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Collison Brothers Explain Why Stripe is Better Off Staying Private John's (John Collison) take: " People generally make the argument that public companies run in a more disciplined fashion. I think that's hogwash." "If you need a 25-year old Fidelity analyst asking you to double click on your CapEx,... blah, blah, blah, to run the company with discipline, something is horribly wrong at the company and you need new management." "It used to be the case that to do any return of capital to shareholders, or if you needed any kind of large sums of money, you needed the public markets." "That's obviously not true today, where stable private markets exist." " This is our life's work. We're not going anywhere. We'll be very happily running Stripe in 10 years time, in 20 years time." Patrick's (Patrick Collison) take: "We're a company at the intersection of financial services and technology. Being private for a long time is the norm." "What matters is less kind of the returns in a given year, and more duration. And so the question is, what enables the best compounding on a 10 year time horizon?" "And what's best for shareholders as you really take the longer-term perspective? And then what's best for customers?" " At this juncture, with the business growing at this rate, we want to spend the marginal hour with some customer."show more

The All-In Podcast

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11 Kommentare

Profilbild von TheEarningsNugget

TheEarningsNuggetvor 1 Jahr

@collision translation: "We're already billionaires so we don't need the exit, we hate explaining ourselves to 25-year-old analysts, and we're quite enjoying running our own private kingdom, thank you very much."

Profilbild von Your Daily Post

Your Daily Postvor 1 Jahr

Why did Two and a Half Men star Angus T. Jones call the show “filth” before leaving it in 2012? Since then, he’s left Hollywood, choosing to focus on his faith and community work. Here's the full story 👇

Profilbild von Surfer

Surfervor 1 Jahr

@collision Real reason @collision doesn’t want to go public is so Stripe doesn’t have to take a 50% mark down to its bloated private valuation

Profilbild von CuiBono

CuiBonovor 1 Jahr

@collision This is a long winded way of saying “we aren’t worth what employees just tendered shares at in the public markets.”

Profilbild von Pranesh

Praneshvor 1 Jahr

@collision let me translate for those uninitiated: Sarbanes Oxley is a bitch D&O insurance sucks balls public markets are more inefficient than before due to ugly Larry Fink and other passive indexing guys private markets provide better liquidity and more efficient price discovery

Profilbild von the dude

the dudevor 1 Jahr

@collision Lame

Profilbild von EquiTea

EquiTeavor 1 Jahr

@collision will the trend of staying private lead to a future where public markets are primarily for legacy industries, while high-growth tech firms remain private?

Profilbild von dailypicks

dailypicksvor 1 Jahr

@collision They wanna stay private to pump the fugazi private valuation

Profilbild von Jae Davis

Jae Davisvor 1 Jahr

@collision @stripe one of my all time fav tech companies. they exemplify a culture of excellence. and they still prioritize real human interactions with personalized support.

Profilbild von Octo

Octovor 1 Jahr

@collision another All-In Dudcast. what happened?

Profilbild von MaximeTinker

MaximeTinkervor 1 Jahr

@collision la bureaucratie des marchés publics qui étouffe l'innovation ? quelle surprise. stripe prouve qu'on peut réussir sans ces analystes de 25 ans qui dictent notre stratégie

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What is the biggest advantage for companies to stay private today? David George " The biggest advantage is the avoidance of volatility in your stock price and employee management. If you can steadily grow or control your stock price in the private markets. Even if it's a slight discount to where you would be in the public markets it is a benefit We've seen some of our companies that have been able to do that. Stripe, SpaceX, Databricks, it's worked to their advantage for sure." I would love to hear your thoughts Brian Halligan Sameer Dholakia John Collison Noah Glass mark pincus

What is the biggest advantage for companies to stay private today? David George " The biggest advantage is the avoidance of volatility in your stock price and employee management. If you can steadily grow or control your stock price in the private markets. Even if it's a slight discount to where you would be in the public markets it is a benefit We've seen some of our companies that have been able to do that. Stripe, SpaceX, Databricks, it's worked to their advantage for sure." I would love to hear your thoughts Brian Halligan Sameer Dholakia John Collison Noah Glass mark pincus

Harry Stebbings

93,731 Aufrufe • vor 7 Monaten

Scott on why conviction in an idea is dangerous as an investor but required as a founder: "From the investor seat, I don't think you want to be in love with an idea. That's a risky thing because you'll find a way to express that by investing and make some compromises on the team because you know this idea is just so good, its time has come. But if the team isn't there, 90% of the time it doesn't work. Then there's a whole thing can you swap out the team? But the whole Founders Fund thesis was always no, you need the founder to run the company. But on the company side, you have to be in love with the idea. It's not that rational to start a company. There's a lot easier, more comfortable ways to make money if that's the goal. So it's got to be about what the company is doing specifically. If you want to actually start a company, it better be something that you're really passionate about, or you think that the problem is really important."

Scott on why conviction in an idea is dangerous as an investor but required as a founder: "From the investor seat, I don't think you want to be in love with an idea. That's a risky thing because you'll find a way to express that by investing and make some compromises on the team because you know this idea is just so good, its time has come. But if the team isn't there, 90% of the time it doesn't work. Then there's a whole thing can you swap out the team? But the whole Founders Fund thesis was always no, you need the founder to run the company. But on the company side, you have to be in love with the idea. It's not that rational to start a company. There's a lot easier, more comfortable ways to make money if that's the goal. So it's got to be about what the company is doing specifically. If you want to actually start a company, it better be something that you're really passionate about, or you think that the problem is really important."

Patrick OShaughnessy

33,016 Aufrufe • vor 3 Monaten

Qullamaggie on Why You Are Losing Money Most of the Time “This is actually one thing I got from Peter Brandt on his blog. He explained it really nicely. I never thought about it before. The most successful traders and investors are gonna be in a drawdown most of the time. Like even this year, even though I'm up at least 500%, I've spent half of the year in a drawdown, at least. So expecting to be like peak equity all the time, it's just not gonna happen. You're gonna spend most of your time in a drawdown, even on a really good year. That's just how it works. You just need to realize it and you need to accept it. Look at something like AMZN, one of the best stocks like ever, in the history of the world. It's up what? 200,000% since the IPO. Now look at the amount of time it's been in a drawdown. out of the 23 years it's been public, it was in a drawdown for 15 years. NFLX out of 8 years, it has been in a drawdown almost half of the time. Being in a drawdown is normal. It’s not an anomaly. The question is how big of a drawdown are you gonna be in. I try to limit my drawdowns to 10-15% but sometimes they become more severe than that. Drawdowns, it's the nature of the game. If you want to have big returns, you are going to have drawdowns. If you don't have drawdowns, it means you don't take any risk. And if you don't take any risk, you won't have any returns.”

Qullamaggie on Why You Are Losing Money Most of the Time “This is actually one thing I got from Peter Brandt on his blog. He explained it really nicely. I never thought about it before. The most successful traders and investors are gonna be in a drawdown most of the time. Like even this year, even though I'm up at least 500%, I've spent half of the year in a drawdown, at least. So expecting to be like peak equity all the time, it's just not gonna happen. You're gonna spend most of your time in a drawdown, even on a really good year. That's just how it works. You just need to realize it and you need to accept it. Look at something like AMZN, one of the best stocks like ever, in the history of the world. It's up what? 200,000% since the IPO. Now look at the amount of time it's been in a drawdown. out of the 23 years it's been public, it was in a drawdown for 15 years. NFLX out of 8 years, it has been in a drawdown almost half of the time. Being in a drawdown is normal. It’s not an anomaly. The question is how big of a drawdown are you gonna be in. I try to limit my drawdowns to 10-15% but sometimes they become more severe than that. Drawdowns, it's the nature of the game. If you want to have big returns, you are going to have drawdowns. If you don't have drawdowns, it means you don't take any risk. And if you don't take any risk, you won't have any returns.”

Lone

22,190 Aufrufe • vor 11 Monaten

🚨 $HIMS CEO ANDREW DUDUM ON WHY HE WANTED TO IPO AND GROW THE COMPANY IN THE PUBLIC MARKETS "You have to have a stomach of steel, but more importantly, the team has to get really good very quickly at both setting quarterly targets and meeting long-term vision." "You have to be able to tell The Street with confidence, 'We're gonna hit these numbers a year out,' and then you have to hit them, or else you lose all trust." "When you step back and look at some of the biggest companies in the world... Google and Microsoft, Meta, Amazon, these companies were public within a few years of being founded." "The founders put themselves in the public markets and then had to be forced with both having a long-term vision and building a great business." "And not saying you can't do this in the private markets, but the public markets make it required. And so as a competitive person, I've loved that environment. I've loved what it's done to our team. And I think it has prepared us to be able to go after a much bigger opportunity."

🚨 $HIMS CEO ANDREW DUDUM ON WHY HE WANTED TO IPO AND GROW THE COMPANY IN THE PUBLIC MARKETS "You have to have a stomach of steel, but more importantly, the team has to get really good very quickly at both setting quarterly targets and meeting long-term vision." "You have to be able to tell The Street with confidence, 'We're gonna hit these numbers a year out,' and then you have to hit them, or else you lose all trust." "When you step back and look at some of the biggest companies in the world... Google and Microsoft, Meta, Amazon, these companies were public within a few years of being founded." "The founders put themselves in the public markets and then had to be forced with both having a long-term vision and building a great business." "And not saying you can't do this in the private markets, but the public markets make it required. And so as a competitive person, I've loved that environment. I've loved what it's done to our team. And I think it has prepared us to be able to go after a much bigger opportunity."

Hims House

79,303 Aufrufe • vor 8 Tagen

The founders of Stripe and Pinterest on how to convince people to join your startup Stripe CEO Patrick Collison argues that part of the reason startups resonate so much is because the outcome is not guaranteed: "If it were guaranteed, it would be boring... Whether or not you're the best person in the world at what you do, you're probably not going to alter Google's trajectory. But if you really want to benchmark yourself and see how much of a contribution and impact you can make--which is a really compelling prospect for a lot of the best people--a startup is a much better place to test that." Pinterest founder Ben Silbermann emphasized this as well: "No smart person that you're hiring is under the illusion that you have a crystal ball into the future and that joining is a guaranteed thing. In fact, if you're telling them that and they select in, you shouldn't hire them because they didn't pass a basic intelligence test. I think it's important to tell them what's exciting and where you think the company can go. But also tell them where it will be hard and chart your best plan. And then tell them why their role can be instrumental--because it will be... What I would discourage doing is whitewashing all of that. If people are joining your company because they want all of the certainty and safety of working at Google but also the perks of working at a small startup with lots of responsibility and transparency, that's a really negative sign." Apparently in the early days of PayPal, Peter Thiel and Max Levchin would tell people after they interviewed all the reasons that the company would fail: "Visa and MasterCard want to kill us. We also might be doing something that's illegal. But if we succeed, we'll redefine payments." Don't whitewash the risks. Instead tell them how your startup will change the world if you succeed and how their role will be instrumental in affecting that change. Video source: Y Combinator (2014)

The founders of Stripe and Pinterest on how to convince people to join your startup Stripe CEO Patrick Collison argues that part of the reason startups resonate so much is because the outcome is not guaranteed: "If it were guaranteed, it would be boring... Whether or not you're the best person in the world at what you do, you're probably not going to alter Google's trajectory. But if you really want to benchmark yourself and see how much of a contribution and impact you can make--which is a really compelling prospect for a lot of the best people--a startup is a much better place to test that." Pinterest founder Ben Silbermann emphasized this as well: "No smart person that you're hiring is under the illusion that you have a crystal ball into the future and that joining is a guaranteed thing. In fact, if you're telling them that and they select in, you shouldn't hire them because they didn't pass a basic intelligence test. I think it's important to tell them what's exciting and where you think the company can go. But also tell them where it will be hard and chart your best plan. And then tell them why their role can be instrumental--because it will be... What I would discourage doing is whitewashing all of that. If people are joining your company because they want all of the certainty and safety of working at Google but also the perks of working at a small startup with lots of responsibility and transparency, that's a really negative sign." Apparently in the early days of PayPal, Peter Thiel and Max Levchin would tell people after they interviewed all the reasons that the company would fail: "Visa and MasterCard want to kill us. We also might be doing something that's illegal. But if we succeed, we'll redefine payments." Don't whitewash the risks. Instead tell them how your startup will change the world if you succeed and how their role will be instrumental in affecting that change. Video source: Y Combinator (2014)

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Chamath: "Nvidia is not doing what's in the best interest of the United States." 🇺🇸🇨🇳 "I think we can all do the math. About 47% of all of NVIDIA's revenue goes to China and Chinese-related countries." "And I think when you peel back this onion, what you will find is a whole raft of companies that were stood up to buy these Nvidia GPUs to essentially act as a waystation for China." "And I think that is the big problem." "Let's have a thought starter: if 47% of all of the AI capability and horsepower is being shipped to three Asian countries, where do you think the apps that require that amount of horsepower live?" "Is there a Cursor of Bhutan that we did not know? Is there a great shopping app in Cambodia that's come out of nowhere, that's AI powered?" "I think the answer is no." "Every single time we have an advance in the United States, how is it that Alibaba shows up with something incredible? DeepSeek shows up with something better?" "At every turn and at every step of AI, they are at the same rate or one step ahead." "To be honest with you, I think the real problem that we have is that Nvidia is not doing what is in the best interest of the United States." "You have a American company that has been working around the guidelines at every turn to try to land silicon into the hands of China." "Late last year, they introduced this thing called the H20 that was explicitly designed for China and to be compliant with US rules at the time." "Which again, gives these guys substantial performance." "This is a case where (Nvidia) has plausible deniability. I sell something to a Singaporean registered company? Plausible deniability." "What am I supposed to do? You can't expect me to audit it. I think that's what NVIDIA's answer will be to this question." "But what is the real expectation? At a minimum, the United States should have a mechanism to understand it." "It is implausible that if you did one or two layers of work, you would not find that most of this traffic is being used by Chinese organizations."

Chamath: "Nvidia is not doing what's in the best interest of the United States." 🇺🇸🇨🇳 "I think we can all do the math. About 47% of all of NVIDIA's revenue goes to China and Chinese-related countries." "And I think when you peel back this onion, what you will find is a whole raft of companies that were stood up to buy these Nvidia GPUs to essentially act as a waystation for China." "And I think that is the big problem." "Let's have a thought starter: if 47% of all of the AI capability and horsepower is being shipped to three Asian countries, where do you think the apps that require that amount of horsepower live?" "Is there a Cursor of Bhutan that we did not know? Is there a great shopping app in Cambodia that's come out of nowhere, that's AI powered?" "I think the answer is no." "Every single time we have an advance in the United States, how is it that Alibaba shows up with something incredible? DeepSeek shows up with something better?" "At every turn and at every step of AI, they are at the same rate or one step ahead." "To be honest with you, I think the real problem that we have is that Nvidia is not doing what is in the best interest of the United States." "You have a American company that has been working around the guidelines at every turn to try to land silicon into the hands of China." "Late last year, they introduced this thing called the H20 that was explicitly designed for China and to be compliant with US rules at the time." "Which again, gives these guys substantial performance." "This is a case where (Nvidia) has plausible deniability. I sell something to a Singaporean registered company? Plausible deniability." "What am I supposed to do? You can't expect me to audit it. I think that's what NVIDIA's answer will be to this question." "But what is the real expectation? At a minimum, the United States should have a mechanism to understand it." "It is implausible that if you did one or two layers of work, you would not find that most of this traffic is being used by Chinese organizations."

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Former Goldman Sachs CEO Lloyd Blankfein on the difference between running a public company and a private partnership From his conversation with Andrew Ross Sorkin from 92W "In a private partnership, you get wealthy if you work there by your capital count rising. You do not care if you make it all in a 10 year cycle, or make it in 3 years and tread water for the other 7 You can make it evenly or make money in one year and lose money in the next. As long as after the 10 years, you have got it there In a public company, its about your stock price. Your stock price is a function of your earnings times a multiple. And that multiple is predicated, in part, by the reliability of your earnings."

Former Goldman Sachs CEO Lloyd Blankfein on the difference between running a public company and a private partnership From his conversation with Andrew Ross Sorkin from 92W "In a private partnership, you get wealthy if you work there by your capital count rising. You do not care if you make it all in a 10 year cycle, or make it in 3 years and tread water for the other 7 You can make it evenly or make money in one year and lose money in the next. As long as after the 10 years, you have got it there In a public company, its about your stock price. Your stock price is a function of your earnings times a multiple. And that multiple is predicated, in part, by the reliability of your earnings."

Boring_Business

287,097 Aufrufe • vor 3 Monaten

Founder of Bridge Zach Abrams tells a Stripe acquisition story: “I walked into Stripe to meet John Collison and Patrick Collison. First thing John says: 'Can I tell you a joke? What’s the difference between a bank and Tether? … One of them is this big institution that holds a ton of money and you have no idea where it is, and if you want your money back you might not be able to… and the other one is a stablecoin.’”

Founder of Bridge Zach Abrams tells a Stripe acquisition story: “I walked into Stripe to meet John Collison and Patrick Collison. First thing John says: 'Can I tell you a joke? What’s the difference between a bank and Tether? … One of them is this big institution that holds a ton of money and you have no idea where it is, and if you want your money back you might not be able to… and the other one is a stablecoin.’”

Bankless

59,908 Aufrufe • vor 10 Monaten

“A really good manager's job is build a really good team and eventually get replaced. You owe it to every single person in your company to make sure the best person is in the right role at any given time. If we were complacent and said, "You're a VP because you've been here 10 years, the person underneath who's been here two years, that is much better, that we're not getting into that VP role, is going to leave. That person is going to leave and start their own business. I don't want to lose the best talent. I want, at any given moment, the best talent in the most important roles. So we always do that trade. And if you don't do that trade it's really depressing because you end up with these really long-tenured people who end up in all these really important seats, but all your fresh blood is churning despite having more upside. You could've given them room to grow.”

“A really good manager's job is build a really good team and eventually get replaced. You owe it to every single person in your company to make sure the best person is in the right role at any given time. If we were complacent and said, "You're a VP because you've been here 10 years, the person underneath who's been here two years, that is much better, that we're not getting into that VP role, is going to leave. That person is going to leave and start their own business. I don't want to lose the best talent. I want, at any given moment, the best talent in the most important roles. So we always do that trade. And if you don't do that trade it's really depressing because you end up with these really long-tenured people who end up in all these really important seats, but all your fresh blood is churning despite having more upside. You could've given them room to grow.”

David Senra

17,359 Aufrufe • vor 2 Monaten

I have a friend who doesn't read anything published in the past 50 years, and the more I think about it, the more I think he's onto something. The reason is that time is the best filter we have for quality. People are bad at judging quality in the moment but very good at getting rid of junk over time. — — "History is not very good at capturing all that is great in art. It is not good at that. There are many great symphonies that have been lost permanently, there are many great painters that died unknown and their paintings are gone, there's novels that have been written that no one will ever read. So history is not good at capturing all this great art. But history is very good at discarding all that is mediocre. And the amount of time that that takes, it's something like 50 years. So over the course of 50 years, what will happen is a lot of stuff that was prominent will be re-filtered and re-filtered and re-filtered, and you'll end up with a smaller group of things which have survived that test of time. So if you think about it right now, if you go back and look at the bestseller lists for 1974, 1973, there's a lot of that that would have been highly regarded at the time, which people do not read anymore for a variety of reasons, and there's some that has survived, and that's a very telling distinction. So in a world where I'm turning 60 this year, you have a limited amount of time, all four of us have active lives, we want to make sure that if we're going to sit down, we're going to read carefully, we're going to meet and we're going to discuss it in detail, we want to make sure that the work is rewarding. And the best way to ensure that is by drawing from the past." amor towles

I have a friend who doesn't read anything published in the past 50 years, and the more I think about it, the more I think he's onto something. The reason is that time is the best filter we have for quality. People are bad at judging quality in the moment but very good at getting rid of junk over time. — — "History is not very good at capturing all that is great in art. It is not good at that. There are many great symphonies that have been lost permanently, there are many great painters that died unknown and their paintings are gone, there's novels that have been written that no one will ever read. So history is not good at capturing all this great art. But history is very good at discarding all that is mediocre. And the amount of time that that takes, it's something like 50 years. So over the course of 50 years, what will happen is a lot of stuff that was prominent will be re-filtered and re-filtered and re-filtered, and you'll end up with a smaller group of things which have survived that test of time. So if you think about it right now, if you go back and look at the bestseller lists for 1974, 1973, there's a lot of that that would have been highly regarded at the time, which people do not read anymore for a variety of reasons, and there's some that has survived, and that's a very telling distinction. So in a world where I'm turning 60 this year, you have a limited amount of time, all four of us have active lives, we want to make sure that if we're going to sit down, we're going to read carefully, we're going to meet and we're going to discuss it in detail, we want to make sure that the work is rewarding. And the best way to ensure that is by drawing from the past." amor towles

David Perell

86,741 Aufrufe • vor 1 Jahr

Q: How do you build a great company? In the clip below, Sam Altman walks through 9 things he has seen the best founders do: #1 Get to know your users really well “The best founders do customer support themselves. They go visit their users—in the case of Airbnb they go live with them. You want to get to know your users really really well.” #2 Have a short cycle time & understand compound growth “The cycle here is basically: talk to customer to understand pain point → build product to address that → get product in front of user → see what they do → repeat cycle. This cycle is how you iterate and improve. The law of compound growth being what it is: if you can get 2% better every iteration cycle, your iteration cycle is every four hours rather than every four weeks, and you compound that over the course of a few years, you’ll be in a very very different place. Make it one of your top goals to build one of the fastest iterating companies the world has ever seen.” #3 Make a long-term commitment “Most companies have a 2-3 year time horizon. But companies are almost always a 10 year project if they work. If you think about it that way from the very beginning, you will make very different and much better decisions. I think this is the only arbitrage opportunity left in the market. Almost no one makes a fairly long-term commitment to a new project. But if you do that, you will think in a different way, you will hire different people, and it will work very well.” #4 Stay lean until everything is working really well “In the early days, when you’re experimenting and zig zagging, you’re like a fast little speed boat and want to be able to turn the whole company on a dime. You can’t do that if you’re a big company—cash burn aside, which is another problem. The flexibility of the company basically decreases with the square of the number of employees, so you want to stay really small until you’re sure things are working. Once things are working, then you can get really big.” #5 Resist the urge to hire; especially resist the urge to hire mediocre people “Vinod Khosla has a saying that I love: ‘the team you build is the company you build.’ This is really true and I never appreciated how true this was for a long time. If you build a team of great people and you have a product that people love, you’ll have a 90%+ chance of success. Those are both really hard to do, and they’re independent variables. But don’t ignore the team component. The best CEOs I know spend huge amounts of their time recruiting and retaining good talent.” #6 Relentless execution “You have to keep going, and do things perfectly, and get all of the details right. You have to care too much about every experience that a customer has with your company.” #7 Startups are about not giving up “One of the very best companies in the last YC batch applied 7 times before they got in. This is just a version of what happens in startups all of the time: you get beat down, again, and again, and again. And that last time when you get pushed down and don’t think you have enough energy to get back up—that’s the time it actually works. This is what you sign up for if you’re going to start a startup.” #8 Fiduciary duty to take care of yourself “This is a 10-year marathon and you have a fiduciary duty to your shareholders to take care of yourself. Some people treat startups like an all-nighter: they don’t take care of their health, they don’t sleep, they don’t maintain their personal relationships. It is true that startups are a bad choice for work-life balance. But you have a duty to yourself, your team, and your investors to take care of yourself.” #9 Clear mission “You don’t have to figure this out on Day 1, but all of the most successful startups I’ve been fortunate enough to be a part of pretty quickly—in the first one to two years—figure out a really important mission. It’s this mission that gets people to join them. It drives the founders. It gets the media to write about them. And even if you start off building a project that’s just interesting to you and solves a problem in your life—which is how you should start—remember that you should have a clear mission at some point… That is what will convince people to come help you, and that is how you will build this idea into a huge company with a ton of people that really love your product.” Follow Startup Archive for more tactical startup advice!

Q: How do you build a great company? In the clip below, Sam Altman walks through 9 things he has seen the best founders do: #1 Get to know your users really well “The best founders do customer support themselves. They go visit their users—in the case of Airbnb they go live with them. You want to get to know your users really really well.” #2 Have a short cycle time & understand compound growth “The cycle here is basically: talk to customer to understand pain point → build product to address that → get product in front of user → see what they do → repeat cycle. This cycle is how you iterate and improve. The law of compound growth being what it is: if you can get 2% better every iteration cycle, your iteration cycle is every four hours rather than every four weeks, and you compound that over the course of a few years, you’ll be in a very very different place. Make it one of your top goals to build one of the fastest iterating companies the world has ever seen.” #3 Make a long-term commitment “Most companies have a 2-3 year time horizon. But companies are almost always a 10 year project if they work. If you think about it that way from the very beginning, you will make very different and much better decisions. I think this is the only arbitrage opportunity left in the market. Almost no one makes a fairly long-term commitment to a new project. But if you do that, you will think in a different way, you will hire different people, and it will work very well.” #4 Stay lean until everything is working really well “In the early days, when you’re experimenting and zig zagging, you’re like a fast little speed boat and want to be able to turn the whole company on a dime. You can’t do that if you’re a big company—cash burn aside, which is another problem. The flexibility of the company basically decreases with the square of the number of employees, so you want to stay really small until you’re sure things are working. Once things are working, then you can get really big.” #5 Resist the urge to hire; especially resist the urge to hire mediocre people “Vinod Khosla has a saying that I love: ‘the team you build is the company you build.’ This is really true and I never appreciated how true this was for a long time. If you build a team of great people and you have a product that people love, you’ll have a 90%+ chance of success. Those are both really hard to do, and they’re independent variables. But don’t ignore the team component. The best CEOs I know spend huge amounts of their time recruiting and retaining good talent.” #6 Relentless execution “You have to keep going, and do things perfectly, and get all of the details right. You have to care too much about every experience that a customer has with your company.” #7 Startups are about not giving up “One of the very best companies in the last YC batch applied 7 times before they got in. This is just a version of what happens in startups all of the time: you get beat down, again, and again, and again. And that last time when you get pushed down and don’t think you have enough energy to get back up—that’s the time it actually works. This is what you sign up for if you’re going to start a startup.” #8 Fiduciary duty to take care of yourself “This is a 10-year marathon and you have a fiduciary duty to your shareholders to take care of yourself. Some people treat startups like an all-nighter: they don’t take care of their health, they don’t sleep, they don’t maintain their personal relationships. It is true that startups are a bad choice for work-life balance. But you have a duty to yourself, your team, and your investors to take care of yourself.” #9 Clear mission “You don’t have to figure this out on Day 1, but all of the most successful startups I’ve been fortunate enough to be a part of pretty quickly—in the first one to two years—figure out a really important mission. It’s this mission that gets people to join them. It drives the founders. It gets the media to write about them. And even if you start off building a project that’s just interesting to you and solves a problem in your life—which is how you should start—remember that you should have a clear mission at some point… That is what will convince people to come help you, and that is how you will build this idea into a huge company with a ton of people that really love your product.” Follow Startup Archive for more tactical startup advice!

Startup Archive

407,653 Aufrufe • vor 2 Jahren

Patrick Collison on the importance of beauty and craftsmanship when building products “If Stripe is a monstrously successful business, but what we make isn’t beautiful, and Stripe doesn’t embody a culture of incredibly exacting craftsmanship, I’ll be much less happy. I think the returns to both of those things in the world are really high. I think even beyond the pecuniary or financial returns, the world’s just uglier than it needs to be… One can do things well or poorly, and beauty is not a rivalrous good.” Patrick believes a commitment to craftsmanship and beauty played an important role in Stripe’s success: “My intuition is that more of Stripe’s success than one would think is downstream of the fact that people like beautiful things—and for kind of rational reasons because what does a beautiful thing tell you? Well it tells you the person who made it really cared… And so if you care about the infrastructure being holistically good, indexing on the superficial characteristics that you can actually observe is not an irrational thing to do.”

Patrick Collison on the importance of beauty and craftsmanship when building products “If Stripe is a monstrously successful business, but what we make isn’t beautiful, and Stripe doesn’t embody a culture of incredibly exacting craftsmanship, I’ll be much less happy. I think the returns to both of those things in the world are really high. I think even beyond the pecuniary or financial returns, the world’s just uglier than it needs to be… One can do things well or poorly, and beauty is not a rivalrous good.” Patrick believes a commitment to craftsmanship and beauty played an important role in Stripe’s success: “My intuition is that more of Stripe’s success than one would think is downstream of the fact that people like beautiful things—and for kind of rational reasons because what does a beautiful thing tell you? Well it tells you the person who made it really cared… And so if you care about the infrastructure being holistically good, indexing on the superficial characteristics that you can actually observe is not an irrational thing to do.”

Startup Archive

750,293 Aufrufe • vor 2 Jahren

Sam Altman: “One of the few arbitrage opportunities left in the market is time” “I don’t think you can beat the market in a lot of ways, but the one way I do is by making a long-term commitment to something. My new belief on how long I should hold stock in the best companies I invest in is forever. And I think in a world where people are increasingly focused on the tick and the quarterly earnings cycle, you should try to go in the other direction. This is a great way to generate value and wealth.” Sam continues: “And so I think that when you’re thinking about a startup, it’s really worthwhile to think about something you’re willing to make a very long-term commitment to because that is where the current void in the market is. You get paid as a founder for the wealth you create for other people… The best companies just create massive amounts of value for the world, and then they capture some of that for themselves. But they capture far less than they create, and they do it over a very long period of time. So if you’re going to be one of those companies, I think you want to make a super long-term commitment to yourself and others that are going to work on it with you… It is worth waiting because you will make far more money over the long term by doing this company really well than a bunch of short term things along the way.” Video source: Y Combinator (2016)

Sam Altman: “One of the few arbitrage opportunities left in the market is time” “I don’t think you can beat the market in a lot of ways, but the one way I do is by making a long-term commitment to something. My new belief on how long I should hold stock in the best companies I invest in is forever. And I think in a world where people are increasingly focused on the tick and the quarterly earnings cycle, you should try to go in the other direction. This is a great way to generate value and wealth.” Sam continues: “And so I think that when you’re thinking about a startup, it’s really worthwhile to think about something you’re willing to make a very long-term commitment to because that is where the current void in the market is. You get paid as a founder for the wealth you create for other people… The best companies just create massive amounts of value for the world, and then they capture some of that for themselves. But they capture far less than they create, and they do it over a very long period of time. So if you’re going to be one of those companies, I think you want to make a super long-term commitment to yourself and others that are going to work on it with you… It is worth waiting because you will make far more money over the long term by doing this company really well than a bunch of short term things along the way.” Video source: Y Combinator (2016)

Startup Archive

49,283 Aufrufe • vor 1 Jahr

Every Dad is a #BusinessDad. We want to be the best at work, build the best companies, and be the best Dads. We also all struggle to do it, but we never talk about it. If we did, we might realize that this kind of work is a journey we'll take our entire lives... ...and we're not alone on it! That's basically why I started recording #BusinessDad. It's also why so many people tuned in and opened the conversation about being a father in business. And that's why I'm so pumped to announce #BusinessDad Season 2 is coming May 14th 🎉

Every Dad is a #BusinessDad. We want to be the best at work, build the best companies, and be the best Dads. We also all struggle to do it, but we never talk about it. If we did, we might realize that this kind of work is a journey we'll take our entire lives... ...and we're not alone on it! That's basically why I started recording #BusinessDad. It's also why so many people tuned in and opened the conversation about being a father in business. And that's why I'm so pumped to announce #BusinessDad Season 2 is coming May 14th 🎉

Alexis Ohanian 🗽

28,109 Aufrufe • vor 2 Jahren

Q: How do you build a great company? In the clip below, Sam Altman walks through 9 things he has seen the best founders do: #1 Get to know your users really well “The best founders do customer support themselves. They go visit their users—in the case of Airbnb they go live with them. You want to get to know your users really really well.” #2 Have a short cycle time & understand compound growth “The cycle here is basically: talk to customer to understand pain point → build product to address that → get product in front of user → see what they do → repeat cycle. This cycle is how you iterate and improve. The law of compound growth being what it is: if you can get 2% better every iteration cycle, your iteration cycle is every four hours rather than every four weeks, and you compound that over the course of a few years, you’ll be in a very very different place. Make it one of your top goals to build one of the fastest iterating companies the world has ever seen.” #3 Make a long-term commitment “Most companies have a 2-3 year time horizon. But companies are almost always a 10 year project if they work. If you think about it that way from the very beginning, you will make very different and much better decisions. I think this is the only arbitrage opportunity left in the market. Almost no one makes a fairly long-term commitment to a new project. But if you do that, you will think in a different way, you will hire different people, and it will work very well.” #4 Stay lean until everything is working really well “In the early days, when you’re experimenting and zig zagging, you’re like a fast little speed boat and want to be able to turn the whole company on a dime. You can’t do that if you’re a big company—cash burn aside, which is another problem. The flexibility of the company basically decreases with the square of the number of employees, so you want to stay really small until you’re sure things are working. Once things are working, then you can get really big.” #5 Resist the urge to hire; especially resist the urge to hire mediocre people “Vinod Khosla has a saying that I love: ‘the team you build is the company you build.’ This is really true and I never appreciated how true this was for a long time. If you build a team of great people and you have a product that people love, you’ll have a 90%+ chance of success. Those are both really hard to do, and they’re independent variables. But don’t ignore the team component. The best CEOs I know spend huge amounts of their time recruiting and retaining good talent.” #6 Relentless execution “You have to keep going, and do things perfectly, and get all of the details right. You have to care too much about every experience that a customer has with your company.” #7 Startups are about not giving up “One of the very best companies in the last YC batch applied 7 times before they got in. This is just a version of what happens in startups all of the time: you get beat down, again, and again, and again. And that last time when you get pushed down and don’t think you have enough energy to get back up—that’s the time it actually works. This is what you sign up for if you’re going to start a startup.” #8 Fiduciary duty to take care of yourself “This is a 10 year marathon and you have a fiduciary duty to your shareholders to take care of yourself. Some people treat startups like an all-nighter: they don’t take care of their health, they don’t sleep, they don’t maintain their personal relationships. It is true that startups are a bad choice for work-life balance. But you have a duty to yourself, your team, and your investors to take care of yourself.” #9 Clear mission “You don’t have to figure this out on Day 1, but all of the most successful startups I’ve been fortunate enough to be a part of pretty quickly—in the first one to two years—figure out a really important mission. It’s this mission that gets people to join them. It drives the founders. It gets the media to write about them. And even if you start off building a project that’s just interesting to you and solves a problem in your life—which is how you should start—remember that you should have a clear mission at some point… That is what will convince people to come help you, and that is how you will build this idea into a huge company with a ton of people that really love your product.”

Q: How do you build a great company? In the clip below, Sam Altman walks through 9 things he has seen the best founders do: #1 Get to know your users really well “The best founders do customer support themselves. They go visit their users—in the case of Airbnb they go live with them. You want to get to know your users really really well.” #2 Have a short cycle time & understand compound growth “The cycle here is basically: talk to customer to understand pain point → build product to address that → get product in front of user → see what they do → repeat cycle. This cycle is how you iterate and improve. The law of compound growth being what it is: if you can get 2% better every iteration cycle, your iteration cycle is every four hours rather than every four weeks, and you compound that over the course of a few years, you’ll be in a very very different place. Make it one of your top goals to build one of the fastest iterating companies the world has ever seen.” #3 Make a long-term commitment “Most companies have a 2-3 year time horizon. But companies are almost always a 10 year project if they work. If you think about it that way from the very beginning, you will make very different and much better decisions. I think this is the only arbitrage opportunity left in the market. Almost no one makes a fairly long-term commitment to a new project. But if you do that, you will think in a different way, you will hire different people, and it will work very well.” #4 Stay lean until everything is working really well “In the early days, when you’re experimenting and zig zagging, you’re like a fast little speed boat and want to be able to turn the whole company on a dime. You can’t do that if you’re a big company—cash burn aside, which is another problem. The flexibility of the company basically decreases with the square of the number of employees, so you want to stay really small until you’re sure things are working. Once things are working, then you can get really big.” #5 Resist the urge to hire; especially resist the urge to hire mediocre people “Vinod Khosla has a saying that I love: ‘the team you build is the company you build.’ This is really true and I never appreciated how true this was for a long time. If you build a team of great people and you have a product that people love, you’ll have a 90%+ chance of success. Those are both really hard to do, and they’re independent variables. But don’t ignore the team component. The best CEOs I know spend huge amounts of their time recruiting and retaining good talent.” #6 Relentless execution “You have to keep going, and do things perfectly, and get all of the details right. You have to care too much about every experience that a customer has with your company.” #7 Startups are about not giving up “One of the very best companies in the last YC batch applied 7 times before they got in. This is just a version of what happens in startups all of the time: you get beat down, again, and again, and again. And that last time when you get pushed down and don’t think you have enough energy to get back up—that’s the time it actually works. This is what you sign up for if you’re going to start a startup.” #8 Fiduciary duty to take care of yourself “This is a 10 year marathon and you have a fiduciary duty to your shareholders to take care of yourself. Some people treat startups like an all-nighter: they don’t take care of their health, they don’t sleep, they don’t maintain their personal relationships. It is true that startups are a bad choice for work-life balance. But you have a duty to yourself, your team, and your investors to take care of yourself.” #9 Clear mission “You don’t have to figure this out on Day 1, but all of the most successful startups I’ve been fortunate enough to be a part of pretty quickly—in the first one to two years—figure out a really important mission. It’s this mission that gets people to join them. It drives the founders. It gets the media to write about them. And even if you start off building a project that’s just interesting to you and solves a problem in your life—which is how you should start—remember that you should have a clear mission at some point… That is what will convince people to come help you, and that is how you will build this idea into a huge company with a ton of people that really love your product.”

Michael McGuiness

500,017 Aufrufe • vor 2 Jahren

All-In Liquidity: The Ultimate Investor Conference 🍷 Where: Napa, CA 🌳 When: May 31-June 3 ✅ Apply: Chamath Palihapitiya explains the concept: “ There are a handful of conferences that happen every year where money is made.” “I'll give you a couple of examples: All the top market traders have been invited to this thing called Ira Sohn every year. Where you go in front of a large audience, present your best long or short idea, and if you take those portfolios, they tend to do really well.” “Separately, there are conferences that investment banks organize that are off the record, not publicly accessible, where they ask their biggest traders to present their best long and short ideas of public stocks.” “Then, there are these equivalent conferences that investment banks do for private companies, where the best fast growing private companies show up and the CEOs get on stage and they give presentations.” “All of these things have been closed. I would like to blow that wide open.” “So what will we do?” “We will convene the best investors in public markets, the best hedge fund managers, the best private market investors, the best growth investors, the best credit investors, and the largest cohort of LPs, representing trillions of dollars of capital, and the CEOs of the fastest growing and most important companies in technology.” “And what we will do over the course of a few days is, we'll have some presentations, we'll have best ideas, we'll build relationships. There may be some investments that happen as a result of that.” “We're going to shut down all of Yountville, we're going to shut down The French Laundry, we're going to shut down all of it, and it'll be ours for a two-day playground where we will build relationships, allocate capital, and maybe make some money as a result.” “We'll make some allocations to emerging managers, who may need to raise capital and scale up, but can show us good returns.” “We are going to take all of these things that I've been a part of that have been in closed rooms, and we're going to put them together and open it up.” Join us:

All-In Liquidity: The Ultimate Investor Conference 🍷 Where: Napa, CA 🌳 When: May 31-June 3 ✅ Apply: Chamath Palihapitiya explains the concept: “ There are a handful of conferences that happen every year where money is made.” “I'll give you a couple of examples: All the top market traders have been invited to this thing called Ira Sohn every year. Where you go in front of a large audience, present your best long or short idea, and if you take those portfolios, they tend to do really well.” “Separately, there are conferences that investment banks organize that are off the record, not publicly accessible, where they ask their biggest traders to present their best long and short ideas of public stocks.” “Then, there are these equivalent conferences that investment banks do for private companies, where the best fast growing private companies show up and the CEOs get on stage and they give presentations.” “All of these things have been closed. I would like to blow that wide open.” “So what will we do?” “We will convene the best investors in public markets, the best hedge fund managers, the best private market investors, the best growth investors, the best credit investors, and the largest cohort of LPs, representing trillions of dollars of capital, and the CEOs of the fastest growing and most important companies in technology.” “And what we will do over the course of a few days is, we'll have some presentations, we'll have best ideas, we'll build relationships. There may be some investments that happen as a result of that.” “We're going to shut down all of Yountville, we're going to shut down The French Laundry, we're going to shut down all of it, and it'll be ours for a two-day playground where we will build relationships, allocate capital, and maybe make some money as a result.” “We'll make some allocations to emerging managers, who may need to raise capital and scale up, but can show us good returns.” “We are going to take all of these things that I've been a part of that have been in closed rooms, and we're going to put them together and open it up.” Join us:

The All-In Podcast

151,501 Aufrufe • vor 4 Monaten

Henry makes the case for going public in a world where companies can stay private forever: "There's a view that you can be an indefinite private company. This might be an incredible path for certain companies. You are not beholden to short cycle performance, so you can drive growth, innovation, profitability and discipline in your business on a timeframe that lines up with your individual business. The path to building a generational company through the public markets is proven. If you understand how to do it, it's actually very clear what you do. Netflix started as a DVD mail business. To Reed's credit, he realized that streaming was the future and he wanted to tackle this offensively. Like any transition, it's a little messy. What do the public markets do? First, it sent a signal to Netflix that you're under a real transition here and your assumptions on your financial model need to have a wider fan of scenarios. Two, it allowed Reed to basically align external and internal investments and get his entire senior team aligned on what they needed to do, but also realigned on incentives. I believe to build a great company, you have to balance growth, profitability, and innovation. You have to be in the "and" business, not the "or" business."

Henry makes the case for going public in a world where companies can stay private forever: "There's a view that you can be an indefinite private company. This might be an incredible path for certain companies. You are not beholden to short cycle performance, so you can drive growth, innovation, profitability and discipline in your business on a timeframe that lines up with your individual business. The path to building a generational company through the public markets is proven. If you understand how to do it, it's actually very clear what you do. Netflix started as a DVD mail business. To Reed's credit, he realized that streaming was the future and he wanted to tackle this offensively. Like any transition, it's a little messy. What do the public markets do? First, it sent a signal to Netflix that you're under a real transition here and your assumptions on your financial model need to have a wider fan of scenarios. Two, it allowed Reed to basically align external and internal investments and get his entire senior team aligned on what they needed to do, but also realigned on incentives. I believe to build a great company, you have to balance growth, profitability, and innovation. You have to be in the "and" business, not the "or" business."

Patrick OShaughnessy

73,206 Aufrufe • vor 6 Monaten

The explosive returns traders like Kristjan Kullamägi 🇺🇦 and Martin Luk can put up don't come for free. The same volatility that drives those gains also produces drawdowns most people can't stomach. But that's a feature, not a bug. "Even the most successful traders/investors are gonna be in a drawdown most of the time. Even this year, even though I'm up at least 500%...I've spent at least half of the year in a drawdown, at least. So expecting to be peak equity all the time, its just not gonna happen. you're gonna spend most of your time in a drawdown even on a really good year. That's just how it works. You just need to realize it, and you need to accept it. Being in a drawdown is not an anomaly, its normal. Now the question is how big of a drawdown are you gonna be in...I try to limit my drawdowns to 10-15%, but sometimes they become more severe than that. I think I've had two 25-30% drawdowns this year. So drawdowns, its the nature of the game, if you wanna have big returns you are gonna have drawdowns, cause if you don't have drawdowns means you don't take any risk, and if you don't take any risk, you wont have any returns..." - Kristjan Kullamägi 🇺🇦

The explosive returns traders like Kristjan Kullamägi 🇺🇦 and Martin Luk can put up don't come for free. The same volatility that drives those gains also produces drawdowns most people can't stomach. But that's a feature, not a bug. "Even the most successful traders/investors are gonna be in a drawdown most of the time. Even this year, even though I'm up at least 500%...I've spent at least half of the year in a drawdown, at least. So expecting to be peak equity all the time, its just not gonna happen. you're gonna spend most of your time in a drawdown even on a really good year. That's just how it works. You just need to realize it, and you need to accept it. Being in a drawdown is not an anomaly, its normal. Now the question is how big of a drawdown are you gonna be in...I try to limit my drawdowns to 10-15%, but sometimes they become more severe than that. I think I've had two 25-30% drawdowns this year. So drawdowns, its the nature of the game, if you wanna have big returns you are gonna have drawdowns, cause if you don't have drawdowns means you don't take any risk, and if you don't take any risk, you wont have any returns..." - Kristjan Kullamägi 🇺🇦

Charlie M

24,690 Aufrufe • vor 1 Monat

Naval Ravikant: "You're going to die. It's all going to zero. What's there to stress about?" "Stress is when your mind has two conflicting desires at once. You want to be liked, but you want to do something selfish. You don't want to go to work, but you want to make money. You have two conflicting desires, and that's stress." Naval explains the difference between stress and anxiety: "Anxiety is this pervasive, unidentifiable stress where you're stressed out all the time and you're not even sure why. The reason is you have so many unresolved problems that have piled up in your life, you can no longer identify what the problems are. There's this mountain of garbage in your mind. A little bit is poking out the top like an iceberg; that's anxiety. But underneath, there's a lot of unresolved things." He shares his personal anxiety resolver: "One big anxiety resolver for me is just ruminating on death. You're going to die. It's all going to zero. You cannot take anything with you. If you can keep that idea in front of you at all times, what's there to stress about?" Naval reframes what "wasted time" really means: "What is wasted time? Everything is wasted time in a sense because nothing matters in the ultimate. But in each moment, it's the only thing that matters. So if you're doing something you want to do and you're fully there for it it's not wasted time. If your mind is running away, wishing you were somewhere else, anticipating the future, regretting the past, that's wasted time. That's time you're not present for." He concludes: "People get worried about dying and no longer being here. But they don't realize that so much of their life is spent not being here in any case."

Naval Ravikant: "You're going to die. It's all going to zero. What's there to stress about?" "Stress is when your mind has two conflicting desires at once. You want to be liked, but you want to do something selfish. You don't want to go to work, but you want to make money. You have two conflicting desires, and that's stress." Naval explains the difference between stress and anxiety: "Anxiety is this pervasive, unidentifiable stress where you're stressed out all the time and you're not even sure why. The reason is you have so many unresolved problems that have piled up in your life, you can no longer identify what the problems are. There's this mountain of garbage in your mind. A little bit is poking out the top like an iceberg; that's anxiety. But underneath, there's a lot of unresolved things." He shares his personal anxiety resolver: "One big anxiety resolver for me is just ruminating on death. You're going to die. It's all going to zero. You cannot take anything with you. If you can keep that idea in front of you at all times, what's there to stress about?" Naval reframes what "wasted time" really means: "What is wasted time? Everything is wasted time in a sense because nothing matters in the ultimate. But in each moment, it's the only thing that matters. So if you're doing something you want to do and you're fully there for it it's not wasted time. If your mind is running away, wishing you were somewhere else, anticipating the future, regretting the past, that's wasted time. That's time you're not present for." He concludes: "People get worried about dying and no longer being here. But they don't realize that so much of their life is spent not being here in any case."

Jaynit

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