The example of great scientists is the light which guides all workers in science, but we must guard against being blinded by it. There has been too much talk about the flash of discovery, and this has tended to obscure the fact that discoveries, however great, can only give effect to some intrinsic potentiality of the intellectual situation in which scientists find themselves.
Month: December 2025
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Beware The Flash Of Discovery
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The Founder’s Burden
Being an entrepreneur is hard. Having supportive and caring investors helps.
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Permanently Risk-Off
We make no heroic assumptions in our analysis, hoping, instead, that by compounding multiple conservative assumptions, we will create such a substantial margin of safety that a lot can go wrong without impairing our capital much or even at all. We never invest just to invest and don’t bet blindly on mean reversion or on historical relationships holding up. Our settings are permanently turned to “risk off.”