venturing.in

It doesn’t matter how beautiful your theory is, it doesn’t matter how smart you are. If it doesn’t agree with experiment, it’s wrong. In that simple statement is the key to science.

– Richard Feynman

Making a product is hard but making a team that can continually make products is even harder. The product I’m most proud of is Apple and the team I built at Apple.

– Steve Jobs

Headlines, in a way, are what mislead you, because bad news is a headline, and gradual improvement is not.

– Bill Gates

People calculate too much and think too little. Thinking is a surprisingly underrated activity in investing. People who cannot be alone with their own thoughts for a long time are terrible candidates to become successful investors.

– Charlie Munger

What we tend to focus on are those attributes that are easy to talk about, and just because we talk about them doesn’t mean that they’re the important attributes. All that means is they’re the ones that are easy to talk about.

– Jony Ive

The problem of profit is one way of looking at the problem of the contrast between perfect competition and actual competition…The key to the whole tangle will be found to lie in the notion of risk or uncertainty and the ambiguities concealed therein…The essential fact is that “risk” means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of this character; and there are far-reaching and crucial differences in the bearings of the phenomenon depending on which of the two is really present and operating…It will appear that a measurable uncertainty, or “risk” proper, as we shall use the term, is so far different from an unmeasurable one that it is not in effect an uncertainty at all. We shall accordingly restrict the term “uncertainty” to cases of the non-quantitive type. It is this “true” uncertainty, and not risk, as has been argued, which forms the basis of a valid theory of profit and accounts for the divergence between actual and theoretical competition.

– Frank Knight, Risk, Uncertainty and Profit

The first rule of fishing is to fish where the fish are, and the second is don’t forget the first. We’ve gotten good at fishing where the fish are. There’s too many boats in the damn water, but the fish are still in it.

– Charlie Munger

When you think you just lack words, what you really lack are ideas. Ideas come in the form of frames. When the frames are there, the words come readily.

– Link

When a measure becomes a target, it ceases to be a good measure…the more a metric is used, the more likely it is to corrupt the process it is intended to monitor.

– Link