David Rosenthal: uncertainty

Transcript context

…Yeah, and in practice, nobody's actually just doing one or the other. Everyone's style of investing is somewhere on the spectrum here, because other than the pure play value investors who are looking at the book value of a company, or the seed stage investors, or the preseed like me, who are looking at a napkin sketch and a founder with an idea, or sometimes even no idea, most people are actually in the middle. Most people have to blend some notion of what are the chances this could be big, and how big with the idea that, hey, they're actually generating revenue and sometimes even cash flow as a startup, and I actually can apply some multiple to that. Obviously, the multiple can change rapidly on you, and then you have to adapt. But everybody's doing a little bit of one and a little bit of the other. All right. For our next lesson, focus on what makes your beer taste better. We brought up this little vignette on a whole bunch of episodes on Acquired. This is an image of Jeff Bezos at the 2008 Y Combinator Startup School, which was a very important moment in history. At least it used to. I don't know if they still do, it's probably virtual now. We put on these physical events in Silicon Valley. I went to one in the Bill Graham Civic Auditorium.…

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