238. Ventures in Capitalist Innovation, Part 1: History and Mechanics
This Machine Kills
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Venture Capitalists Are Going to Throw Money on the Lottery Ticket Model
For every 10 investments that a venture capitalist makes, one or two are successful, six grossly underperformed and two are complete write-offs. And so you're going to be throwing money at firms, encouraging them to either IPO or get sold. Sometimes that may be something that is innovative, but a lot of the times it's shit. But you roll the dice and you hope that 20% of your investments pay for themselves.
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