Thread by @trengriffin

1/ Being on the board of a business with Josh Wolfe fits perfectly with my goal of having experiences that result in great stories.

Watching a board member like Josh work is like watching a professional athlete. It's fun, interesting and educational. joincolossus.com/episodes/39195…

2/ This below is from the new podcast:

"Read voraciously, try to understand what the consensus is, find a variant perception, something that people aren't thinking about. And generally, for the wrong reason."

My blog post on Josh Wolfe is here: google.com/amp/s/25iq.com…

"I'm insatiably curious and I want to meet everybody. I want to know a little bit about everything, but it's a humbling thing because you just never know. We listen in boardrooms about the hard problems these companies might be solving, that's where the next thing comes from."

4/ "Capital will become scarce again. I'm psychotic about competitive advantage. What can you do? Or what can you assert that you can do that will scare competitors that nobody else can do? From that flows good unit economics. From that you have a moat and pricing power."

5/ "Lux is fundamentally shaped like a call option.... on average, 1/3 of the companies are going to be total zeros and you don't know which a priori, 1/3 you might bank your money back, 1/3 maybe you get 10x. You end up with a 3x cash on cash fund."

6/ "Another way to look at it is maybe you have one or two companies that return the entire fund once. Maybe two to five next company's return it another time. And everything else combined return a third. You get the 3x in 10 years, but that's a call option like payoff."