A few interesting links
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Greed and Speed example
In my essay On Greed and Speed, I talked about not trying to make money off everything so quickly. Naval Ravikant (former founder of Epinions.com and now running a stealth startup) writes on the same idea, using Craigslist as an example.
The real story is that Craig is well on his way to building an EBay / Yahoo! sized business with no venture capital, no big-shot management, no marketing, no patents, no real technology, etc. He’s taken all the value from newspapers with none of the cost. And everyone loves him for it (probably because he’s leaving the money on the table).
Read the whole thing: Craigslist is Worth More Than Ebay
Sexy or rich?
In an interview with FMF of Free Money Finance, he asked me my best advice for investors was. Here’s what I said:
“When you invest, there’s a difference between being sexy and being rich. When I hear people talking about the stocks they bought/sold/shorted last week, I realize that my investment style sounds pretty boring: ‘Well, I bought a few good stocks 5 years ago and I haven’t done anything. All I did was buy more when the price went down.’ But investment isn’t about being sexy–it’s about making money, and when you look at the investment literature, buy-and-hold investing wins over the long term, every time. Forget what CNBC or the magazines say about the stock-of-the-month. Do a rigorous analysis, make the right decisions up front, and then re-evaluate your investment every 6 months or so. It’s not as cool as those guys in red coats shouting and waving their hands on CNBC, but as an individual investor, you’ll get far greater returns.”
Hershey–”quiet, low-tech, unsexy”–beats the market. By a lot. From Newmark’s Door.
I love this quote:
“We have a ‘strategic’ plan. It’s called doing things.”
CEO, Southwest Airlines
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