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you are either on a real lucky streak.. or you're not going to showdown often enough... People used to say similar things in Warren Buffett's early days - that
by hop 17y ago
you are either on a real lucky streak.. or you're not going to showdown often enough...
People used to say similar things in Warren Buffett's early days - that he was either super lucky or wasn't leveraging himself enough to multiply his investment prowness. Now he's one of the richest men in the world.
And like Buffet, Paul isn't throwing darts at a roulette wheel, hoping for a winner. He is deeply involved in helping build these companies. He's a technical genius that hedges his bets. He can give access to his friends like PG or the Google founders. If making a poker analogy, paul would be the player with x-ray vision, knowing where and when to bet or fold.
- DaniFong 17y agoThat's a good point. Almost everyone will play the leverage game once it gets popular: this means that opportunities for the kind of statistical arbitrage people like mellow out, and what's more the whole stock market will be so highly inter-networked that the short term stock price will be fragile. But through judicious investment and directorship one's illiquid investments -- as Berkshire Hathaway tends to make them, can be multiplied far more profoundly than traditional leveraged investment. In this way B.H. operates more like private equity or a venture firm -- what's amazing is the difference in scale. Incidentally, I worked out the same numbers for my own financial situation. It doesn't make a lick of sense for me to save up and diversify at this point, or even actively invest to chase the best return I can, not now. All of my money and effort should go back into my startup, so that I achieve profitability there, and liquidity.
- prakash 17y agoDoes this mean Sanjeev Singh is Charlie Munger?