“They all make the same mistake. They make more money and they buy slightly nicer versions of the same shit.” – Sam Zell (quoted by David Senra)
“When it comes to emerging technologies, progress on the policy front is often slow and incremental…until, suddenly, it isn’t. Years of education, debate, and refinement can accumulate quietly in the background, and then surface all at once when a political or institutional window opens. Almost overnight, stablecoins went from suspect to legitimate in the eyes of finance, technology, and government … Building new technological systems is a long game, and this is what the long game looks like in practice: prolonged periods of groundwork followed by sharp inflection points.” – Chris Dixon on crypto and the GENIUS Act (20260210)
The experience and payoff is similar to convex position (i.e., long volatility).
Next:
- 5-1b4b0 Evolution is trend
- 5-1b4b1 Life’s evolution’s superpower is its time horizon. 3.8 billion years of miniscule changes compounded.
- 5-1b4c Exponential growth feels flat in the beginning, precisely why it’s worth making an extraordinary effort to get it started. You can also follow the Fun Criterion (the latter likely exhausts the former). Consistency is the key.
Related:
- 1-1a6 To live is to live like a detective
- 2-1a1a4b Compounding is usually too slow to notice, making it easier to discount both how much progress and catastrophe are achievable
- 3-1c1c You must build your own media for yourself
- 3-1c1d You must build your own media distribution to avoid distortion for yourself and others
“Comb-over beret” (バーコード) exemplifying the power of gradualness