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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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.
Henry Kravis — KKR Investor Conference remarks
It is not the going out of port, but the coming in, that determines the success of a voyage. And so it is with the long voyage of life — but how seldom do we think of this when we are young, and planning our first departure!
Henry Ward Beecher — Proverbs from Plymouth Pulpit
The plan was to paint just ONE beam to bounce light. But DOT crews misunderstood, assumed the design team loved purple, and painted the entire highway.
Louis Cheslaw