Moonshot thinking means shooting for 10 times bigger instead of just 10% better, to create a perspective shift that enables entrepreneurs to push their teams and embrace creativity and weirdness in order to achieve greater success, however, it is not a smartness contest with competitors.
This episode discusses the impact of missing the top trading days in the stock market. Even missing just a handful of days could result in a significant decrease in returns over a 20 year period.
The 70-20-10 resource allocation strategy is used by Coinbase to ensure a portfolio of products with new revenue streams. This enables companies to avoid becoming complacent and losing talent, constantly working towards a next act and a dynamic growth strategy.
The key to startup success is talking to customers and constantly improving your product. Through the process of interviewing potential hires and customers, you can find the best use case to drive organic growth.
Being right in consensus often won't make you money because returns get arbitraged away. Not everyone should like your idea, as human beings are conditioned to like things or not like things.
The most common mistake in investing is assuming that the investment that did well will continue to perform well. It's important to remember that all investments compete, and avoid chasing after hot markets that may become overpriced.