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Most people think about building a company as building a product. I think about it as building a system of people and incentives and culture that then builds the product. The product is an output, not the thing you're actually building.

Invest Like the Best with Patrick O'Shaughnessy
13m ago

If you think about the Apollo missions, NASA would design something. It was the NASA engineers and then they would bid out these sort of subcontracts to different people. Ultimately, it was a NASA owned and operated vehicle that they paid enormous amounts of money to someone else to build and then they'd run their own missions on it.

3mo ago

Underscored — save the words that stop you in your tracks.

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