The China of 2036 will be vastly different than the China of 2026. Companies that used to manufacture luxury handbags are now becoming the brands themselves. Investors who used to copy American VCs are now running their own state-backed deeptech playbooks.

Packy McCormick

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geopoliticschinaentrepreneurship

The single greatest edge an investor can have is a long-term orientation that other investors are structurally unable to adopt. Most institutions are prisoners of their own quarterly reporting cycles, which means patience itself is a source of alpha — not intelligence, not information.

Howard Marks — The Most Important Thing

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investingpatiencecompetitive-advantage

Invert, always invert. Many hard problems are best solved by asking: what would guarantee failure? Avoid that, and success becomes far more likely than if you'd chased it directly.

Charlie Munger — Poor Charlie's Almanack

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mental-modelsdecision-makinginversion