RETURNS

The way to build superior long-term returns is through preservation of capital and home runs. You can be wrong 30% of the time and still make a fortune if you cut losses and let winners run.

I wrote a $25,000 check into Uber. It's worth about $100 million now. That's the power of angel investing.

We sold Starwood Hotels to Marriott for $13.6 billion. I started with one distressed apartment complex. That is what happens when you buy what nobody wants and turn it into what everyone wants.

Impact investing used to mean accepting lower returns. We reject that premise entirely. The best impact investments should generate the best returns.

The 76ers cost $287 million in 2011. They are worth over $3 billion now. Tell me again why sports teams are not good investments.

Most fund managers destroy value through excessive activity. The hardest thing in investing is doing nothing, and it's also the most profitable.

Beats by Dre. One million dollar investment. Thirty million dollar return. That taught me what equity means.

I bought the Hornets for 275 million. Sold for 3 billion. Basketball taught me competition. Business taught me patience.

My investors made money. Every single one of them. That should matter more than the headlines.

I repurchased 90% of our shares. It was the best investment Teledyne ever made — buying ourselves.

A 7-day return policy on used cars was unheard of in Latin America. Trust is our competitive advantage.

Private equity has a bad reputation. But the returns speak for themselves.

Staples was a $2.5 million bet. It became a $19 billion company. That's what conviction looks like.

Two investments. Nearly $50 billion in combined value. In venture, you only need to be right a few times. But you need to be really right.

We sold a majority stake for $75 million. The newsletter cost us essentially nothing to start. That's the best ROI I'll ever see.

I'd rather make 12% a year for 40 years than 40% a year for 12 years. The math works out much better.

209% in one year sounds amazing until you realize it means I was taking enough risk to lose 100%.

I wrote a $250,000 check for Instagram’s seed round. It’s the best quarter-million I’ll ever spend.

Most VCs invest in software because it’s comfortable. The biggest returns come from the uncomfortable stuff — curing cancer, going to space.

Investing in underrepresented founders is not charity. It is the smartest money in the room.

We do not need to choose between financial returns and environmental outcomes. The best investments deliver both.

The returns that we are able to generate in this kind of market are about as good as we have seen in 15 years.

What will come out of China from an investment return perspective over the next five to ten years will be very, very good.