Max Levchin

Having people who are perfectly willing to do good work day in and day out is not the worst thing in the world. There's plenty of things that A players will turn their nose from because it's just not that challenging. It's not accelerating them out of the APAC. And Bs are very, very good for that. And a lot of B players over time grind their way to being A players.

Having people who are perfectly willing to do good work day in and day out is not the worst thing in the world. There's plenty of things that A players will turn their nose from because it's just not that challenging. It's not accelerating them out of the APAC. And Bs are very, very good for that. And a lot of B players over time grind their way to being A players.

So you're investing in their future and they know it. So that's also positive. But B players who have fear of being found out are the ones that you have to watch out for.

So you're investing in their future and they know it. So that's also positive. But B players who have fear of being found out are the ones that you have to watch out for.

So you're investing in their future and they know it. So that's also positive. But B players who have fear of being found out are the ones that you have to watch out for.

When I started the company, I sat down with a bunch of bankers and said, hey, I'm going to start a company where I'm going to do away with this imbalance. I'm going to eliminate fine print. So consumers do not have to read fine print to find out what the business model is and so on. Many other sort of ideas like this.

When I started the company, I sat down with a bunch of bankers and said, hey, I'm going to start a company where I'm going to do away with this imbalance. I'm going to eliminate fine print. So consumers do not have to read fine print to find out what the business model is and so on. Many other sort of ideas like this.

When I started the company, I sat down with a bunch of bankers and said, hey, I'm going to start a company where I'm going to do away with this imbalance. I'm going to eliminate fine print. So consumers do not have to read fine print to find out what the business model is and so on. Many other sort of ideas like this.

Several of them, including some very well-known people whose names will not be reeled, laughed at me and said, like, you're insane. Like, this is not just like the way you make money in this industry anymore. It's the way you make money. It's the only way.

Several of them, including some very well-known people whose names will not be reeled, laughed at me and said, like, you're insane. Like, this is not just like the way you make money in this industry anymore. It's the way you make money. It's the only way.

Several of them, including some very well-known people whose names will not be reeled, laughed at me and said, like, you're insane. Like, this is not just like the way you make money in this industry anymore. It's the way you make money. It's the only way.

It's all been competed down to the only money you have is in the form of things that the customer doesn't understand because everything else has been wiggled out. And I said, you know, I don't think so. And I don't actually have a full model in Excel or in my head or on paper proving that I'm right. So this was not a calculated risk.

It's all been competed down to the only money you have is in the form of things that the customer doesn't understand because everything else has been wiggled out. And I said, you know, I don't think so. And I don't actually have a full model in Excel or in my head or on paper proving that I'm right. So this was not a calculated risk.

It's all been competed down to the only money you have is in the form of things that the customer doesn't understand because everything else has been wiggled out. And I said, you know, I don't think so. And I don't actually have a full model in Excel or in my head or on paper proving that I'm right. So this was not a calculated risk.

But I think it's not really worth running a company that fits neatly into the mold of screw the customer, make some money. I want to run the one that says, never screw the customer. Let's see if we can make some money. And at this point, we're public. Our financials are visible. We do very well financially.

But I think it's not really worth running a company that fits neatly into the mold of screw the customer, make some money. I want to run the one that says, never screw the customer. Let's see if we can make some money. And at this point, we're public. Our financials are visible. We do very well financially.

But I think it's not really worth running a company that fits neatly into the mold of screw the customer, make some money. I want to run the one that says, never screw the customer. Let's see if we can make some money. And at this point, we're public. Our financials are visible. We do very well financially.

and so it was totally possible but this was a non-calculated risk at the very beginning of the mission that i just sort of decided like we're gonna do it and so the calculus of the first bet was like not a calculus at all it was just like i think it's gonna work but i'm okay finding out that i'm wrong what highly calculated risk did not work out where your process was right but the outcome was wrong

and so it was totally possible but this was a non-calculated risk at the very beginning of the mission that i just sort of decided like we're gonna do it and so the calculus of the first bet was like not a calculus at all it was just like i think it's gonna work but i'm okay finding out that i'm wrong what highly calculated risk did not work out where your process was right but the outcome was wrong

and so it was totally possible but this was a non-calculated risk at the very beginning of the mission that i just sort of decided like we're gonna do it and so the calculus of the first bet was like not a calculus at all it was just like i think it's gonna work but i'm okay finding out that i'm wrong what highly calculated risk did not work out where your process was right but the outcome was wrong