Juan Orbea

This happens slowly because while public markets trade daily and prices then adjust instantly, private markets don’t get reset until follow-on financing rounds happen which can take 6–24 months.

What’s fascinating is that this is because of math. Nodes that are “ahead” get picked more often by the other nodes because they are ahead and thus offer the nodes choosing them less friction and more benefit. When this gets repeated many times, it systematically directs more resources to the nodes that already have relatively more.

“Man is the creature who does not know what to desire, and he turns to others in order to make up his mind. We desire what others desire because we imitate their desires.”

Bill Browder, MBA '89, founder and CEO, talks about Hermitage Capital Management's investments in Russia and the fall out from the widespread corruption that still pervades Russia's economy.

The lessons to take from Buffet’s career, letters, etc. is not what criteria do I use to analyze stuff to buy, rather, where to get the capital to buy that stuff with. Don’t blow yourself up.