Saved by Keely Adler
Betting on Unknown Unknowns
known unknowns--uncertain factors that you are aware of, meaning that the plan is correct but lacking precision, also known as bad luck or bad design.
Jacob Lund Fisker • Early Retirement Extreme: A philosophical and practical guide to financial independence
In startups, the big winners are big to a degree that violates our expectations about variation. I don't know whether these expectations are innate or learned, but whatever the cause, we are just not prepared for the 1000x variation in outcomes that one finds in startup investing.
Paul Graham • Black Swan Farming
Every Interesting Outcom...