Morgan Housel

One is the idea that if you're in a game like that where you don't have a perfect success rate, like if you're a pilot, you should have a perfect success rate.

Every flight should land.

It should be 100% every time.

If you're an investor and it's not like that, you have to be very comfortable with a lot of things not working.

And a lot of investors are not.

A lot of investors, it will destroy their ego, their soul, or the trust among their investors.

If they're like, hey, we picked 10 stocks and three of them went bankrupt and four of them did okay, but one did really well.

Even if on average it works out, a lot of people just can't handle that kind of volatility.

So coming to terms with the idea that it's always going to be a tail-driven business, just the psychology of that is important.

The other, I think, more important takeaway, though, is the humility of how hard it is to emulate this.

It would be one thing to learn how to be a pilot and learn the mechanics of an airplane and of aerodynamics and to figure out how you can land the plane every time and you can teach that skill.

It's another to be like, man, if you're a great investor and you're so smart and you know everything,

You're right five and a half times out of 10.

And that's if you're good.

And that's like, it's a very humbling statistic just to put people in their place, I think, in a good way of how difficult this business can be.

Yeah.

And this might get back to a little bit what we said earlier of, you know, so I joined the fund in 2016, but I'm not an investor, but I've been able to watch and observe a top tier venture capital fund operate.

And what's very interesting to me is true to all venture capital companies, a small minority of the companies we've invested in account for the vast majority, virtually all of the returns.

Lyft, Beyond Meat, Impossible Foods, Upstart.

Those what I just named are the vast majority of returns.