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That’s the thing about opportunity.
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Abschnitt 1 So, I was telling a friend of mine about this very [music] big investment I was going to make.
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0:00So, I was telling a friend of mine about this very [music] big investment I was going to make. It was going to be the biggest investment of my career. He was like, "Dude, that's like pretty risky. [music] Like, that's a huge bet." He just kept telling me all the things that were wrong with it. And I remember thinking to myself, "Outsize returns come from uncertainty. As [music] soon as something is guaranteed, all of the alpha or the arbitrage of making the bet [music] goes away." And so, you can't have uncertainty as the reason you're not going to make an investment or make a bet because [music] that's inherently why the payoff exists. Opportunities only look like opportunities in retrospect. [music] Today, they look like risks.