Join 📚 Lucas's Highlights On Private Markets
A batch of the best highlights from what Lucas's read, .
In a bubble, people draw smooth lines on log-scale charts and convince themselves that this has predictive value. They say things like ‘you don’t understand exponential growth.’ I’ve heard this one far too often on podcasts with researchers from AI labs in the last few months, none of whom seem to remember that exponential growth generally begins and ends with a curve. A couple of years ago, a bunch of crypto people made both of these mistakes and made very compelling charts that ‘proved’ hundreds of billions of people would be using Bitcoin by 2025.
Benedict's Newsletter
Benedict Evans
Launched in 2021 to diversify Saudi Arabia’s oil-dependent economy and enhance its global image, LIV Golf skipped the organic slow-build process, choosing instead to buy immediate relevance by offering massive, guaranteed contracts to top PGA players:
• Jon Rahm ($300 million)
• Phil Mickelson ($200M)
• Brooks Koepka ($130M)
• Dustin Johnson ($125M)
• Bryson DeChambeau ($125M)
• Cameron Smith ($100M)
• Lee Westwood ($40M)
• Patrick Reed ($35M)
The Cost of Comfort
Collaborative Fund
Buying at a fair price doesn’t generate alpha – it’s buying at an unreasonably low one that does. Thus, accessing a bargain requires cooperation from someone who’ll sell at a price that’s irrationally low.
KKR Believes Capital Light Companies Are Outperforming
The Credit Crunch
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