Jason Calacanis: evaluation

Transcript context

…It's the only way to get asymmetric upside in poker. Correct. There are ways but asymmetric, for sure. Once you realize that, that frees you from you trying to understand if the idea is going to win or not. That's what trips early stage investors at which is why I wrote my book. It's because I felt I had figured something out and I wanted to share it with the world which was this is the greatest casino in the world, in my opinion. Nobody knows about it and the people who know about it do not want to talk about it. Another group of people thinks it's the stupidest thing in the world and a scam. Why is that? People come into angel investing, they have $500,000 in their bank roll and they gave $250,000 of it to their daughters, sorority sisters, ex-boyfriends, brothers because they're going to build an Instagram competitor that has links in the comments. Instagram doesn't support links in the comments. That's the reason they're going to exist. They put the $250,000 in, the product never gets released, they give that $250,000 to the dev shop in Estonia that never finished. They asked for another $250,000, they gave the other $250,000, the product came out, nobody cared, they shut it down, those people go work at Boston Consultant Group or whatever. They made one bet so it's literally like walking up to Black Jack and putting your entire stack on one hand. Or like in poker like betting, you need to go all in before the flag.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.