Thread by @NeckarValue

Loved this with @scuttleblurb and @LibertyRPF

"Most people, including me, will flip through one essay after the next like nothing, oblivious to the hard work We are spoiled with great content. I personally subscribe to over a dozen newsletters. Most sit in my inbox unread."

"Some will cancel their subscription if they have to waste even 5 seconds logging in to read a 5,000 word post. "Too much friction".

“Fluff” is also friction ... the more insidious content-specific kind where you don’t make a meaningful point"

"finding aligned partners has been a long process. Getting to scale took 5+ years, it came all at once, and there are a million scenarios where I make the same moves and things don’t work out. Just because someone isn’t managing money doesn’t mean they aren’t capable of doing so"

"young fund managers, and I've been guilty of this too, have a tendency to over-intellectualize and complicate investing. Some of this is theater. ... wisdom from experienced veterans can often appear trite and simplistic... that's often because they're done trying to impress"

"That "no $100bn companies since 1950 have grown revenue by 15% over a decade" may be a fact, but it doesn't take into account the process by which Amazon got to where it is."

"Rather than cling too firmly to historical base rates, it seems more useful to ask what’s different about Amazon and Google, and to then consider the consequences of that answer. Statistics aren't explanations."

"Shows and movies emphasize silver bullet events ...
Reality is far less exciting. What really happens is you build muscle memory about a company and its ecosystem and calibrate conviction along the way. ... Research should be exploratory, not confirmatory.

"But this project didn't start with high-minded aims. It started with me stressing out over how I was going to earn a living as I burned through my limited savings and struggled to launch my fund."
libertyrpf.com/p/interview-wi…