macrocephalopod

One thing I learned as a failed startup founder is the importance of narrative. We're all selling stories, despite sometimes cloaking it in the formalism of mathematics or appeals to fundamentals. Make sure you sell the right story.

You need to give something for people to believe in. In many cases results come secondary to that, for better or worse.

This has been something ultimately well known in the VC space, and as I've mentioned before it's been seeping more and more into the public equity markets too.

Things i wish i had learned when i was 20: everything you do has to be sold. Be better at it than what you want to do.

Precisely. I learned this the hard way starting a few companies. I think a lot of people like investing in me because I say words good, but at the end of the day your product matters more than the fancy engineering you do behind it.

One thing in finance i hold for truth: a good trader is not someone who has made a lot of money. It’s someone who lost a truckload, but managed to keep their job. Was looking at ergodicity with clients and colleagues on Friday. A good trader is ergodic and is considered as such.