I think the most important lesson I've learned is that the ability to change your mind is probably one of the most important traits an investor can have. People confuse consistency and stubbornness, and they also are worried about how they look if they change their views.
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The striking part is not the total. It is the concentration. The money tripled while the number of deals collapsed: just 34 deals so far in 2026, against 99 across all of 2025 and 127 in 2024. Investors have stopped spreading small bets across dozens of startups and started pouring billions into the few players they believe will own the market.
Daniel Abreu Marques
The best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago. That is no accident.
Warren Buffett — Berkshire Hathaway Annual Shareholder Letter
The most thought-provoking thing in our thought-provoking time is that we are still not thinking.
Martin Heidegger — What Is Called Thinking?