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The key to understanding any market is to recognize when the competitive dynamics have shifted from 'too early' to 'winner take most.'
market-dynamics— Above the Crowd blog, 2013
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A company with negative unit economics is not a business. It's a transfer of wealth from investors to consumers.
unit-economics— Above the Crowd blog, 2012
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We are in a risk bubble. The risk-taking has been enormous. The valuations have been enormous. And a lot of people are going to get hurt.
risk— SXSW keynote, 2015
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The most dangerous thing you can do in venture is invest at a price that requires perfection to earn a return.
valuation— Bloomberg interview, 2019
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Network effects are the most powerful force in technology. Once a marketplace achieves liquidity, it becomes nearly impossible to dislodge.
investing— Above the Crowd blog, 2011