What valuable company is nobody building?

The business model piece is we're always talking about competing more effectively. If you're starting a company or career you don't want to compete. You want to create a monopoly. We want to invest in a company that has a good plan to create a monopoly.

First, only invest in companies that have the potential to return the value of the entire fund.

Everybody has a product to sell—no matter whether you’re an employee, a founder, or an investor. It’s true even if your company consists of just you and your computer. Look around. If you don’t see any salespeople, you’re the salesperson.

By the time a student gets to college, he's spent a decade curating a bewilderingly diverse résumé to prepare for a completely unknowable future. Come what may, he's ready-for nothing in particular.

Competition is overrated. In practice it is quite destructive and should be avoided wherever possible. Much better than fighting for scraps in existing markets is to create and own new ones.

What nerds miss is that it takes hard work to make sales look easy.