Sublime

talent sets the floor, but character sets the ceiling.

Public markets reward predictability.

company builders, not financiers. We

Baron’s team wanted to see which founder blueprint predicted the greatest success. When they tracked the firms through the internet boom of the late 1990s and after the bubble burst in 2000, one blueprint was far superior to the others: commitment.6 When founders had a commitment blueprint, the failure rate of their firms was zero—not a single one

If this happens, you will not only have the ability to join one of your startups, get on boards, or join a venture capital firm, but you will also have a track record to raise your own fund by sharing your return data with all the other rich people you’ve met, giving you a large multiplier on your future investing. Raising your own fund is another

while doing this research I could not help but notice the lack of diversity among these founding teams.

Realizing the centrality and power of law for coding capital has important implications for understanding the political economy of capitalism.