Sublime

Three ideas that will change your life All of this ties together—focusing on the revenue side, getting exposure to upside, and being positively exposed to luck. These three ideas will change your life. People view their financial lives very narrowly: “I go to work and do a job, I get a paycheck, and I go home.” It is true what they say: the rich de

“Sam, we’re broke,” the prime minister confessed. Sam wasn’t broke. Just then Sam was the opposite of broke. Alameda Research was no longer paying loan shark interest rates to borrow tens of millions of dollars from effective altruists. The new crypto lenders like Celsius and Genesis were willing to hand Alameda Research collectively between $10 bi

“Before he left Jane Street, he said with a high level of confidence, ‘I could make a billion dollars.’ And I said, ‘You’re not going to make a billion dollars.’ ” ‡

About the same time that he was trying to decide whether to sink more money into Twitter, Sam was handing $450 million to a former Jane Street trader named Lily Zhang, to create a second crypto quant trading fund based in the Bahamas, called Modulo Capital. So far as Ramnik could see, Sam had told no one about that until he’d done it.

Above all, remember (again, courtesy of Warren Buffett), “What the wise man does in the beginning, the fool does in the end.” Or, as the Oracle of Omaha sometimes expresses it, “There are three i’s in every cycle: first the innovator, then the imitator, and finally the idiot.” No matter what fund managers may offer you, don’t you be the idiot.

The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined.

Investing is easy unless you try to beat the market. Settle for average. Be happy with a good-enough return from passive index funds that represent the entire world economy.