You have to continue to be adopting your decision framework. One was whenever I saw a bargain, I should run. It's a sign of no heat. Whenever I did a bargain, I regretted it later. Whenever I was forced to pay up, to date that has been a very good basket of companies

In a world where's there's infinite capital, the real scarcity is actually trust

He doesn't much believe in massages and lattes. But not because he's against massages and lattes in Silicon Valley. It's more because he has lived through market cycles where things get really tough. And he knows that there are market cycles and product cycles where you will be able to push the advantage if you've had the discipline during the good... See more

One threat was we get hollowed out vertical by vertical by specialized marketplaces, because one of the benefits of the horizontal marketplace is the consumer can go to anywhere they want and find what they're looking for. One of the negatives is it's really hard to tailor the experience to the unique attributes of that vertical

Typically what the consumer founder is, typically they're really young, they're digital natives, and they've made observations about the state of the digital world that typically more senior workers with more experience don't make.

Social tokens are tokens issued by individual creators or communities that enable community members to collaborate and share ownership in the value created together. Social tokens can be earned as rewards for contributing to the group and can be used for purposes such as granting access to a chat group or voting on community decisions. “Social toke... See more

The best models are ones that don't really rely much on paid acquisition. The best entrepreneurs have figured out hacks to get user demand at scale through a user proposition

The shorthand is the three characteristics that the seekers and the Wizard of Oz were seeking. To follow the yellow brick road to the Emerald City and have their wizard grant them. What did the cowardly lion want? Courage. All right, courage. That's number one. The scarecrow was seeking if I only had a brain, he was seeking wisdom. And perhaps the ... See more

All of these consumer brands end up being about two things, customer acquisition cost and lifetime