You don’t get what you deserve you get what you take

• Adoption. Identity. Independence and control
• Eichler homes. Mass market. Inspiration for Apple design
• His intensity. Whatever he was interested in he carried on to an irrational extreme
• Stay hungry stay foolish
• Frutarian. Leaves picked by virgins in the moonlight
• Alan Kay: the best way to predict the future is to invent it
• Good artists copy. Great artists steal
• In the annals of innovation, ideas are only part of the equation. Execution is just as important
• Jobs on raskin: dreamer vs doer
• Rebellion. Nietzche will to power.
• Knows your weak points. Can crush you. Those not crushed = stronger.
• Don’t compromise
• Do you want to down the rest of your life selling sugar water or do you want to change the world
• Think different
• Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can’t do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do
• If you need slides it means you don’t know what you’re talking about
• True creativity comes from closed systems
• The journey is the reward
• Focus. Intensity.
• Zen training
• People don’t know what they want until you show it to them. Our job is to read what’s not yet on the page
• jobs – “That’s the ante for being in the room. You have to be able to be super honest. Maybe there is a better way. A gentleman’s club where we all wear ties and speak in this Brahmin language and speak in velvet code words. But I don’t know that way because I’m middle class and from California.”

• he reacts viciously to employees that don’t meet his standards
• “there is so much stuff that is yet to be invented”
• door desks symbolize the companys frugality
• DE shaw – work soulmate. “fully developed left and right brain”
• on bezos: “most introspective guy i’ve ever met. very methodical about everything”
• bezos took a whole group out….with his focus obviously only on mackenzie
• token extrovert. natural leader.
• shaw and bezos used to brainstorm on business ideas.
• juno = precursor to email. foursight of etfc /etc
• had the vision for the everything store but focused on a narrow category. books.
• bezos spoke to shaw. walked around central park for several hours. shaw told bezos that he understood the entrepreneurial impulse. bezos was reading “remains of the day” at the time. and he developed the regret minimization framework. “when you are in the thick of things, you can get confused by the small stuff.” think about what you’d regret when you’re 80. at the time, hypothesizing being 80, leaving a wall street bonus didn’t fee like it’d matter at the end of the day. he knew though. that he’d sincerely regret not taking part in this thing called the internet
• jeff was 31. mackenzie was 24 when they moved across the country. watched the sun rise at the grand canyon
• stubborn to do anything conventionally
• critical meeting with costco
• ravi suria lehman
• dad; cuban immigrant. libertarianism
• grandpa: visceral distaste for inefficiency
• fiercely competitive
• strong motherly influence. friend group
• step by step ferociously
• no powerpoint. easy to hide. focus on narratives
• primitives. focusing on building blocks
• to a vp: “why are you wasting my life”
• Gazelle project. Cheetah gazelle. Targeting vulnerable /dependent publishers for favorable financial terms

• What makes a decision great is not a great outcome. A great decision is the result of a good process and that process must include an attempt to accurately represent our own state of knowledge. That state of knowledge in turn is some variation of I’m not sure.
• when it comes to self serving bias we act as if our good outcomes are perfectly correlated to good skill and our bad outcomes are perfectly correlated to bad luck

• “When I enter a meeting with a potential collaborator, I always assume they are wondering: what does this person have to offer me? What can he add to the conversation? Where do our shared interests lie?”
• The most successful creative relationships start from a place of authenticity and pure intentions. Showing up in our truth. No ulterior motives. Genuine curiosity about the other person. And respect.
• From gladwell; “outliers are those who have been given opportunities – and have had the strength and presence of mind to seize them”

• Stan druckenmiller. Started out as a bank and chemicals analyst. Focusing on what drives the stock. Dreyfus, soros. Breadth of markets. Be aggressive when you’re up.
• Richard driehaus. You have to be willing to turn over your portfolio more frequently than the conventional norm to get superior performance. Comfortable with high PE. Buying on uptrends. Big high sell higher. Nietzche. What does not destroy me makes me stronger.

• Blair hull. Wolf detectors. Unusual price moves in underlying of stock. Sudden increases in volume. Jump in implied volatility of out of the money options. In context of M&A on a short position

• Steinhardt “when are we going to get something that is going to surprise the world.” Anyone who thinks he can formulate success in this racket is deluding himself because it changes too quickly. As soon as a formula is right for any length of time it’s own success carries the weight of its inevitable failure
• See photo.
• William o Neal. Canslim. Current earnings per share growth. 5 year growth cagr. New (products, services, highs). Leader or laggard. Institutional ownership. Market.
• See photo
• David Ryan. RS, long term eps vs recent. Industry RS. New products. Share counts. Opportunity for growing institutional ownership. Price base. Has it doubled? Might double again. “So a stock which is at new highs has much more of an open running field? Right, because no one ahead of you is at a loss and wants to get out at the first opportunity. Everybody has a profit, everybody is happy” volumes doubling on highs = a lot of new buyers. Consolidation on lower volumes. Volumes picking up = potential move. “I think if you love what you are doing you are going to be a lot more successful.”.
• Marty Schwartz. By mid 1978 I was a securities analyst for 8 years and it had become intolerable. I always knew I wanted to work for myself have no clients and answer to no one. To me that was the ultimate goal. “Why wasn’t I doing well when I was groomed to be successful?” I decided it was now time to be successful. “One of the most suicidal things you can do in trading is to keep adding to a losing position.
• Paul Tudor Jones. Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do you are dead. Prices move first, fundamentals 2nd. Don’t focus on making money. Focus on protecting what you have.
• Van Karp. Cut your losses. Let your winners run.

• Greyloft spun out of ARD
• ARD returns were 5% IRR ex DEC from 1946-~1970. Including ARD = near 20% returns. validated the long tail
• First 3 vcs. Dga (Draper ghaither Anderson). Draper left for Sutter hill. Greylock. Started off generalist but had to specialize. Venrock Rockefeller family. Venrock rode apple from $500k to $289m in contemporary dollars…in 3 years
• JD rockefeller “if you want to succeed, you should strike out on new paths rather than travel the worn paths of accepted success”
• Core vc industry growth drivers: LP structure, increasing number of proof points for long tail outcomes (venrock Apple), decreasing capital gains taxation
• Arthur rock (people) Tom Perkins (tech) sequoia (markets)
• Terman. Head of Stanford engineering. Encouraged docs and post docs to start companies but also come back and teach. Encouraged university and industry relations, uncommon vs east coast schools
• “the regions culture encouraged risk and accepted failure”…”there were no boundaries of age, status or social stratum that precluded the possibility of a new beginning”…”it appealed to individuals interested in technology, many of them uninterested in the brutally cold winters and more structured orders associated with the east coast
• East coast ARD, Greylock, Venrock. West coast Davis and rock, Sutter hill (forms dga) and angels. Perkins sought to systemize investments in high technology.
• Valentine. Yonkers, Fordham. National semi, Fairchild. Capital group sequoia. Market sizing.
• Key banks / “four horsemen”: Alex brown (Baltimore), Rothschild (new york), robertson Stephens (SF), hambrecht and quist (sf)
• Law firms: Cooley. Wilson sonsini.
• Venture debt. SIVB
• Kpcb. Sequoia. Greylock. Mayfield. Then battery, matrix. Accel (of Adler & co), DFJ
• Nea. Newhall, t Rowe. Doriot”
• Anndreesen. Netscape.
• Kpcb. Recruiting and networks as a competitive advantage.
• PayPal. Thiel levchin. musk x.com. PayPal mafia
• Hotmail. User acquisition w trivial marketing costs
• yahoo was passed on bc people didn’t believe in making money on a free product

• Studied under Wilson. Taught FDR. Andrews. Banking = Renaissance pursuit. Shakespeare, Cambridge, lectures on exploration. Runner and swimmer.
• Sweden. Then Bank of England. Private.
• Bank of France. Post war. Similar with US. Revolution and 1812
• England Germany and France. All private. France controlled by state. England private. Germany – trained professionals (Reichsbank)
• Davison. JPM
• Jeckyll island. 1910. Secrecy. Aldrich Warburg Davison vanderlip. Had to convince J.P. Morgan, baker and stillman,