TIMING

Being too far ahead of your time is indistinguishable from being wrong.

I've never used valuation to time the market. It's a good tool for knowing what you own, but a terrible tool for knowing when to buy or sell.

The people who beat me to Bitcoin by five years made more money than me. The people who wait five more years will wish they started today.

The pandemic didn't make Zoom successful. It just made everyone else realize they needed what we had already built.

When CMS said health plans need to respond to prior auth requests in 72 hours, most plans panicked. We were the phone call they made the next morning.

We started OpenSea in 2017 and nobody cared about NFTs for three years. Then one day in 2021, everyone cared at the same time. Being early is indistinguishable from being wrong — until suddenly it isn't.

We raised $3.5 billion on a vision of the future. The vision was right. The timing was wrong by about a decade. That's an expensive lesson in patience.

Apple spent $10 billion on Vision Pro and priced it at $3,499. If Apple can't make consumer AR affordable, nobody was going to in 2018. We were early, not wrong.