Matthew Giampetroni

As the bubble grows in scope, the contradiction becomes more visible, leading to a third common characteristic of bubbles: the bifurcation of viewpoints into totally-

positive or totally-negative

It is impossible for someone to lie unless he thinks he knows the truth. Producing bullshit requires no such conviction.

A pseudosecret is a narrative about a next-order effect within your company its path towards world domination, and the future you believe in. It’s not the most obvious narrative, but is often the most important.

Capital allocation is ultimately about assessing opportunities and executing on the ones that are attractive. As such, it requires a willingness to be a buyer or a seller given the circumstances. 

“What is the right amount of capital (and the right number of people) to have in this business in order to support the strategy that will create the most wealth?”182 The answer is based on the future and does not rule out reducing net investment when appropriate.

The research shows that companies that are more proactive in their internal resource allocation generate a higher ROA than those that are more conservative.

There is also evidence that companies that are good at internal capital allocation are also effective at external allocation

If you can find the thing you do for its own sake, the compulsive piece of your process, and dial that up and up, beyond the imaginary ceiling for that activity you may be creating, my experience is the world comes to you for that thing and you massively outperform the others who don’t actually like hitting that particular ball.