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We backed Bilibili when most people could not see how it would ever make money. That is exactly when you have to be early.
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I would rather own a real piece of a few companies I understand deeply than a little bit of everything.
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The strongest moat a company can have is a community that would be heartbroken if it disappeared.
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In the earliest days, you are betting on the founder more than the business plan.
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Patience is not a nice-to-have in venture. It is the entire job.