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RT @corbtt: When I worked at @ycombinator I'd make a point of chatting with very successful founders and getting the "real" backstory, not the polished PR one. There were always big mistakes, self-doubt, long periods lost in the wilderness. Success is only inevitable in retrospect.

Marc Andreessen: Every innovator “eventually starts to like the taste of their own blood”

“Once something works, the stories get retconned and adapted to say ‘it was inevitable all along’, ‘everybody always knew this was a good idea’. The person has won all these awards and society embraces them. But invariably, if you were with them when they were actually doing the work—or you get a couple of drinks into them and talk about it, they’ll be like: ‘no, that’s not how it happened at all.’”

Marc continues:

“They faced a wall of skepticism—basically a wall of social denial: ‘no, this is not going to work’, ‘no, I’m not going to join your lab’, ‘no, I’m not going to come work for your company’, ‘no, I’m not going to buy your product’, ‘no, I’m not going to meet with you.’”

All entrepreneurs, Marc says, get tremendous social resistance with very little positive feedback from your peers. And successful innovators “need to be able to deal with social discomfort to the level of ostracism, or at some point, they’re just going to get shaken out and quit.”

When asked how these people deal with it, Marc responds with the famous line from Sean Parker:

“Being an entrepreneur is like getting punched in the face over and over again. Eventually you start to like the taste of your own blood.”

Marc likes this line because it gives you a sense of how painful the process actually is:

“If you talk to any entrepreneur who has been through it, they’re like ‘oh yeah’, that’s exactly what it’s like… If you’re just getting universally negative responses, very few people have the ego strength to survive that for years.”

And argues that there’s a huge advantage to clustering:

“Throughout history you’ve had this clustering effect. You had clustering of the great artists and sculptors in Renaissance Florence. You had the clustering of the philosophers of Greece. You have the clustering of tech people in Silicon Valley. You have the clustering of the creative arts—movie and TV people—in Los Angeles. And so forth. There’s always a scene and a nexus where people come together.”

Having said that, clustering does have downsides:

“You put any group of people together and you do start to get group think—even among people who are very disagreeable.”

Video source: @hubermanlab (2023)
- Startup Archive
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Startup Archive
RT @withmattkim: Every week, this newsletter shares timeless writing from startup founders:

- 10 Passages from Jeff Bezos’s Shareholder Letters
- The Struggle by Ben Horowitz
- How to hire the best people you’ve ever worked with by Marc Andreessen

Highly recommend @foundertribune . https://t.co/gnr92F9uHG
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Capital Employed
Essential weekend reading...

John discusses two stocks he's bullish on, one in India and a UK microcap.

Read the full interview here 👇

https://t.co/IhmHn5HSUD https://t.co/MQPriGqOT3
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InsideArbitrage
RT @business: Chip-design company Synopsys wins conditional approval from the EU's merger watchdog for its planned $34 billion buyout of software developer Ansys https://t.co/sDMl7UYO27
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Stock Analysis Compilation
Baron Emerging Markets Fund on E Ink $8069 TT

Thesis: E Ink is the leading supplier of ePaper technology with a 95% market share, benefiting from growth in electronic shelf labels and potential expansion into large displays, promising mid-teens total shareholder returns over the next 3-5 years.

(Extract from their Q3 letter)
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Hidden Value Gems
I thought there was a bear market over there 🤔

"Shares in the Chinese toymaker rose as much as 82% on their secondary listing debut in Hong Kong, before closing up 41%, valuing founder Weisong Zhu’s stake at more than US$1bn." https://t.co/HDtQfSWqnb
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Investing visuals
If Palantir $PLTR reverts to its current median free cash flow multiple of 65, it would trade at $32🤷‍♂️ https://t.co/wxJJvaGL10
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Startup Archive
Steve Jobs on his strategy for saving Apple from bankruptcy

Apple was on the verge of bankruptcy when Steve Jobs returned to the company in July of 1997. The clip below is from a CNBC interview three months later.

When asked about his strategy for turning the company around, Jobs shared the following advice:

“Somebody taught me a long time ago a very valuable lesson which is if you do the right things on the top line, the bottom line will follow. And what they meant by that was: if you get the right strategy, if you have the right people, and if you have the right culture at your company, you’ll do the right products. You’ll do the right marketing. You’ll do the right things logistically and in manufacturing and distribution. And if you do all those things right, the bottom line will follow.”

Video source: @CNBC (1997)
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iinvested
4Q'24 Palm Valley Capital Fund on $KELYA, $SEB, $HTLD

More fund letters here:
https://t.co/dVDkhhvUUk https://t.co/N3TAPqvE8Y
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