Leverage buyouts taught me that the real risk isn't paying too much — it's being wrong about the durability of the cash flow. A business that earns steadily through recessions is worth almost any price; one that merely looks cheap in a boom is a trap dressed as an opportunity.
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If we wait for the financing, sometimes the timing of a project just doesn't ever materialize. And I watched so many things, great ideas die on the vine and I didn't really want that to keep happening.
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The best companies we've invested in, the founders had a point of view about the world that was different from consensus, and they were right. And the hardest part of venture is that you can have a non-consensus view and be wrong, or you can have a consensus view and be right, but only the non-consensus and right leads to the outlier returns.
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The climate impacts scale with the the the temperature rise we experience, which kind of means there's no point at which we should just give up, right? Because the hazards at 1.7 are better than they are at two. And if we go past two, then it's worth trying to stay below 2.3 rather than 2.5.
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