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how Peter Thiel screens for generational monopolies while managing an $11 billion venture capital fund as Thiel famously said: "what important truth do very few people agree with you on? because if you're doing what everyone else is doing, you're competing, and competition is for losers." while most investors... show more

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Peter Thiel: "Competition is for losers" "Competition is for losers, which got people's attention, because we normally believe the opposite. We believe that the losers are the people who don't compete intensely enough. You're a loser if you're not competitive. But what if you're a loser because you're too obsessed with competing? If you're too focused on competing, maybe you're losing sight of what's really important." Thiel explains the distinction most people miss: "The most important distinction in business that people don't talk about enough is that there are two kinds of companies in this world. There are companies that are competitive, and there are companies that have monopolies. If you're a one-of-a-kind company, a happy company that's doing something different, you are a monopoly. It is the goal of every founder, every entrepreneur, it should be their goal to try to build a monopoly business." He frames this as an unconventional truth: "Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms. A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits are competed away."

Peter Thiel: "Competition is for losers" "Competition is for losers, which got people's attention, because we normally believe the opposite. We believe that the losers are the people who don't compete intensely enough. You're a loser if you're not competitive. But what if you're a loser because you're too obsessed with competing? If you're too focused on competing, maybe you're losing sight of what's really important." Thiel explains the distinction most people miss: "The most important distinction in business that people don't talk about enough is that there are two kinds of companies in this world. There are companies that are competitive, and there are companies that have monopolies. If you're a one-of-a-kind company, a happy company that's doing something different, you are a monopoly. It is the goal of every founder, every entrepreneur, it should be their goal to try to build a monopoly business." He frames this as an unconventional truth: "Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms. A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits are competed away."

Jaynit

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Peter Thiel said four words that the entire business world has spent decades refusing to hear. Thiel: “Competition is for losers.” Every business school on Earth teaches the opposite. Fight for market share. Outwork the rival. Win the price war. Thiel looked at the whole system and named what it produces. A slow execution. Thiel: “Most people believe that capitalism and competition are synonyms. I think they’re antonyms.” Antonyms. A capitalist accumulates capital. Competition destroys it. Thiel: “A world of perfect competition is a world where all the profits are competed away.” This is not philosophy. This is arithmetic. Ten companies selling the same thing. Price falls. Margins collapse. Everyone bleeds. That is the prize for winning a competitive market. Nothing. The world calls it hustle. Thiel calls it surrender. Thiel: “There are two kinds of businesses in this world. Those that are competitive and those that have monopolies.” One fights for share in a game someone else designed. The other designed the game. When you obsess over a competitor, you inherit their ceiling and call it sky. If your company description starts with your rivals, the market already knows everything it needs to. You do not have a business. You have a position in someone else’s war. School drilled you to compete for the highest grade. That same instinct is why competitive markets are full of brilliant people making nothing. You were taught how to fight. Nobody taught you how to build something unfightable. The founders history remembers do not outcompete. They make competition irrelevant. Stop trying to win their game. Build one nobody else knows the rules to.

Peter Thiel said four words that the entire business world has spent decades refusing to hear. Thiel: “Competition is for losers.” Every business school on Earth teaches the opposite. Fight for market share. Outwork the rival. Win the price war. Thiel looked at the whole system and named what it produces. A slow execution. Thiel: “Most people believe that capitalism and competition are synonyms. I think they’re antonyms.” Antonyms. A capitalist accumulates capital. Competition destroys it. Thiel: “A world of perfect competition is a world where all the profits are competed away.” This is not philosophy. This is arithmetic. Ten companies selling the same thing. Price falls. Margins collapse. Everyone bleeds. That is the prize for winning a competitive market. Nothing. The world calls it hustle. Thiel calls it surrender. Thiel: “There are two kinds of businesses in this world. Those that are competitive and those that have monopolies.” One fights for share in a game someone else designed. The other designed the game. When you obsess over a competitor, you inherit their ceiling and call it sky. If your company description starts with your rivals, the market already knows everything it needs to. You do not have a business. You have a position in someone else’s war. School drilled you to compete for the highest grade. That same instinct is why competitive markets are full of brilliant people making nothing. You were taught how to fight. Nobody taught you how to build something unfightable. The founders history remembers do not outcompete. They make competition irrelevant. Stop trying to win their game. Build one nobody else knows the rules to.

Dustin

49,437 Aufrufe • vor 4 Monaten

Peter Thiel gave a 17-minute masterclass on why competition is for losers and how to build a monopoly from scratch: "If you're a founder or entrepreneur, what you want to aim for is monopoly. You want to build a company that is so differentiated from the competition that it's not even competing." Peter continues: "The conventional wisdom is that capitalism and competition are synonyms. I believe they're antonyms. A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits get competed away. If you want to compete like crazy, you should just open a restaurant in Chicago." He explains why this truth stays hidden: "People who have monopolies don't talk about it, they pretend not to have monopolies. And people who don't have monopolies pretend to have something unique about their business, otherwise nobody would invest. Google will never say, 'We have 66% of the search market.' They'll say, 'We're a technology company,' and suddenly there's competition everywhere. Conversely, if you start a restaurant, you'll tell investors it's the only British-Nepalese fusion cuisine in downtown Chicago." Peter warns about the seduction of competition: "When you compete ferociously, you get better at that which you're competing on. But you will narrow your focus to beating the people around you, and it often comes at a very high price of losing sight of what is more important or more valuable." He concludes: "There's always a tiny door where everyone's trying to rush through. But around the corner, there may be a vast and secret gate that no one's taking. You should always find the secret path and take it."

Peter Thiel gave a 17-minute masterclass on why competition is for losers and how to build a monopoly from scratch: "If you're a founder or entrepreneur, what you want to aim for is monopoly. You want to build a company that is so differentiated from the competition that it's not even competing." Peter continues: "The conventional wisdom is that capitalism and competition are synonyms. I believe they're antonyms. A capitalist is someone who's in the business of accumulating capital. A world of perfect competition is a world where all the profits get competed away. If you want to compete like crazy, you should just open a restaurant in Chicago." He explains why this truth stays hidden: "People who have monopolies don't talk about it, they pretend not to have monopolies. And people who don't have monopolies pretend to have something unique about their business, otherwise nobody would invest. Google will never say, 'We have 66% of the search market.' They'll say, 'We're a technology company,' and suddenly there's competition everywhere. Conversely, if you start a restaurant, you'll tell investors it's the only British-Nepalese fusion cuisine in downtown Chicago." Peter warns about the seduction of competition: "When you compete ferociously, you get better at that which you're competing on. But you will narrow your focus to beating the people around you, and it often comes at a very high price of losing sight of what is more important or more valuable." He concludes: "There's always a tiny door where everyone's trying to rush through. But around the corner, there may be a vast and secret gate that no one's taking. You should always find the secret path and take it."

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Peter Thiel on how to identify great talent Peter Thiel is famous for discovering undervalued talent throughout his career. The most well-known example is PayPal, where he recruited people who went on to start companies like YouTube, LinkedIn, Yelp, Affirm, and Yammer. But he also recruited Alex Karp, his former classmate at Stanford Law School, to co-found Palantir with him 2003. Tyler Cowen asks Thiel what traits he looks for in undiscovered talent that everyone else overlooks. Thiel replies: “It’s very difficult to reduce it to any single trait. A lot of what you’re looking for are these almost zen-like opposites.” He gives a few examples: “You want people who are both really stubborn and really open-minded. That’s a little contradictory. You want people who are sort of really idiosyncratic and really different, but then who can work well together in teams… If you focus too much on one end of it, you tend to get it completely wrong… [I like to look for] these combinations of unusual traits.” Essentially he looks for idiosyncratic people with combinations of unusual traits that counterbalance those idiosyncrasies. Video source: Mercatus Center (2015)

Peter Thiel on how to identify great talent Peter Thiel is famous for discovering undervalued talent throughout his career. The most well-known example is PayPal, where he recruited people who went on to start companies like YouTube, LinkedIn, Yelp, Affirm, and Yammer. But he also recruited Alex Karp, his former classmate at Stanford Law School, to co-found Palantir with him 2003. Tyler Cowen asks Thiel what traits he looks for in undiscovered talent that everyone else overlooks. Thiel replies: “It’s very difficult to reduce it to any single trait. A lot of what you’re looking for are these almost zen-like opposites.” He gives a few examples: “You want people who are both really stubborn and really open-minded. That’s a little contradictory. You want people who are sort of really idiosyncratic and really different, but then who can work well together in teams… If you focus too much on one end of it, you tend to get it completely wrong… [I like to look for] these combinations of unusual traits.” Essentially he looks for idiosyncratic people with combinations of unusual traits that counterbalance those idiosyncrasies. Video source: Mercatus Center (2015)

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Leon Cooperman built a $10 billion hedge fund empire by simply outworking everyone else on wall street in this exact interview he drops a brutal truth: "with an average iq and a strong work ethic, you can go very far. if you don't want to work and think, just buy a low-cost index fund." while modern traders rely on algorithms, he built his massive edge reading thousands of pages of boring balance sheets. this rare 1.5-hour interview is an absolute masterclass on his psychological framework bookmark & watch a billionaire break down his system

Leon Cooperman built a $10 billion hedge fund empire by simply outworking everyone else on wall street in this exact interview he drops a brutal truth: "with an average iq and a strong work ethic, you can go very far. if you don't want to work and think, just buy a low-cost index fund." while modern traders rely on algorithms, he built his massive edge reading thousands of pages of boring balance sheets. this rare 1.5-hour interview is an absolute masterclass on his psychological framework bookmark & watch a billionaire break down his system

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Peter Thiel on what he would look for if he was joining a startup Wharton professor Adam Grant asks Peter Thiel what he would look for if he was joining an early-stage startup. Thiel gives a simple response: “Do you like the people? Do you think you could become good friends with these people? That’s such a critical part for getting these things to work.” He recalls interviewing with a law firm in New York early in his career and one partner telling him: “It’s a place where everybody hates everybody else, but we all make lots of money.” The partner viewed it as an illustration of how incredibly “professional” the firm was. But Thiel argues that we need more than just “professional” at work. Thiel elaborates more on this idea in his book Zero to One: “Why work with a group of people who don’t even like each other? Many seem to think it’s a sacrifice necessary for making money. But taking a merely professional view of the workplace, in which free agents check in and out on a transactional basis, is worse than cold: it’s not even rational. Since time is your most valuable asset, it’s odd to spend it working with people who don’t envision any long-term future together. If you can’t count durable relationships among the fruits of your time at work, you haven’t invested your time well—even in purely financial terms.” Video source: The Wharton School (2014)

Peter Thiel on what he would look for if he was joining a startup Wharton professor Adam Grant asks Peter Thiel what he would look for if he was joining an early-stage startup. Thiel gives a simple response: “Do you like the people? Do you think you could become good friends with these people? That’s such a critical part for getting these things to work.” He recalls interviewing with a law firm in New York early in his career and one partner telling him: “It’s a place where everybody hates everybody else, but we all make lots of money.” The partner viewed it as an illustration of how incredibly “professional” the firm was. But Thiel argues that we need more than just “professional” at work. Thiel elaborates more on this idea in his book Zero to One: “Why work with a group of people who don’t even like each other? Many seem to think it’s a sacrifice necessary for making money. But taking a merely professional view of the workplace, in which free agents check in and out on a transactional basis, is worse than cold: it’s not even rational. Since time is your most valuable asset, it’s odd to spend it working with people who don’t envision any long-term future together. If you can’t count durable relationships among the fruits of your time at work, you haven’t invested your time well—even in purely financial terms.” Video source: The Wharton School (2014)

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why Ron Baron makes billions while most people lose everything when asked how he turned a little money into $40 billion by just ignoring the news - he dropped the cold truth: "guys stare at screens all day trying to guess what happens next - we buy a company and literally don't look at the price for years" "when tesla crashed in 2019 everyone in finance panicked and sold - we didn't care at all, kept all our shares, and made $4 billion" "regular guys sell the second a stock drops a few bucks - we buy a good company and just leave it alone even when everyone is freaking out" Baron didn't make $40 billion by guessing what happens tomorrow. He made it by just sitting on his hands and doing absolutely nothing while everyone else panics bookmark and watch him explain how he actually plays the game

why Ron Baron makes billions while most people lose everything when asked how he turned a little money into $40 billion by just ignoring the news - he dropped the cold truth: "guys stare at screens all day trying to guess what happens next - we buy a company and literally don't look at the price for years" "when tesla crashed in 2019 everyone in finance panicked and sold - we didn't care at all, kept all our shares, and made $4 billion" "regular guys sell the second a stock drops a few bucks - we buy a good company and just leave it alone even when everyone is freaking out" Baron didn't make $40 billion by guessing what happens tomorrow. He made it by just sitting on his hands and doing absolutely nothing while everyone else panics bookmark and watch him explain how he actually plays the game

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Peter Thiel on what most founders don’t understand about differentiation “I think you want to have very big differences inside the team, and then from the outside, you want to be seen as very different from the rest of the world.” For example, SpacEx’s mission is to go to Mars: “Everybody at the company thinks: we’re the only place in the world where people are going to go to Mars. And that one idea separates it very sharply from the rest of the world.” And then within a company, you want the roles to be as differentiated as possible. One of the challenges in an early stage startup is that the roles tend to fluctuate a lot. Thiel believes this is one of the ways in which conflicts tend to arise. “If you were a sociopathic boss who just wanted to create conflicts amongst your employees for no reason at all, the formula for creating conflicts is to tell two people to do the exact same thing.” To summarize his point, Thiel concludes: “You want to have roles differentiated sharply differentiated within companies. And you want to have the mission of the company differentiated sharply from the rest of the world.” Video source: Saïd Business School (2015)

Peter Thiel on what most founders don’t understand about differentiation “I think you want to have very big differences inside the team, and then from the outside, you want to be seen as very different from the rest of the world.” For example, SpacEx’s mission is to go to Mars: “Everybody at the company thinks: we’re the only place in the world where people are going to go to Mars. And that one idea separates it very sharply from the rest of the world.” And then within a company, you want the roles to be as differentiated as possible. One of the challenges in an early stage startup is that the roles tend to fluctuate a lot. Thiel believes this is one of the ways in which conflicts tend to arise. “If you were a sociopathic boss who just wanted to create conflicts amongst your employees for no reason at all, the formula for creating conflicts is to tell two people to do the exact same thing.” To summarize his point, Thiel concludes: “You want to have roles differentiated sharply differentiated within companies. And you want to have the mission of the company differentiated sharply from the rest of the world.” Video source: Saïd Business School (2015)

Startup Archive

43,752 Aufrufe • vor 7 Monaten

Peter Thiel on what most founders don’t understand about differentiation “I think you want to have very big differences inside the team, and then from the outside, you want to be seen as very different from the rest of the world.” For example, SpacEx’s mission is to go to Mars: “Everybody at the company thinks: we’re the only place in the world where people are going to go to Mars. And that one idea separates it very sharply from the rest of the world.” And then within a company, you want the roles to be as differentiated as possible. One of the challenges in an early stage startup is that the roles tend to fluctuate a lot. Thiel believes this is one of the ways in which conflicts tend to arise. “If you were a sociopathic boss who just wanted to create conflicts amongst your employees for no reason at all, the formula for creating conflicts is to tell two people to do the exact same thing.” To summarize his point, Thiel concludes: “You want to have roles differentiated sharply differentiated within companies. And you want to have the mission of the company differentiated sharply from the rest of the world.” Source: Saïd Business School (May 2015)

Peter Thiel on what most founders don’t understand about differentiation “I think you want to have very big differences inside the team, and then from the outside, you want to be seen as very different from the rest of the world.” For example, SpacEx’s mission is to go to Mars: “Everybody at the company thinks: we’re the only place in the world where people are going to go to Mars. And that one idea separates it very sharply from the rest of the world.” And then within a company, you want the roles to be as differentiated as possible. One of the challenges in an early stage startup is that the roles tend to fluctuate a lot. Thiel believes this is one of the ways in which conflicts tend to arise. “If you were a sociopathic boss who just wanted to create conflicts amongst your employees for no reason at all, the formula for creating conflicts is to tell two people to do the exact same thing.” To summarize his point, Thiel concludes: “You want to have roles differentiated sharply differentiated within companies. And you want to have the mission of the company differentiated sharply from the rest of the world.” Source: Saïd Business School (May 2015)

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25,454 Aufrufe • vor 24 Tagen

Three hedge fund founders managing a combined $120 billion - Steve Cohen - Dmitri Balyasny - Mike Rockefeller - sat down with the woman who told them the brutal truth about their own industry what separates the funds that survive from the thousands that die - why the smartest people in the room eventually leave - and what LPs actually look for before writing a check "peel back the curtain at a $30 billion fund - it's the same one or two people driving returns year after year - after a while you start questioning whether you're in the right room" "you can forget about alpha if you cannot attract and retain a winning team - talent is everything" "if you have people you have problems - pure and simple" bookmark & watch the full conversation ↓

Three hedge fund founders managing a combined $120 billion - Steve Cohen - Dmitri Balyasny - Mike Rockefeller - sat down with the woman who told them the brutal truth about their own industry what separates the funds that survive from the thousands that die - why the smartest people in the room eventually leave - and what LPs actually look for before writing a check "peel back the curtain at a $30 billion fund - it's the same one or two people driving returns year after year - after a while you start questioning whether you're in the right room" "you can forget about alpha if you cannot attract and retain a winning team - talent is everything" "if you have people you have problems - pure and simple" bookmark & watch the full conversation ↓

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Peter Thiel said something that flatly contradicts everything business culture claims to believe. Thiel: “Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms.” That’s not a nuance. That’s a complete inversion of how you’re taught to think about value. Every business school. Every startup pitch. Every founder origin story. All built on one article of faith. That competition is the engine. That the best companies win by outfighting everyone else. Thiel says that’s exactly why most businesses fail. Thiel: “A world of perfect competition is a world where all the profits are competed away.” Follow the logic to its end. More competitors. Thinner margins. Longer hours. Less money. Competition doesn’t create wealth. It dissolves it. The harder you fight inside a crowded market, the less there is left to win. Thiel: “The example I use of a bad type of business is opening a restaurant, which is super competitive and nobody ever makes any money doing it.” A million restaurants in America. Most will be gone inside five years. Not because the food was bad. Not because the founders didn’t sacrifice everything. Because they entered a game where even the winners barely break even. Thiel: “The example of a fantastic monopoly business I give is Google, which basically has had no competition in search since 2002.” Google didn’t outcompete Yahoo. Google made Yahoo a footnote in a history nobody reads. And it has printed money every single day since. One company fought for a market. The other became the market. That distinction is the entire lesson. Thiel: “It is the goal of every founder, of every entrepreneur, to try to build a monopoly business.” But this goes deeper than business advice. Competition feels productive because it’s measurable. You can track your rank. Your market share. Your position relative to everyone else. But relative position is not value creation. You can spend an entire career optimizing for a category someone else invented and call it progress. Bezos didn’t outcompete bookstores. He built something bookstores couldn’t even categorize. Thiel: “If you’re a one-of-a-kind company, a happy company that’s doing something different, you are a monopoly.” The pattern never changes. The people who built the most wealth in human history didn’t win a competition. They made competition a non-concept. They didn’t play the game better. They designed a different game entirely. One where they set the rules and the margins and the terms. And that reframes the only question that actually matters. Not how do I beat the competition. Why am I competing at all. Because competition is a confession. That someone else defined the game. Someone else set the rules. Someone else decided what winning looks like. And you showed up to play on their terms. The most valuable things ever built weren’t better answers to existing questions. They were entirely new questions. And the person who writes the question will always own the answer.

Peter Thiel said something that flatly contradicts everything business culture claims to believe. Thiel: “Most people believe that capitalism and competition are synonyms. I believe capitalism and competition are antonyms.” That’s not a nuance. That’s a complete inversion of how you’re taught to think about value. Every business school. Every startup pitch. Every founder origin story. All built on one article of faith. That competition is the engine. That the best companies win by outfighting everyone else. Thiel says that’s exactly why most businesses fail. Thiel: “A world of perfect competition is a world where all the profits are competed away.” Follow the logic to its end. More competitors. Thinner margins. Longer hours. Less money. Competition doesn’t create wealth. It dissolves it. The harder you fight inside a crowded market, the less there is left to win. Thiel: “The example I use of a bad type of business is opening a restaurant, which is super competitive and nobody ever makes any money doing it.” A million restaurants in America. Most will be gone inside five years. Not because the food was bad. Not because the founders didn’t sacrifice everything. Because they entered a game where even the winners barely break even. Thiel: “The example of a fantastic monopoly business I give is Google, which basically has had no competition in search since 2002.” Google didn’t outcompete Yahoo. Google made Yahoo a footnote in a history nobody reads. And it has printed money every single day since. One company fought for a market. The other became the market. That distinction is the entire lesson. Thiel: “It is the goal of every founder, of every entrepreneur, to try to build a monopoly business.” But this goes deeper than business advice. Competition feels productive because it’s measurable. You can track your rank. Your market share. Your position relative to everyone else. But relative position is not value creation. You can spend an entire career optimizing for a category someone else invented and call it progress. Bezos didn’t outcompete bookstores. He built something bookstores couldn’t even categorize. Thiel: “If you’re a one-of-a-kind company, a happy company that’s doing something different, you are a monopoly.” The pattern never changes. The people who built the most wealth in human history didn’t win a competition. They made competition a non-concept. They didn’t play the game better. They designed a different game entirely. One where they set the rules and the margins and the terms. And that reframes the only question that actually matters. Not how do I beat the competition. Why am I competing at all. Because competition is a confession. That someone else defined the game. Someone else set the rules. Someone else decided what winning looks like. And you showed up to play on their terms. The most valuable things ever built weren’t better answers to existing questions. They were entirely new questions. And the person who writes the question will always own the answer.

Dustin

19,757 Aufrufe • vor 2 Monaten

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, which is approaching its 10-year anniversary, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Video Source: The Aspen Institute

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, which is approaching its 10-year anniversary, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Video Source: The Aspen Institute

Startup Archive

90,927 Aufrufe • vor 2 Jahren

Ron Baron believes that trading for a quick 20% gain is the fastest way to stay broke "most guys buy bonds or keep cash just to feel safe making 4% - we have never owned a single bond because paper currency is designed to lose its value every day" "the crowd buys a stock with a 3-month plan and panics at a 10% drop - our minimum holding period is 10 years, because that is how you turn a million into a billion" "regular traders obsess over next week's chart patterns - we only care if the founder has the drive to double the size of the business every 5 years" Baron didn't build a $40 billion fund by guessing the next trend. he built it by finding generational monopolies, backing great founders, and doing absolutely nothing for decades watch him break down his exact investment strategy

Ron Baron believes that trading for a quick 20% gain is the fastest way to stay broke "most guys buy bonds or keep cash just to feel safe making 4% - we have never owned a single bond because paper currency is designed to lose its value every day" "the crowd buys a stock with a 3-month plan and panics at a 10% drop - our minimum holding period is 10 years, because that is how you turn a million into a billion" "regular traders obsess over next week's chart patterns - we only care if the founder has the drive to double the size of the business every 5 years" Baron didn't build a $40 billion fund by guessing the next trend. he built it by finding generational monopolies, backing great founders, and doing absolutely nothing for decades watch him break down his exact investment strategy

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Paul Tudor Jones on trading through chaos: "if you're going to bet big, you have to be ruthlessly objective about your position. you can't sit down in there and double down." in this interview Paul Tudor jones talks with Stan Druckenmiller about what separates the top guys from the rest bookmark and watch the video below

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Anduril Co-Founder & Founders Fund Partner Trae Stephens on the Biggest Lesson He’s Learned From Peter Thiel: “He’s always right and it’s really really really annoying.” “I can’t tell you how many times he’s said something and the whole team rolls their eyes… and then 5 years later Donald Trump is president.” Lessons for investing: “Concentration in venture is a really important one. You don’t want to have a thousand investments in a billion dollar fund. You wanna have a massive amount of concentration in the top few positions in that fund.” Lessons for Anduril: “It’s the “Zero to One” [concept] about avoiding competition. For Anduril in 2017… we went and targeted an area where there were no venture-backed players at all. And that gave us an incredible head start.”

Anduril Co-Founder & Founders Fund Partner Trae Stephens on the Biggest Lesson He’s Learned From Peter Thiel: “He’s always right and it’s really really really annoying.” “I can’t tell you how many times he’s said something and the whole team rolls their eyes… and then 5 years later Donald Trump is president.” Lessons for investing: “Concentration in venture is a really important one. You don’t want to have a thousand investments in a billion dollar fund. You wanna have a massive amount of concentration in the top few positions in that fund.” Lessons for Anduril: “It’s the “Zero to One” [concept] about avoiding competition. For Anduril in 2017… we went and targeted an area where there were no venture-backed players at all. And that gave us an incredible head start.”

Anduril Appreciator

60,680 Aufrufe • vor 7 Monaten

Peter Thiel on why all trends are overrated and one-of-a-kind companies are underrated Peter Thiel is asked what students should study in college. He thinks this is similar to the question “what are future trends in technology?” “What I will say about trends in technology and areas of study is that they’re probably all overrated,” Thiel explains. “When you have something that can be reduced to a buzzword, it means that a lot of people are doing it and they’re somehow inadequately differentiated in that field.” On the other hand, Thiel believes that one-of-a-kind companies that don’t easily fit into an existing narrative or trend are underrated. He gives Airbnb as an example—any existing category would miss the uniqueness of the business. “Great companies always have this one-of-a-kind attribute,” Thiel observes. And he suspects that areas of study are similar: “If you’re in a big area of study, where everyone’s studying the same thing, you’re not adequately differentiating yourself from other people… I think people are spending too much time studying the things everybody else is studying, and they’re spending too little time studying more particular things that they’re really passionate about.” Video source: Northwestern Engineering (2014)

Peter Thiel on why all trends are overrated and one-of-a-kind companies are underrated Peter Thiel is asked what students should study in college. He thinks this is similar to the question “what are future trends in technology?” “What I will say about trends in technology and areas of study is that they’re probably all overrated,” Thiel explains. “When you have something that can be reduced to a buzzword, it means that a lot of people are doing it and they’re somehow inadequately differentiated in that field.” On the other hand, Thiel believes that one-of-a-kind companies that don’t easily fit into an existing narrative or trend are underrated. He gives Airbnb as an example—any existing category would miss the uniqueness of the business. “Great companies always have this one-of-a-kind attribute,” Thiel observes. And he suspects that areas of study are similar: “If you’re in a big area of study, where everyone’s studying the same thing, you’re not adequately differentiating yourself from other people… I think people are spending too much time studying the things everybody else is studying, and they’re spending too little time studying more particular things that they’re really passionate about.” Video source: Northwestern Engineering (2014)

Startup Archive

139,271 Aufrufe • vor 10 Monaten

Max Levchin on how Peter Thiel reacted to losing his entire investment in Luke Nosek’s failed startup When assembling the found team for PayPal, Max Levchin wanted to recruit Luke Nosek. But he was worried at how Peter Thiel would react given that Peter lost his entire investment in Luke’s failed startup SmartCal: “I was certain that Luke and Peter would not get along because Luke had just lost all the money Peter invested in his startup… I never had investors up until this point, so I was really not familiar with the relationship you have” With trepidation he told Peter that Luke was really bright and worth trying to work with again. And he was surprised at Peter’s response: “Oh of course. I should’ve thought of that myself.” So you’re not mad it him? Max asked. “No, he’s brilliant.” Then Peter recruited Luke while Max recruited the rest of the PayPal founding team. After PayPal, Luke went on to work at Peter Thiel’s venture firm, Founders Fund. I think there’s a really important lesson here. Statistically, the vast majority of startups fail, and the best investors know how hard it is to build something brand new and innovative. Very few people succeed on the first go-around, and it’s not necessarily a reflection on you if your startup fails. Obviously you don’t want to fail, but as Vinod Khosla puts it: to do something exceptional, you have to be willing to fail.

Startup Archive

63,626 Aufrufe • vor 2 Jahren

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Source: The Aspen Institute (Jun 2024)

Peter Thiel on the difference between the best founders and “professional CEOs” In his book Zero To One, Thiel wrote: “We need founders. If anything, we should be more tolerant of founders who seem strange or extreme. We need unusual individuals to lead companies beyond mere incrementalism.” And while he doesn’t believe there’s a simple magic formula for what a founder looks like, Thiel observes: “A lot of the great companies that have been built over the last two decades were founded by people where it was somehow deeply connected to their identity - their life’s project.” He contrasts this to Silicon Valley in the 1990s when lots of founders were replaced with professional CEOs. Thiel believes it made a big difference when it became more common for founders run the companies. He gives the example of a 22 year old Mark Zuckerberg turning down a billion dollar acquisition from Yahoo: “If you had a professional CEO, it would have just been: ‘I can’t believe they’re offering us a billion dollars. I’m going to try not to be too eager. We better take the money and run.’” Source: The Aspen Institute (Jun 2024)

Startup Archive

26,078 Aufrufe • vor 29 Tagen

Paypal co-founder Peter Thiel offers a contrarian view on mastery: the best founders aren't specialists, they're polymaths who understand how everything connects. After 14 years on the Facebook board, Thiel has watched Mark Zuckerberg up close. And he's noticed something that cuts against conventional wisdom about what it takes to build something great. "I think that one kind of perspective for a lot of the world-class entrepreneurs is they're not specialists. They're something close to polymaths." Thiel uses Zuckerberg as his prime example: "If you have a conversation with Mark Zuckerberg, he'd be able to speak with a surprising amount of understanding about a lot of things. He could talk about the details of the Facebook product, the psychology of social media, the way the culture is shifting, the management of the company, and how this fits into the bigger history of technology." This stands in stark contrast to how academia frames expertise: "Whereas the sort of academic view is often that you're like a narrow expert on one thing and that's what you do and what it is about. It's much more this polymath-like intellect who understands all these different things." Peter Thiel reflects on what this has looked like at the board level: "The kinds of board conversations we've had over the last 13, 14 years, it's just been this crazy range." The takeaway: world-class founders don't just go deep in one area. They think across product, psychology, culture, management, and technology history, and they see how it all connects.

Paypal co-founder Peter Thiel offers a contrarian view on mastery: the best founders aren't specialists, they're polymaths who understand how everything connects. After 14 years on the Facebook board, Thiel has watched Mark Zuckerberg up close. And he's noticed something that cuts against conventional wisdom about what it takes to build something great. "I think that one kind of perspective for a lot of the world-class entrepreneurs is they're not specialists. They're something close to polymaths." Thiel uses Zuckerberg as his prime example: "If you have a conversation with Mark Zuckerberg, he'd be able to speak with a surprising amount of understanding about a lot of things. He could talk about the details of the Facebook product, the psychology of social media, the way the culture is shifting, the management of the company, and how this fits into the bigger history of technology." This stands in stark contrast to how academia frames expertise: "Whereas the sort of academic view is often that you're like a narrow expert on one thing and that's what you do and what it is about. It's much more this polymath-like intellect who understands all these different things." Peter Thiel reflects on what this has looked like at the board level: "The kinds of board conversations we've had over the last 13, 14 years, it's just been this crazy range." The takeaway: world-class founders don't just go deep in one area. They think across product, psychology, culture, management, and technology history, and they see how it all connects.

Big Brain Business

69,432 Aufrufe • vor 3 Monaten

MIND BLOWING 🤯 Patrick Wood connects J.D. Vance, Don Trump Jr., Charlie Kirk, and Peter Thiel via the 1789 capital firm. The firm's first investment? Tucker Carlson. Howse: "What do you think the goal and objective is of these folks? ...Technocracy?" Wood: "Absolutely." This clip of Patrick Wood (Patrick Wood), an economic and market forecaster, speaker, and author of Technocracy Rising: The Trojan Horse of Global Transformation and Technocracy: The Hard Road to World Order, is taken from an interview with Brannon Howse (Brannon Howse) posted to YouTube on November 7, 2025. Note that Wood says that "We see Peter Thiel in everything going back at least 25 years, starting with the PayPal mafia. And now he's just everywhere you look. And all of a sudden he shows up here in this story where he's with J.D. Vance and Tucker Carlson and Charlie Kirk, et cetera, et cetera, et cetera. He's everywhere, it seems like. And this is not a mistake for sure." ----------------Partial transcription of clip--------------- Wood: "This is so deep at this point. I'm still kind of figuring out where all of these connections are. But we see John Don Jr. JD Vance, Charlie Kirk, Tucker Carlson." Howse: "Wait a minute. Charlie Kirk was at this meeting? Wood: "Not exactly, but he was one of the first investors in the 1789 capital firm." Howse: "Was he really?" Wood: "Yes, he was. [And] this basically kind of debunks the idea that, he had a brush-in with Peter Thiel when he was in college, or before he went to college." Howse: "And you're, talking about JD Vance now?" Wood: "No, I'm talking about Charlie Kirk. Okay. Ch— Charlie Kirk, applied for a grant from Peter Thiel. He didn't get it, but nevertheless he was there, okay? When he was under 20 years old. So I would have dismissed that. Okay, he did it, he lost, and he didn't get anywhere. But now it comes out there was a relationship all along with Peter thiel because the 1789 capital fund included Peter Thiel as well. He's one of the architects of it, if you will. And he was a friend of all these people, including J.D. Vance. And of course J.D. Vance is his protege. But now it appears that Charlie Kirk knew exactly what he was doing with Peter Thiel and he dumped a lot of money into the 1789 capital fund." Howse: "And you have that documented?" Wood: "Yep. Well, it's in this doc. It's in this article. It said plainly, says he, he was one of the first investors." Howse: "And what was the— What is the goal of this organization that you say he and others were investing in?" Wood: "Well, this was, this is a venture capital company and you know, they invest in companies. Like the first investment they made was to fund What was Carlson's network? TCN, I think it was, right? ...That was their first investment. So their idea was to invest in non-Woke companies and that included I guess, TCN, that was the first thing they put money into. But they've invested in other companies since. So it's been very profitable for the people who did this. And now we see that Omeed Malik. Malik Perhaps, he's the CEO of 1789 Capital." Howse: "Let me go back to the article. It says, the impact of Rockbridge and Super PACS on the 2024 election is not well understood. Rockbridge's affiliated Super PAC. Turnout for America was one of a handful of groups that canvassed swing states on behalf of the Trump campaign, including Charlie Kirk's Turning Point Action. Turnout for America spent 34.5 million on the 2024 cycle, according to FCC records. Far less than the 261 million from Elon Musk and America's PAC. So what you're seeing is they worked very hard to get Donald Trump elected. Is this why we're seeing Donald Trump go so big with the Tech Bros?" Wood: "Apparently so. It seems. You know, it seems like this whole— This whole thing was architected by Peter Thiel in the first place. We document this in our book the Final Betrayal. We write a lot about Peter Thiel and documenting exactly where he came from, how he's done all this stuff, how he strategized. He's a master strategist for sure. But he was. We see Peter Thiel in everything going back at least 25 years, starting with the PayPal mafia. And now he's just everywhere you look. And all of a sudden he shows up here in this story where, where he's with J.D. Vance and Tucker Carlson and Charlie Kirk, et cetera, et cetera, et cetera. He's everywhere, it seems like. And, this is not a mistake for sure." Howse: "So what do you think the goal and objective is of these folks? Is it just technocracy?" Wood: "Absolutely. Absolutely. So these people, they're. Well, they're one column for sure. There's other people who want to take over the country as well and take over the world. Like the old song says, everybody wants to take over the world." Howse: "Do you think it's possible that Charlie Kirk got into this and saw what was going on, was about to blow the whistle on any of this?" Wood: "This is a good possibility. I wouldn't say that outright, but I think I'm, I'm thinking it, Okay?"

MIND BLOWING 🤯 Patrick Wood connects J.D. Vance, Don Trump Jr., Charlie Kirk, and Peter Thiel via the 1789 capital firm. The firm's first investment? Tucker Carlson. Howse: "What do you think the goal and objective is of these folks? ...Technocracy?" Wood: "Absolutely." This clip of Patrick Wood (Patrick Wood), an economic and market forecaster, speaker, and author of Technocracy Rising: The Trojan Horse of Global Transformation and Technocracy: The Hard Road to World Order, is taken from an interview with Brannon Howse (Brannon Howse) posted to YouTube on November 7, 2025. Note that Wood says that "We see Peter Thiel in everything going back at least 25 years, starting with the PayPal mafia. And now he's just everywhere you look. And all of a sudden he shows up here in this story where he's with J.D. Vance and Tucker Carlson and Charlie Kirk, et cetera, et cetera, et cetera. He's everywhere, it seems like. And this is not a mistake for sure." ----------------Partial transcription of clip--------------- Wood: "This is so deep at this point. I'm still kind of figuring out where all of these connections are. But we see John Don Jr. JD Vance, Charlie Kirk, Tucker Carlson." Howse: "Wait a minute. Charlie Kirk was at this meeting? Wood: "Not exactly, but he was one of the first investors in the 1789 capital firm." Howse: "Was he really?" Wood: "Yes, he was. [And] this basically kind of debunks the idea that, he had a brush-in with Peter Thiel when he was in college, or before he went to college." Howse: "And you're, talking about JD Vance now?" Wood: "No, I'm talking about Charlie Kirk. Okay. Ch— Charlie Kirk, applied for a grant from Peter Thiel. He didn't get it, but nevertheless he was there, okay? When he was under 20 years old. So I would have dismissed that. Okay, he did it, he lost, and he didn't get anywhere. But now it comes out there was a relationship all along with Peter thiel because the 1789 capital fund included Peter Thiel as well. He's one of the architects of it, if you will. And he was a friend of all these people, including J.D. Vance. And of course J.D. Vance is his protege. But now it appears that Charlie Kirk knew exactly what he was doing with Peter Thiel and he dumped a lot of money into the 1789 capital fund." Howse: "And you have that documented?" Wood: "Yep. Well, it's in this doc. It's in this article. It said plainly, says he, he was one of the first investors." Howse: "And what was the— What is the goal of this organization that you say he and others were investing in?" Wood: "Well, this was, this is a venture capital company and you know, they invest in companies. Like the first investment they made was to fund What was Carlson's network? TCN, I think it was, right? ...That was their first investment. So their idea was to invest in non-Woke companies and that included I guess, TCN, that was the first thing they put money into. But they've invested in other companies since. So it's been very profitable for the people who did this. And now we see that Omeed Malik. Malik Perhaps, he's the CEO of 1789 Capital." Howse: "Let me go back to the article. It says, the impact of Rockbridge and Super PACS on the 2024 election is not well understood. Rockbridge's affiliated Super PAC. Turnout for America was one of a handful of groups that canvassed swing states on behalf of the Trump campaign, including Charlie Kirk's Turning Point Action. Turnout for America spent 34.5 million on the 2024 cycle, according to FCC records. Far less than the 261 million from Elon Musk and America's PAC. So what you're seeing is they worked very hard to get Donald Trump elected. Is this why we're seeing Donald Trump go so big with the Tech Bros?" Wood: "Apparently so. It seems. You know, it seems like this whole— This whole thing was architected by Peter Thiel in the first place. We document this in our book the Final Betrayal. We write a lot about Peter Thiel and documenting exactly where he came from, how he's done all this stuff, how he strategized. He's a master strategist for sure. But he was. We see Peter Thiel in everything going back at least 25 years, starting with the PayPal mafia. And now he's just everywhere you look. And all of a sudden he shows up here in this story where, where he's with J.D. Vance and Tucker Carlson and Charlie Kirk, et cetera, et cetera, et cetera. He's everywhere, it seems like. And, this is not a mistake for sure." Howse: "So what do you think the goal and objective is of these folks? Is it just technocracy?" Wood: "Absolutely. Absolutely. So these people, they're. Well, they're one column for sure. There's other people who want to take over the country as well and take over the world. Like the old song says, everybody wants to take over the world." Howse: "Do you think it's possible that Charlie Kirk got into this and saw what was going on, was about to blow the whistle on any of this?" Wood: "This is a good possibility. I wouldn't say that outright, but I think I'm, I'm thinking it, Okay?"

Sense Receptor

26,055 Aufrufe • vor 8 Monaten