Speaker unverified: belief

Transcript context

…If you grow 20% a year for 50 years like TSMC, you will destroy every Groupon out there. So what you need for that is a negative feedback loop. The negative feedback loop for TSMC is, I’m going to come in, I’m going to take what used to be the special sauce of your business, and you’re going to trust me to do that. That’s extremely hard to do. No one wants to do that. But then, the more it happens—there’s a game theory to it—everybody has to do that eventually because it works so much better. You’re never going to get 100% growth—it’s impossible—but you might get 20% for 30 years, which I think the number that you guess on your podcast is 17. 7 for 30 years or something like that, which is just incredible to me. And when you say negative feedback loop, you basically mean a governor on the growth, like a natural force in that particular business that makes it so you can’t have ludicrous Uber-style hyper growth. And it ends up being a long-term good for the company to have that growth governor or that negative feedback loop.…

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