer signs up using their credit card and is up and running in a few hours"
@tobi
"We don’t feel like there is any immediate need to replace him as CEO"🧐

"He has a clear vision for building the business and recognizes his own shortcomings."
Read 8 tweets

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