2/ The fun thing about making lots of money in VC + crypto + any asset or security that makes money by selling it for more than you paid for it is this:
you don’t NEED it to profitable business—
you only NEED others to buy it for more
A 🔑 difference between TSLA + BRK…
3/ And if you don’t need the business underlying your investment to be profitable 💵(because you just need others to believe that others will believe that others will believe 📈)…
You might not NEED to know 💁♂️what actually makes a business profitable….
1/ Interesting POV from Chinese billionaire friend
who made his money outside of China
and felt safe from reach of Xi (as he invested in China,
but sold his companies to non-Chinese so he never ‘took money out’ of China).
He got the #’s wrong but the point was clear…
2/ He asked me the first “democracy”.
I answered: Greece.
He said what was population of your great democracy
i said ~150,000
He asked how many were slaves? I did not know.
He said: ~100,000 slaves rules by ~8,000
Now what about your beloved Rome?
3/ What was the population of Rome?
I guessed roughly correct 1M
He asked: and how many slaves?
I guessed 10k. He said it was closer to 500k around 50% of the population.
He asked––rhetorically––what the current population of “democracies” in the world today?
2/ A few other @sfiscience gems: Geoff West who helped the masses appreciate consistent patterns of scale across lifespans and heartbeats and company lifecycles and spread of ideas and disease…
1/ Releasing a redacted Lux quarterly letter to LPs.
Some strong views of
-a catalog of an excess of excesses
-what catalysts cause the current market frenzy to end
(preview: LP indigestion)
-what we are advising our Lux family companies
-much more…
2/-The importance of HEIGHTENED HUMILITY in times like these (where source of ‘success’ can be easily mistaken)
-Telepresence helps us connect with far-flung founders but true presence (in person) helps our team connect like never before
-Where a CONSENSUS of CONCERNS is CENTERED
3/ Time travel with us a year hence—
reflecting back on the year that was.
Which of the 2 paragraphs below do you expect to read in Q3 2022?