One of the most legendary shareholder letters there ever was. Lahde Capital, 2008. If you read anything today, make it this. https://t.co/chImhj88Be

I’m famous for having invested $25,000 in Uber when it was worth around $5 million—it’s now worth $70 billion in the private markets. When I invested, Uber was operating in one city and they only had a couple of Lincoln Town Cars signed up. It wasn’t clear if the business could scale or make money, but I knew the founder was exceptionally driven an

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Rising valuations gave the illusion of success. In reality, little had changed beyond investor demand, and many companies that saw their valuations rocket into the hundreds of millions or billions hadn’t shown that their basic business model could even be profitable—a rather elementary requirement for a viable business outside Silicon Valley. Inste

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