The rule of thumb when it comes to fat protocol investing is this:
“The market cap of the protocol always grows faster than the combined value of the applications built on top”
Most people think that VC is all about the initial portfolio construction, selecting the companies to invest in.
…the other half. That includes actively managing the portfolio (board work, adding value, etc), it includes allocating capital to the portfolio in follow-on rounds, and it includes working to get exits. And it is that second part that is the harder part to learn how to do.
Reserves – AVC, January 8, 2017 at 01:49PM
I still find that, in general, having a plan is, well, a good plan. But when my carefully laid plan laughed at me, rather than clutch at it too tightly I just made a new one…
Atheism is a religion in the same way that not collecting stamps is a hobby. When you understand why there are no ‘aphilatelist’ conventions, you will understand why atheists don’t congregate.
This is what happens when you let conversion marketers run amok with customer experience. They made it a science, but forgot being human.
upselling and customer experience, January 3, 2017 at 12:00AM
I don’t want to get a $800 phone and then lose or drop it and feel horrible afterwards. I don’t even use my phone all that much and I have no apps or fancy stuff on it.
You get yourself a fancy phone and then you put the fancy stuff that goes into your fancy phone and bam, your life is not as simple as it was anymore.
Poetry in (slow) motion, January 3, 2017 at 11:28PM
The image is a reference to the seminal work done by statistician Abraham Wald in World War II: the military planned to add armor to the parts of bombers that had the most bullet holes; Wald noted that only bombers that survived their mission could be examined, which means the parts without bullet holes were actually the most vulnerable and needed armor. This is called “survivorship bias”
Stratechery Daily Update 2017-01-03, January 3, 2017 at 11:31PM
I’m surprised how widespread the Survivorship bias is, even 70 years after its discovery.