Ric Elias

To bet, I hate to gamble.

And I think life is about understanding odds and edges and risks.

And this whole notion of can you win multiple ways also applies on the other side.

When I look at a business model, if the business has three variables for it to work, I will never invest in it.

There's some great businesses that need three variables.

They're going to need a ton of capital, a ton of luck.

They're going to have to figure some stuff out.

If the business has two variables, then you're compounding the risk.

So you better be fairly certain that one of those variables you have high confidence on and the other one you have some visibility on.

And if the business has one variable and you have an inkling, lean right in.

So a lot of this is just decomposed risk of what you're investing in.

And it applies to everything.

So it's both the multiplier and then the discount that you would apply to an intuitive decision.

And when we see something, we're like, okay, that's worth the bet.

But understanding that when you're betting, you're going to lose some.

And if you're, I think if anything...

You need to have bad bets to be able to be a good better.

Otherwise, you're just taking fastballs 85 miles an hour down the plate.

What episode of Red Ventures history do you look back on with the most pride?

We all have revisionist history.