Ho Nam - Lessons in Venturing Differently - [Art of Investing, EP.3]

21 insights saved from this episode by @business

@business· How VCs Think
Starbucks stock rose more than 300-fold after its IPO, turning a $25 million return into roughly $8 billion later.
@business· How VCs Think
In a 100-company portfolio, the single top investment can return more than the other 99 combined.
@business· How VCs Think
Sequoia has had only one Google in 50 years. Trinity Ventures has had only one Starbucks.
@business· How VCs Think
In Korea, social pressure pushed top graduates toward medicine, law, government, or Samsung, making startups shameful and hurting marriage prospects.
@business· How VCs Think
During the dot-com collapse, even companies that went public lost investors money after their lockup periods ended.
@business· How VCs Think
A Starbucks investment returned almost the entire $30 million venture fund, roughly 15 times the investment, in less than three years.
@business· How VCs Think
A rejected founder can create another chance by returning with progress updates and evidence that changes an investor’s judgment.
@business· How VCs Think
Tim Cook made decisions Steve Jobs never would have, including returning capital through dividends and stock buybacks.
@business· How VCs Think
For some investors, growing personal capital is boring without contribution and impact.
@business· How VCs Think
A venture investment can look immaterial after larger technology deals take over, then become the portfolio’s greatest wealth creator.
@business· How VCs Think
Apply growth-equity principles to $2 million and $3 million businesses instead of competing for the same larger companies.
@business· How VCs Think
A focused life still leaves room for randomness, new people, fresh ideas, entrepreneurs, and mentoring.
@business· How VCs Think
Material wealth can make you satisfied enough to stop. Curiosity and purpose keep the engine running.
@business· How VCs Think
Survival comes first: even an investment firm can be destroyed by running out of cash.
@business· How VCs Think
Venture investors do not build companies. They learn alongside founders, assess the business, and help allocate resources and capital.
@business· How VCs Think
A wealthy investor suggested a $30 million fund so Ho and Han could build relationships, make mistakes, and learn.
@business· How VCs Think
Early investing can be discovery: follow curiosity, take calculated risks, and tolerate looking foolish before opportunity looks obvious.
@business· How VCs Think
The highest ambition is devotion to a purpose beyond personal advancement, a drive that can keep you going indefinitely.
@business· How VCs Think
Venture returns follow a power law: in each group of roughly 100 companies, one can pay off more than the other 99.
@business· How VCs Think
When liquidity is unnecessary, an amazing compounder rewards patience by letting compounding work.
@business· How VCs Think
Lattice Semiconductor faced Xilinx and Altera. Both competitors ultimately outperformed it and became part of larger semiconductor companies.

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