No Rivals: The Founders Fund Story
Just stumbled across these Peter Thiel anecdotes from Conspiracy that a friend sent me a few years ago, and they're as interesting now as they were back then.
Where others assumed Friendster was yet another example of a social network fad, Thiel and Howery investigated more deeply why users were leaving and found a contrarian answer, in which they had confidence. Contrarian answers, with confidence, create very attractive investments.
Safi Bahcall • Loonshots: How to Nurture the Crazy Ideas That Win Wars, Cure Diseases, and Transform Industries
Fantasy Capital
investing1012dot0.substack.com
The best companies create their own sectors. As a general matter, the most promising companies (at least from our perspective as investors) tend to share a few characteristics:
They are not popular (popular investments tend to be pricey; e.g., Groupon at so many dozens of billions).
They are difficult to assess (this contributes to their lack of... See more
They are not popular (popular investments tend to be pricey; e.g., Groupon at so many dozens of billions).
They are difficult to assess (this contributes to their lack of... See more
What happened to the future? - Founders Fund
Venture capital has an unintuitive math behind it, and the power laws of startup outcomes dictate why VCs prefer risky startups with massive potential to lower-risk startups with less perceived upside. The fund size of the VC firm you are raising money from dictates the minimum exit…
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