The idea that a bell rings to signal when investors should get into or out of the market is simply not credible. After nearly fifty years in this business, I don't know anybody who has done it successfully and consistently. I don't even know anybody who knows anybody who has done it successfully and consistently.
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The real insight is that the S-curve is not just a technology adoption curve — it's also a valuation curve. The multiples that investors are willing to pay expand dramatically as a technology moves from the early adopters to the early majority, and then compress just as dramatically as growth slows and the technology matures.
Invest Like the Best with Patrick O'Shaughnessy
The most dangerous thing in a company is when people start managing up instead of managing the truth. Once that happens, you lose your ability to course correct, because the information flowing to the people who need to make decisions is filtered through what people think those decision-makers want to hear.
Kareem Amin — Invest Like the Best with Patrick O'Shaughnessy
The most counterintuitive thing I've learned is that the companies that are most successful are the ones where the founder has figured out that their job is not to have the answers — their job is to build the system that produces the answers. And that's a fundamentally different orientation than most founders have, especially in the early days.
Kareem Amin — Invest Like the Best with Patrick O'Shaughnessy