No matter where you stand on $SNOW stock, this conversation by @SeanDeLaney23 with Frank Slootman is very compelling. Focused on his leadership style, creating a performance culture, time at Data Domain
A few notes:

whatgotyouthere.com/portfolio/223-…
[Min.5] As an immigrant "my credentials were hard to pronounce."
"My initial strategy was to take on challenges that nobody would touch with a ten foot pole."
“While I didn’t enjoy working on these crummy businesses it was incredibly informative.”
[6.40] Business and career as card games:
“It’s a combination of the cards you’re dealt, which is a function of luck, and how well you play those cards which is a function of skill. And it’s the same with companies”
Once you have options: "Be careful what elevator you step into."
[9.40/12] Returning after burnout. Staying sharp requires "being in the arena," being tested.

[13] Analogous experience to professional sailing: find talent, face intense competition and the elements. CEOs benefit from being lateral thinkers.
[27] Being a "situational CEO" lectures from VCs:
"forget playbooks. With playbooks you're a prisoner of your own experience."
"Doctors spend 95% of time on diagnosis. In business
we rush to conclusions."
"Look at all potential explanations" and "maintain intellectual honesty."
Performance culture:
[19] "While we're sitting here, the competition is out there plotting to kill us."
[33] "Human beings naturally gravitate to a glacial pace, they lack urgency."
“When you pick up the pace, all of a sudden it feels like the place is getting engulfed in energy”
[40] Mental model: "I've been handed potential. I have a set of cards. I have to play this to the absolute maximum outcome. I live in constant fear: are we doing enough? It's a hard way to live because you always feel inadequate."

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More from @NeckarValue

30 Nov
Irwin Simon was a kid from a small town in Nova Scotia, stocking the shelves at his father's grocery store.

Starting with $500k from a second mortgage he pulled off a string of high-wire deals and forged natural food giant Hain Celestial.
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Quote from this podcast reminded me of a Soros story:
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Soros headed into the 1987 crash long US stocks and short the Japanese bubble.
"It is difficult to see how the Japanese land and stock market boom can continue. A bust is looming."

Yet in the week of the crash, both his longs and shorts went against him. Image
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Seth Klarman in 1991: "I traded my first stock when I was 10."

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"Private market value - self-fulfilling prophecy and circularity" as takeovers set the new reference price.
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"Owning a business is not purely a pure positive. Sometimes owning a few shares of stock is vastly superior."
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"The investment education of Eddie Lampert began when he was 10 years old."
"I would go down to Miami Beach for most vacations. She was retired and I would sit on the bed with her going through the stock pages."

"Risk arbitrage appealed to me because you made the decisions. You were committing the partners' capital and could see immediately whether you were right or wrong simply by the facts. It was definite and not subject to other people's opinions."
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The success of Bai is an example of passion-market fit. Founder Ben Weiss had been obsessed with coffee all of his life. In 2009 he finally found the right idea and a powerful consumer trend. He sold to Dr. Pepper Snapple for $1.4bn in 2016. Image
“So the only way you’re likely to find product-market fit is if you’re almost irrationally obsessed with the market. Then, you’re likely to have unique insights.” @naval

venturehacks.com/passion-market
Weiss graduated in 1992 and his first idea was to open a cafe. He backpacked through Europe and pitched investors in the US on the coffee house experience. Nobody cared.
"I was armed with all this coffee knowledge and could do nothing with it."
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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.
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?’”
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.
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