The Wisdom Wall
3 quotable lessons, heuristics and mental models. Every one is playable at the moment it was said. No fortune cookies allowed.
“And for a tech company, oftentimes stock-based compensation happens to be the single largest expense component of, of a tech company. And yet somehow inexplicably, even though it's the largest single expense component of that company, uh, it is not considered to be even an expense in some companies and in some…”
“if you dilute free cash flow by 30 to 35% every single year for 20 years, guess what? Your dilution is 35%, you know. It's not a half of, it's not 50 basis points, it's not one percent, it's not two percent, it's literally, you know, a third of the company.”
“if, if we can't convince somebody that a dollar worth of stock is worth a dollar, Then you actually shouldn't grant it. You should just give a dollar of cash because they'll actually value it, you know, greater.”