Words to Start the Week (Feb. 3, 2025)
Nuggets from past notes
“In the long run, there’s no reasonable alternative to believing that good decisions will lead to investment profits. In the short run, however, we must be stoic when they don’t”
“The riskiest things: When buyers compete to put large amounts of capital to work in a market, prices are bid up relative to value, prospective returns shrink, and risk rises. It’s only when buyers predominate relative to sellers that you can have highly overpriced assets. The warning signs shouldn’t be hard to spot”
“Taste is great if you have it, but there are so many people in the planet that do. If you don’t have taste, what most tech companies do is use data. Data is approachable and leverageable. Because Apple has antibodies to using data to measure success, if you subtract taste by even a bit, you don’t have the scaffolding that every other company would use, and so you see the worst of both worlds.”
“No doctor derived pleasure from the health of his friends, no soldier from the peace of his city.”
“People say I’m fearless. I think I’ve been scared so many times that I now have a relationship with it. I’ve been able to use fear as a tool in my life. It’s made me perform better, hear better, see better, be faster.”