Wolfe praises Bezos as rational capital allocator, criticizing Musk's truthfulness
Josh Wolfe · How to Invent and Invest In the Future with Josh Wolfe · Jun 2, 2022 · at 54:27
Josh Wolfe of Lux Capital contrasts Jeff Bezos's capital allocation track record at Amazon with Elon Musk's narrative-driven approach.
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“And the quibble is with his relationship with the truth. And I look at Gates and I look at Bezos, both of whom I admire for different reasons. Bezos in particular, who I consider one of the greatest and most rational capital allocators, the amount of capital that he raised in an initial IPO, you could add stock based compensation into the mix to say another source of capital, early debt that, you know, today is a fraction of what it was. This is somebody who compounded enormous amounts of internally generated capital and earned incremental returns on that incremental invested capital. That are truly worthy of studying as a business. So if you are a business student, if you're a student of businesses, to look at what Amazon has done is just absolutely incredible in the way that you would study many of the other, you know, classic operators or the outsiders, like a John Malone or a Buffett, people that have compounded capital and rationally allocated, I think deserve to be admired. Elon has not done that. And people believe that Elon has.”
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