Average loss ratio. Some sectors are higher risk than others. For the past couple of decades, for example, social media has been particularly challenging, with Meta acquiring or suffocating insurgents. If the sector you operate in has a high loss ratio, you may want greater diversification.

That horizon is massive and inevitable. We can take lessons from the evolution of social media to will a new multiplayer future of shopping into existence and change for the floundering paradigm forever.

So why quit? Three reasons. First, I’ve felt for a few years now that the startups I’m seeing don’t seem so much like progress as just shopkeeping. This isn’t a dig: there’s money to be made razoring a thin slice off a huge market, and there’s certainly less risk in that than there is building a market from scratch. But it’s just not that interesti... See more

“The greatest trick the devil ever played was making you believe that the pessimists are the good guys.” – Packy McCormick

The Impending VR Moment

The iPhone didn’t happen in a vacuum. Apple needed to learn to make low-power devices with the iPod; flash memory needed to become viable at an accessible price point; Samsung needed to make a good enough processor; 3G networking needed to be rolled out; the iTunes Music Store needed to provide the foundation for the App Stor... See more

“A great way to understand yourself is to seriously reflect on everything you find irritating in others.” – Kevin Kelly