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Startup Archive
Jeff Bezos on failure and invention:
"Failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment [...] Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a ten percent chance of a 100 times payoff, you should take that bet every time. But you’re still going to be wrong nine times out of ten. We all know that if you swing for the fences, you’re going to strike out a lot, but you’re also going to hit some home runs. The difference between baseball and business, however, is that baseball has a truncated outcome distribution. When you swing, no matter how well you connect with the ball, the most runs you can get is four. In business, every once in a while, when you step up to the plate, you can score 1,000 runs. This long-tailed distribution of returns is why it’s important to be bold. Big winners pay for so many experiments."
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Jeff Bezos on failure and invention:
"Failure and invention are inseparable twins. To invent you have to experiment, and if you know in advance that it’s going to work, it’s not an experiment [...] Outsized returns often come from betting against conventional wisdom, and conventional wisdom is usually right. Given a ten percent chance of a 100 times payoff, you should take that bet every time. But you’re still going to be wrong nine times out of ten. We all know that if you swing for the fences, you’re going to strike out a lot, but you’re also going to hit some home runs. The difference between baseball and business, however, is that baseball has a truncated outcome distribution. When you swing, no matter how well you connect with the ball, the most runs you can get is four. In business, every once in a while, when you step up to the plate, you can score 1,000 runs. This long-tailed distribution of returns is why it’s important to be bold. Big winners pay for so many experiments."
"Big Winners Pay for Many Experiments" by Jeff Bezos (2015) https://t.co/wcw74YU8Os tweet
Offshore
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Stock Analysis Compilation
Lindsell Train on T. Rowe Price $TROW US
Thesis: T. Rowe Price’s strong yield, share buybacks, and historically low valuation provide a compelling long-term opportunity for double-digit returns
(Extract from their Q3 letter) https://t.co/9qN6FSLXPD
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Lindsell Train on T. Rowe Price $TROW US
Thesis: T. Rowe Price’s strong yield, share buybacks, and historically low valuation provide a compelling long-term opportunity for double-digit returns
(Extract from their Q3 letter) https://t.co/9qN6FSLXPD
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Quiver Quantitative
Wow.
Senator Markwayne Mullin bought stock in Sprouts Farmers Market earlier this year.
$SFM has now risen over 200% since his purchase.
Look at this screenshot from Quiver: https://t.co/O8okI52nMh
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Wow.
Senator Markwayne Mullin bought stock in Sprouts Farmers Market earlier this year.
$SFM has now risen over 200% since his purchase.
Look at this screenshot from Quiver: https://t.co/O8okI52nMh
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Hidden Value Gems
Another singularity moment
Sales is a skill worth taking seriously! https://t.co/AqLLXiYKyP
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Another singularity moment
Sales is a skill worth taking seriously! https://t.co/AqLLXiYKyP
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Quiver Quantitative
Marjorie Taylor Greene bought large amounts of Tesla stock just before the election.
$TSLA has now risen 100% since then.
One of the most well-timed trades we've seen this year: https://t.co/0sKXefz6gX
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Marjorie Taylor Greene bought large amounts of Tesla stock just before the election.
$TSLA has now risen 100% since then.
One of the most well-timed trades we've seen this year: https://t.co/0sKXefz6gX
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Stock Analysis Compilation
SouthernSun on Generac Holdings $GNRC US
Thesis: Generac’s dominance in standby power, strategic readiness for clean energy, and undervaluation make it a strong long-term investment opportunity
(Extract from their Q3 letter) https://t.co/zvHrG8W4B5
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SouthernSun on Generac Holdings $GNRC US
Thesis: Generac’s dominance in standby power, strategic readiness for clean energy, and undervaluation make it a strong long-term investment opportunity
(Extract from their Q3 letter) https://t.co/zvHrG8W4B5
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Offshore
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Startup Archive
Andrej Karpathy explains what makes Elon Musk unique
“I don’t think people appreciate how unique [Elon’s style] is. You read about it, but you don’t understand it—it’s hard to describe.”
The first principle Karpathy — who led the computer vision team of Tesla Autopilot — has observed is that Musk likes small, strong, highly-technical teams:
“At companies by default, teams grow and get large. Elon was always a force against growth… I would have to basically plead to hire people. And then the other thing is that at big companies it’s hard to get rid of low performers. Elon is very friendly by default to getting rid of low performers. I actually had to fight to keep people on the team because he would by default want to remove people… So keep a small, strong, highly technical team. No middle management that is non-technical for sure. That’s number one.”
Number two is that Elon wants the office to be a vibrant place where everyone is working on exciting stuff:
“He doesn’t like stagnation… He doesn’t like large meetings. He always encourages people to leave meetings if they’re not being useful. You actually do see this where it’s a large meeting and if you’re not contributing or learning, just walk out. This is fully encouraged… I think a lot of big companies pamper employees, but there’s much less of that. The culture of it is that you’re there to do your best technical work and there’s intensity.”
Elon is also unusual in terms of how closely connected he is to the team:
“Usually the CEO of a company is a remote person, five layers up, who only talks to their VPs… Normally people spend 99% of the time talking to the VPs. [Elon] spends maybe 50% of the time. And he just wants to talk to the engineers. If the team is small and strong, then engineers and the code are the source of truth… not some manager. And he wants to talk to them to understand the actual state of things and what should be done to improve it.”
And lastly, Karpathy believes the extent to which Musk is involved day-to-day operations and removing company bottlenecks is not appreciated. He gives an example of engineers telling Elon they don’t have enough GPUs. As Karpathy explains, if Elon hears this twice he’ll get the person in charge of the GPU cluster on the phone. If NVIDIA is the bottleneck, he’ll get Jensen Huang on the phone.
Video source: @sequoia (2024)
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Andrej Karpathy explains what makes Elon Musk unique
“I don’t think people appreciate how unique [Elon’s style] is. You read about it, but you don’t understand it—it’s hard to describe.”
The first principle Karpathy — who led the computer vision team of Tesla Autopilot — has observed is that Musk likes small, strong, highly-technical teams:
“At companies by default, teams grow and get large. Elon was always a force against growth… I would have to basically plead to hire people. And then the other thing is that at big companies it’s hard to get rid of low performers. Elon is very friendly by default to getting rid of low performers. I actually had to fight to keep people on the team because he would by default want to remove people… So keep a small, strong, highly technical team. No middle management that is non-technical for sure. That’s number one.”
Number two is that Elon wants the office to be a vibrant place where everyone is working on exciting stuff:
“He doesn’t like stagnation… He doesn’t like large meetings. He always encourages people to leave meetings if they’re not being useful. You actually do see this where it’s a large meeting and if you’re not contributing or learning, just walk out. This is fully encouraged… I think a lot of big companies pamper employees, but there’s much less of that. The culture of it is that you’re there to do your best technical work and there’s intensity.”
Elon is also unusual in terms of how closely connected he is to the team:
“Usually the CEO of a company is a remote person, five layers up, who only talks to their VPs… Normally people spend 99% of the time talking to the VPs. [Elon] spends maybe 50% of the time. And he just wants to talk to the engineers. If the team is small and strong, then engineers and the code are the source of truth… not some manager. And he wants to talk to them to understand the actual state of things and what should be done to improve it.”
And lastly, Karpathy believes the extent to which Musk is involved day-to-day operations and removing company bottlenecks is not appreciated. He gives an example of engineers telling Elon they don’t have enough GPUs. As Karpathy explains, if Elon hears this twice he’ll get the person in charge of the GPU cluster on the phone. If NVIDIA is the bottleneck, he’ll get Jensen Huang on the phone.
Video source: @sequoia (2024)
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Investing visuals
When researching stocks, I've got 3 favorite apps: @finchat_io, @theTIKR and @Quartr_App.
If you're into stock picking, I can highly recommend these (link in comments).
What other apps or websites do you use? https://t.co/GfJv8rg596
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When researching stocks, I've got 3 favorite apps: @finchat_io, @theTIKR and @Quartr_App.
If you're into stock picking, I can highly recommend these (link in comments).
What other apps or websites do you use? https://t.co/GfJv8rg596
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