Card #c504IR // #c504Synthesis
Venture returns don't follow a normal distribution — they follow a power law, where a tiny few radically outstrip all the rest: "we don’t live in a normal world; we live under a power law." The biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined. This implies two strange rules: only invest in companies that can return the entire fund — and because rule one is so restrictive, there can be no other rules.
— In our words · Source: Zero to One (Peter Thiel with Blake Masters)