People’s bar for excellence is set by their own experience. They can only conceive of the level of excellence they have seen before.
This accounts for some confusion.
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loves his companys' missions, teams, and stakeholders so much he treats employee underperformance with the same intensity as he would if someone were physically attacking his children.
👀👀👀
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"Capital is not a commodity, because it is attached to people." -
Value-add capital beats commodity capital.
Branded capital (creators w. distribution) is growing up to compete Value-add capital.
Ex:
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“Calm Capital" (from ) is for “Calm Companies” who only ever take one round of funding…
like assisted bootstrapping.
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“Emerging markets tend to stay emerging”
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I read your 2020 annual letter with interest, @chamath. Odd it was published in late May, but we’re all busy. Before commenting on this incredibly bad take of a comparison to Berkshire Hathaway, allow me to help you with some math. First, 1965 to 1974 is TEN years, not nine. 1/
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If you look at a map of the geography of dentist’s offices in California, empty patches are almost always Hispanic neighborhoods, for whom dentistry is often culturally or practically inaccessible.
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You can talk so much you get dehydrated.
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and both played rugby and it shows.
You wouldn't want to fight either of them, in case you were considering it.
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It is sad, funny, and disorienting how often effort and outcome are uncorrelated in the short (or even medium) term.
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Replying to
It seems to me “value investing” is slowly losing clarity of its definition.
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It’s a small world.
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Can you expand on this? Are you familiar with Richard Nisbett? He talks about the differences in thought patterns east and west.
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