I wish folks would actually talk about the real returns on startup equity more often. I understand the urge to talk about it like a "lottery ticket". But it's an investment like anything else. And you should gather info about it to decide if it's an investment you want to make. https://twitter.com/zadr/status/1013106779587301379 …
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I think that the standard HN/etc discourse of options doesn't realize the magnitude of the discontinuity which happens between "Oh we're a bunch of kids doing the startup thing" and "Company X seems like reasonable shot on the next big thing."
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e.g. For the first employee of a company which might or might not make it into YC, I feel like "lottery ticket" is approximately accurate, but there exist N companies which will hire material numbers of engineers this year and produce lifechanging outcomes for them.
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