He is the CEO and co-founder of AngelList. He’s invested in more than 100 companies, including Uber, Twitter, Yammer, and many others.
Wealth Creation TL;DR:
Be successful in life by creating wealth, having good relationships, being fit and being happy - have an action bias towards getting what you want & be a rational optimistic about it.
Think big & the outcome will be big.
Ideally, you only work to express your creativity.
Be a maker, not just a taker.
You are not going to get rich by renting out your time - need to get paid at scale
You will be rewarded directly in proportion with your level of accountability in the business
Escape competition through authenticity. No-one can compete with you on being you.
All benefits in life come from compound interest. Wealth, relationship, health, good-will.
Self-esteem is a reputation that you have with yourself. Ego can be undeserving.
Foundation of learning is reading.
Authenticity helps you get away from competition. Know yourself, be yourself.
If you want to do great things - you need to have free time and a free mind. Busy calendar & schedule will destroy your creativity.
Be impatient with actions and patience with results.
True wealth creation notes:
Businesses and assets that can earn while you sleep
Purpose of wealth is freedom - be your own sovereign individual
Not going to get it unless you really want it - and everyone wants it
Money - how we transfer wealth
Positive sum games
Create things together
Status - Ranking in social hierarchy
Zero sum game
Play an important role in our society
Much better predictor of survival
4 kinds of luck
Hustler luck - things get stirred up in the dust
Good at spotting luck - skilled in field and notice a break
luck finds you
create your own luck
deterministic - stops being luck
unique way that you act & your character - your reputation
more or less destiny
be on the frontier & dig deeper than other people
You need to find a job or career where your inputs and outputs are highly disconnected (more creative careers) - looking for a job where your work doesn’t scale linearly.
Internet connects everyone to everyone. You can find your audience/customers, no matter how far they are.
Long term game, everybody is making each other rich.
Short term game, everybody is making themselves rich.
Pick people to work with that have:
High intelligence (smart)
High energy (proactive)
High integrity (look for signals - what they DO not what they SAY)
Be a rational optimist.
Either lead, follow or get out of the way.
Have a strong action bias.
Why not think big? One life on this planet.
Avoid risk of ruin - take rationally optimistic bets with big upsides
You hire when
It takes more man hours than you have available (engineering work)
You hire for skills you don't have on the team (domains specific)
Skills that you need
Specific knowledge - you getting paid as opposed to someone else
Accountability - why you?
Leverage - getting paid at scale
Along with these, need to put in the time & hours - don’t keep track & don’t keep count - just enjoy it and keep doing it - get paid in a long enough timescale - 3/5/10/20 years
Making money - function of your identity & what you like to do
Look at what you have already built, and built on top of it.
You get paid for your specific knowledge
Pursuing innate talents & passion
Found by observation - what are you good at?
Technical & creative - tech, art, creation - can’t be automated - product knowledge
Follow your own obsession - keep an eye out for monetizing it
Learn to sell, learn to build - if you can do both, you’ll be unstoppable
Episode 15 - related to build tech/company & selling
2 founders - 1 at sales & 1 at building (CEO + CTO combo) - Catnip to investors
Selling scales better - hiring other people, online writing marketing etc
Builder can pick up selling - time + focus
Foundational books to read
Adam smith - wealth of nations
Darwin - origins of species
Watson & Crick - The Double Helix
Richard Feynman - 6 easy pieces to start with physics
Donal Knuth - algorithms
Built on a steel frame of a building
Principles & algorithms
Math & logic - scientific methods
Learning curve is across iterations (not repetition)
Need to try new things in every iteration
Gives you more shots on goal
Bruce Lee - practice 1 punch 1000 times
Entrepreneur - bleed everyday and win big later
Small team with high level of accountability
Without it can’t have incentives
High accountability - less replaceable
Equity holder - greater risk but most of the upside
Reward is directly proportional to your accountability
Labor - Oldest form of leverage
overvalued - how many people work there?
Ideally min # of people working with you
Capital - inventions of humans in last few thousand years
Trickier, more modern
Pretty common these days with bigger companies
Feels unfair - passed on through generations - accumulation
Scales well - but hard to obtain it
Product, Code & Media based - Products that have no marginal cost of replication
Started with printing press, broadcast media, internet & code
New fortunes, new generation - code or media
Amazing scale economies
Combine all 3 - Magic ✨- all tech startups - huge outsized returns
#3 leverage is permission-less leverage - #1 & #2 are becoming permission-less based on the internet
AI revolution is here - robots & computers - command them with code language
Scale economies - the more you produce something the cheaper it gets
Tech products has zero marginal costs of reproduction
Metcalfe’s law - value of a network is proportional to square of the nodes in a network
Facebook, Uber, Youtube, Amazon, English Language, Money
Each additional user adds value to the existing users
Customers add value to each other
Wisdom applied to external problems is judgement
Leverage is a force multiplier for your judgement
Once you have leverage - you want to slow down and use judgement instead
Everything you do is setting you up to apply your judgement
People with the best judgement are among the least emotional
Value your time
Set high personal hourly rate
Outsource something or don’t do it
Focus: Find product market fit, eat healthy & be fit
Product Market Founder Fit - how well are you suited to the business?
Who you work with? Work with the best people possible - build strong alumni network
How hard do you work? Work as hard as you can - sprints (not marathon)