Rajiv Khaneja 100% of the time I meet someone with a really unique setup or uncompromising lifestyle that seems too good to be true the answer at the bottom is just that, at some point, they turned down a lot of cash.

There’s a specific generation that grew up with unfettered access to a totally un-policed internet because both their parents and the government had no idea what went on online. Never happened before and won’t happen again.
Digital equivalent of be home by sunset generation.

You want to be short founders with 75th percentile posting skills but very long those with 99th.

Businesses where the maximizing time adjusted return just means holding it forever are so extremely rare that it's almost arrogant to say they're the only ones you're going to buy, even Buffett sold most of his portfolio overtime.

“He is great who is what he is from nature, and who never reminds us of others…Man is endogenous, and his education is unfolding. The aid we have from others is mechanical, compared with the discoveries of nature in us.” — Emerson

The second part of my chat with Sam and Shaan is live, we get into way more stuff beyond investing and business. This was my favorite part!

This podcast episode was amazing. 10 outta 10 imo

- Jeremy was 1st employee at Tiny
- How they turned ~$5M into ~$500M in 10 years

We talk about:
- 3 specific biz opportunities
- Why MrBeast shouldn't be selling chocolate
- What is the single best investment strategy right…

NEW MFM episode.

Loved this.

I didn't know much about Jeremy Giffon. But after this ep, I love him.

Main topic: how him and Andrew Wilkinson turned $5m into $500m through buying small businesses.

Full of lessons and tactics. Jeremy's more like a philosopher than anything, and…

Bryce Roberts at some point, the smart thing for these investors to do is just to convert their preferred shares into common.
without the pref stack overhang, everyone can make some money. with the overhang, the founders have no reason to sell (once they get it profitable).

There's a whole category of assets like conferences and media outlets, that don't exist to make a good product for the end consumer or to make a profit, rather they exist as a way for the owner to grant prestige to their peers through profiles, speaker slots, invitations, etc.

Underrated activity is studying very succesful and very unsuccesful people who share your Enneagram (personality) type. Find this infinitely more useful than learning about people at random.

The VC backlog is clearing. IPO pipeline is filling (both upround and downround IPOs) and M&A is on 🔥 - both strategic deals at great valuations and distressed deals where VCs getting 50% to 100% of $$ back. The 2 year lag to the public market correction is here. 🙏🏼👊

Another downside of rising secularism is that those who would’ve previously joined the clergy now become full time grifters who position themselves as moral police in specific industries (AI, Education, ESG, etc.)

I’ve seen a TON of venture backed companies that VCs have told me they’d happily sell for 1x of capital raised. Sometimes it’s a bad deal but often it ends up being 1-3x rev. Means you can buy out the investors at a great val and then double the team’s equity and run profitably.

People know the billionaires lists are at best a 10% sample of the group and not an exhaustive set, right?

“A great sign that you’ve found your calling is when you stop envying others.”

Jeremy Giffon

A good proxy for the longevity of a city is how compelled its residents feel to spend their money on it, eg Dillers island or Paulson’s Central Park donation, vs how likely they are to bail on it once they get rich.

Sage advice I got in a boxing gym once: there are guys in here who’s survival hinges on wining the fight and there’s everyone else. It’s prudent to know which one you’re competing with. The older I get the more I think this applies to everything.