Ep. 846: When Mass Panic Rolls Out You Need A Plan with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Small Bets
In 2001, Jeff formally introduced Amazon's plan of relentlessly lowering prices as the third pillar to complement relentless focus on convenience and selection. Since Amazon has seen many $10 million seeds turn into billion businesses, they are constantly nurturing small ideas and treat them with the same importance as the big ideas. The dovetail is seamless. Small bets. Why do you make small bets? You make small bets because you can't predict a fucking thing. Only the paranoid survive, but don't focus on the competition. In 2006, Jeff talks primarily about the importance of making bets that are tiny in the beginning to avoid innovators dilemma.
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