Naval Ravikant

Naval Ravikant quotes on investment

Indian-American entrepreneur and investor. He is the co-founder, chairman, and former CEO of AngelList.

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1

Learn from times iterated over time spent. Craft a thousand tweets before ten blog posts before one novel. Skim a dozen books before absorbing one. Make many small investments before a few big bets. Build many small products before starting a company. Explore, then exploit.

2

The two biggest investing mistakes are panic buying and panic selling.

3

Investing well is a skill that everyone can and should learn. Accreditation rules prevent learning and push people into a small set of "safe" assets, high-priced managers, and into lotteries / gambling. Rules based on sophistication instead of net worth would lower inequality.

4

Making money through an early lucky trade is the worst way to win. The bad habits that it reinforces will lead to a lifetime of losses.

5

Start making small investments early in life: • Takes many failures to figure it out • Best investments have long feedback loops • Capital : labor ratio generally increases in life • Can improve all the way through old age

6

Investors have different incentives than founders. What investors often look for in a “great” founder is irrational behavior that the investor doesn’t engage in themselves. I.e., 80-hour weeks for 10 years, passing up a big acquisition to go for broke, zero diversification.

7

There’s no investment where money works as hard as it does in a tech startup. Driven founders, leveraged with code, capital, media, and intellect, sweating every dollar spent. An enlightened society would educate investors, not restrict them.

8

Time spent honing the pitch is better spent working on the product. Good investors use your pitch to size you up, not to understand or appreciate the business.

9

Investing favors the dispassionate. Markets efficiently separate emotional investors from their money.

10

Whether hiring or investing, you don’t get the best deal at the best price.

11

To bootstrap a new money, create a religion around it. The core teaching is to hodl at all costs, no matter the temptation, until all unbelievers capitulate.

12

Whether you’re excited or nervous when your favorite asset falls in price marks whether you’re investing or merely speculating.

13

The biggest gains in investing come when you bet against a gloomy crowd, on the upside. The low price already bakes their opinion in. Your losses are limited to 1x, and your gains are uncapped.

14

The most leveraged investment, in energy per dollar spent, is a tech startup.

15

Investing is one of the few professions where you can objectively improve every day until the day that you die.

16

Investors may prefer tokens over equity - tokens give direct ownership of revenue, equity may be profits trapped inside corporate structure.

17

Investing time/money behind someone? - Do you like them? - Can they teach you something you want to learn? - Good economics? If so, invest.

18

Don't let fancy explanations fool you. Zero interest rates are voodoo + redistribution. No private, rational actor lends at zero interest.

19

Blockchain development and investment aren't concentrated in Silicon Valley - they're as decentralized as the blockchains themselves.

20

Everyone who has a mortgage on real estate in the San Francisco Bay Area is already a leveraged technology investor.

21

As tech distribution & investment become more efficient, power shifts from sales to product. At the extreme, consider Satoshi Nakomoto.

22

In tech, small-stakes iterated games can suddenly turn into high-stakes single-move games. That's when the knives come out.

23

Smart IPO investors read the prospectus. Smart ICO investors read the code.

24

ICOs have access to the largest investor and speculator base in the world. Freed of conflicting currencies, banks, and often...regulations.

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