Max Levchin

And so sometimes it's very tempting to say, well, by now the market should know and they should just give us high marks and that means the stock goes green, green, green. And more often than not, you have a temporal mismatch where you're doing great, you know you're doing great and the market thinks you're not.

And if you're a startup or fairly high volatility stock, you end up with, well, I did great. Why am I getting punished? And the short answer is it's the market. Like you just don't get to tell it when to react to good news or bad news and how.

And if you're a startup or fairly high volatility stock, you end up with, well, I did great. Why am I getting punished? And the short answer is it's the market. Like you just don't get to tell it when to react to good news or bad news and how.

And if you're a startup or fairly high volatility stock, you end up with, well, I did great. Why am I getting punished? And the short answer is it's the market. Like you just don't get to tell it when to react to good news or bad news and how.

And so the more you sort of convince yourself that in the end, there's a great, I think it's attributed to Warren Buffett, but it's actually from Graham, his mentor. In the short term, the market is a voting machine. In the long term, it's a weighing machine. I take great comfort in saying this to myself whenever the market, I think, misjudges me.

And so the more you sort of convince yourself that in the end, there's a great, I think it's attributed to Warren Buffett, but it's actually from Graham, his mentor. In the short term, the market is a voting machine. In the long term, it's a weighing machine. I take great comfort in saying this to myself whenever the market, I think, misjudges me.

And so the more you sort of convince yourself that in the end, there's a great, I think it's attributed to Warren Buffett, but it's actually from Graham, his mentor. In the short term, the market is a voting machine. In the long term, it's a weighing machine. I take great comfort in saying this to myself whenever the market, I think, misjudges me.

But I've gone through some great lengths, by the way, to make sure I don't accidentally stumble on my ticker. So my Apple desktop, if I click in the top right corner and stocks drops down, I cannot see my stock ticker. So I don't accidentally discover that today's a red day or a green day just to make sure I stay focused. You have to think long term.

But I've gone through some great lengths, by the way, to make sure I don't accidentally stumble on my ticker. So my Apple desktop, if I click in the top right corner and stocks drops down, I cannot see my stock ticker. So I don't accidentally discover that today's a red day or a green day just to make sure I stay focused. You have to think long term.

But I've gone through some great lengths, by the way, to make sure I don't accidentally stumble on my ticker. So my Apple desktop, if I click in the top right corner and stocks drops down, I cannot see my stock ticker. So I don't accidentally discover that today's a red day or a green day just to make sure I stay focused. You have to think long term.

If you are catching yourself thinking short term, and by short term, I mean, let's have an amazing quarter and like you're in trouble. Do you see a dip in employee morale though when stock go down? I don't, but I think I make it my business. Every time I talk to our outcomes as a company, I take great pains not to talk about the price of the stock.

If you are catching yourself thinking short term, and by short term, I mean, let's have an amazing quarter and like you're in trouble. Do you see a dip in employee morale though when stock go down? I don't, but I think I make it my business. Every time I talk to our outcomes as a company, I take great pains not to talk about the price of the stock.

If you are catching yourself thinking short term, and by short term, I mean, let's have an amazing quarter and like you're in trouble. Do you see a dip in employee morale though when stock go down? I don't, but I think I make it my business. Every time I talk to our outcomes as a company, I take great pains not to talk about the price of the stock.

The only time I talked about the price of our stock to our employees at length when it was flying very high after the IPO and it's really the heady days of 21, I'd actually repeatedly said, look, do not get accustomed to whatever numbers you're reading on the screen today. Like we will not know what this company's worth for years. Just like if you think it's too low, good for you.

The only time I talked about the price of our stock to our employees at length when it was flying very high after the IPO and it's really the heady days of 21, I'd actually repeatedly said, look, do not get accustomed to whatever numbers you're reading on the screen today. Like we will not know what this company's worth for years. Just like if you think it's too low, good for you.

The only time I talked about the price of our stock to our employees at length when it was flying very high after the IPO and it's really the heady days of 21, I'd actually repeatedly said, look, do not get accustomed to whatever numbers you're reading on the screen today. Like we will not know what this company's worth for years. Just like if you think it's too low, good for you.

If you think it's too high, it may well be like, just do not look, do not get conviction that this is actually correlated to some tangible metric. Like first we have to get profitable, then we have to show revenue growth rates, then we have to show net income growth. And that's what, you know, long-term the weighing machine, that's what that weighs. It's not weighing sentiment.

If you think it's too high, it may well be like, just do not look, do not get conviction that this is actually correlated to some tangible metric. Like first we have to get profitable, then we have to show revenue growth rates, then we have to show net income growth. And that's what, you know, long-term the weighing machine, that's what that weighs. It's not weighing sentiment.

If you think it's too high, it may well be like, just do not look, do not get conviction that this is actually correlated to some tangible metric. Like first we have to get profitable, then we have to show revenue growth rates, then we have to show net income growth. And that's what, you know, long-term the weighing machine, that's what that weighs. It's not weighing sentiment.

It should not be weighing sentiment.