2019 Annual Letter by Social Capital

socialcapital.com

7 pointsraleighm2 comments

> I have tried to recruit too many smart people who are wasting their prime years of productivity working in Big Tech because ‘the pay is too good’.

This is the most honest sentence in the entire piece: We should remove the choice of individuals to work at Big Tech Cos because I want them to work on something else for less money. This whole essay is embarrassing for Chamath.

Edit: Almost unbelievably, he closes with this: "Take the advice of others but carefully consider how it applies to you. What works for others may not work for you."

Also can't help but laugh that he compares Social Capital performance to Berkshire. Social Capital outperformed the S&P by 19%, BH by 155%

I'll add that I agree with him that more companies should try the Netflix approach of all cash comp, with stock for purchase (particularly the cash flow monsters). But he's just so convinced that he's right that he also thinks we need force everyone to come to his conclusion.

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