If the whole U.S. was like Silicon Valley, we'd be in good shape. But now, the entire U.S. is not driven by technology, is not driven by innovation.
From Peter Thiel
The model of the U.S. economy is that we are the country that does new things.
The most successful businesses have an idea for the future that's very different from the present - and that's not fully valued.
Our society, the dominant culture doesn't like science. It doesn't like technology.
Creating value isn't enough - you also need to capture some of the value you create.
'Perfect competition' is considered both the ideal and the default state in Economics 101. So-called perfectly competitive markets achieve equilibrium when producer supply meets consumer demand.
Whereas a competitive firm must sell at the market price, a monopoly owns its market, so it can set its own prices. Since it has no competition, it produces at the quantity and price combination that maximizes its profits.
Investors are always biased to invest in things they themselves understand. So venture capitalists like Uber because they like driving in black town cars. They don't like Airbnb because they like staying in five-star hotels, not sleeping on people's couches.
Airbnb is undervalued.
Education is a bubble in a classic sense. To call something a bubble, it must be overpriced, and there must be an intense belief in it.
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