Stuart Miller

It's a huge structural inefficiency because if you're the guy running the platform and your star guy leaves... and you sponsor him and promote him too much, you create incentive for everybody else to do that. So I really like hair on a former situation, specifically where I know the former PM and I have a feel for why they might be a little sociopathic about it. Fair enough.

It's a huge structural inefficiency because if you're the guy running the platform and your star guy leaves... and you sponsor him and promote him too much, you create incentive for everybody else to do that. So I really like hair on a former situation, specifically where I know the former PM and I have a feel for why they might be a little sociopathic about it. Fair enough.

I've been on so many counseling calls with people thinking of leaving. Like at any one time, I have five to 20 conversations going with somebody who's thinking of leaving a thing. And the level of fear about how the source, the primary person of their existing platform is going to relate to them is so consistent and so high and correct.

I've been on so many counseling calls with people thinking of leaving. Like at any one time, I have five to 20 conversations going with somebody who's thinking of leaving a thing. And the level of fear about how the source, the primary person of their existing platform is going to relate to them is so consistent and so high and correct.

Well, one is it's very easy to be defined almost everything online. You're thinking of doing in reaction to your current container. The genesis in part, I think, of Josh Waitzkin's cave process is that's not a healthy way to start a new thing. You can't do it in reaction. You can do it somewhat in reaction to the old thing because that informs your map of reality and what you want to change.

Well, one is it's very easy to be defined almost everything online. You're thinking of doing in reaction to your current container. The genesis in part, I think, of Josh Waitzkin's cave process is that's not a healthy way to start a new thing. You can't do it in reaction. You can do it somewhat in reaction to the old thing because that informs your map of reality and what you want to change.

But if it's all reactive... There's something kind of, it's like the psychologists divide things into approach motivation and avoidance motivation. It ends up being too much avoidance motivation somehow. There's like this negativity baked into the DNA of the thing if you allow too much of that. So I feel like that's one thing. It's easy to be too cute about that.

But if it's all reactive... There's something kind of, it's like the psychologists divide things into approach motivation and avoidance motivation. It ends up being too much avoidance motivation somehow. There's like this negativity baked into the DNA of the thing if you allow too much of that. So I feel like that's one thing. It's easy to be too cute about that.

You don't want to overweight that when someone's talking. But I feel like over time, they need to get to the point where they're articulating a proactive vision, not just... My job sucks. There is a category of it's like my friends have all started funds or they've all started whatever the thing is or all starting. You get this in Silicon Valley right now. The memetic kind of thing. Yeah.

You don't want to overweight that when someone's talking. But I feel like over time, they need to get to the point where they're articulating a proactive vision, not just... My job sucks. There is a category of it's like my friends have all started funds or they've all started whatever the thing is or all starting. You get this in Silicon Valley right now. The memetic kind of thing. Yeah.

I'm a founder. Are you not a founder yet? The founder thing is totally in this category. And it's so distinctive to my ear because I've just spent more time on it in the last couple of years. And the Silicon Valley version of it is so distinctive of founder capital F. So there's a version of it where someone is just frustrated with their current construct.

I'm a founder. Are you not a founder yet? The founder thing is totally in this category. And it's so distinctive to my ear because I've just spent more time on it in the last couple of years. And the Silicon Valley version of it is so distinctive of founder capital F. So there's a version of it where someone is just frustrated with their current construct.

The core motivation is I want to create a new job for myself. And I think that's not a great way to start a new thing. It needs to be slightly bigger than that, I think. And then at the highest level, what they're wanting is to be priced properly.

The core motivation is I want to create a new job for myself. And I think that's not a great way to start a new thing. It needs to be slightly bigger than that, I think. And then at the highest level, what they're wanting is to be priced properly.

by the market in a hedge fund context, or probably applies to startups too, of just what will VCs price me plus this opportunity at from a seed round or series A valuation? Like I have to think of it as it's like a pricing exercise. Like a guy who runs an enormous fund, I was talking with him recently and he's kind of debating whether to stay at this enormous fund.

by the market in a hedge fund context, or probably applies to startups too, of just what will VCs price me plus this opportunity at from a seed round or series A valuation? Like I have to think of it as it's like a pricing exercise. Like a guy who runs an enormous fund, I was talking with him recently and he's kind of debating whether to stay at this enormous fund.

And the question he's really asking is, if I launch my own fund, am I raising a billion or am I raising 5 billion? And it's a great question. And I think there's kind of an answer to that based on, okay, how long have you been there? Do you have a standalone track record? It's answerable. Does that square with your- 100%.

And the question he's really asking is, if I launch my own fund, am I raising a billion or am I raising 5 billion? And it's a great question. And I think there's kind of an answer to that based on, okay, how long have you been there? Do you have a standalone track record? It's answerable. Does that square with your- 100%.

Price. What's my price? What's my price? And that should change over time. I remember there was a guy- running a regional office for a really large hedge fund and thinking that if we had been able to spring him, he would have raised $500 million to a billion. And we ideally would have seeded him, but quite possibly he wouldn't have needed it.

Price. What's my price? What's my price? And that should change over time. I remember there was a guy- running a regional office for a really large hedge fund and thinking that if we had been able to spring him, he would have raised $500 million to a billion. And we ideally would have seeded him, but quite possibly he wouldn't have needed it.