Apple has become the greatest cash machine in history with what must have, at the time, been a ridiculously stupid idea: “let’s open stores.”
How is it possible that everybody believes that they are honest yet has a difficult time identifying anyone else with the same characteristics?
The influx of capital has helped startups stay private longer with money that in past eras would have been raised on the public markets.
Something new and powerful is happening in the investment world to divorce political risk and volatility from market risk and volatility.
Thinking backwards can help illuminate long term goals that are across the gap.
Fail quickly. Also, never give up.
I’ve always been attracted to this industry because I viewed it as a means to achieve “financial freedom,” whatever the fuck that means.
In 2000, the average endowment portfolio was 23% in alternative assets; in 2014, the corresponding number was 51%.
As one adds complexity, one can add fragility.
The millennial cohort is joylessly investing in the missionary position while professionals are being downsized and dismissed.
I call it the foie-gras bubble, where you’re being force-fed risk assets.
A bet for commodities is a bet against technology and innovation.
Benefit versus brain damage.
All of them leave feeling hollow, with truck loads of money.
There’s too much B.S. on Wall Street.
Our models are fine. We’ve been doing this for twenty years.