Let me stop to issue rules based on the chapter so far. (i) Look for optionality; in fact, rank things according to optionality, (ii) preferably with open-ended, not closed-ended, payoffs; (iii) Do not invest in business plans but in people, so look for someone capable of changing six or seven times over his career, or more (an idea that is part of... See more

because you want to be long optionality into increasing volatility, for example. There was going to be something about writing fewer, deeper pieces, and about leaving room to experiment.