The mistake a lot of people make is they think about venture as an asset class the way they think about public equities, where you can have a diversified portfolio and do well. In venture, if you're not in the top-performing funds, you're not making money. The data is very clear on that.
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Acknowledge that you, yourself, are often the greatest impediment to your own success. It is sobering to realize that the acquisition of knowledge does not guarantee wisdom in its application — most investors know what they should do, but systematically fail to do it because of psychological forces they neither recognize nor control.
Howard Marks — The Most Important Thing: Uncommon Sense for the Thoughtful Investor
the company expects to end the year at about $400 million in GAAP revenue, up 150% – without commensurate spend (head count growth of just 30%).
Alex Konrad
A miracle technology arrives. Early suppliers earn real profits because supply is short. Demand looks bottomless, which is obvious to everyone in the early numbers. The demand and profits pull in capital and competitors. Everyone builds at once, even those who see the glut coming, locking in commitments at scarcity prices just to get capacity online. Supply arrives, the technology gets better, and prices collapse. Capital loses, consumers win, and the technology chugs on.
Packy McCormick