The venture capital business is one of the few endeavors where you can be wrong the vast majority of the time and still be considered successful. The reason is that the gains from the rare, extraordinary winner so thoroughly dwarf the losses from all the failures combined that the overall outcome can be spectacular.
You might also like
The single greatest edge an investor can have is a long-term orientation. Most of the competition is focused on the next quarter; if you can honestly say you don't care about the next three years, you've already eliminated most of your rivals before the game begins.
Seth Klarman — Baupost Group Annual Letter
The difference between a good investor and a great one isn't the ability to find more opportunities — it's the discipline to do nothing when there are none worth taking. Most of the money in investing is made by sitting, not by acting.
Howard Marks — The Most Important Thing Illuminated
The one thing I would say is that the optimal amount of hassle and stress is not zero. Eliminating all friction is often the goal, but a life or portfolio with no friction is also one with no growth, no learning, and no resilience. The question is which frictions are worth tolerating.
Morgan Housel — The Collaborative Fund Blog