We all we got…Walk Good. 28all. Eya. *LD*

The Warm-Up: 

“Your intuition wasn’t wrong you just misinterpreted the signs.” ~Maryam Hasnaa

The Core: 

“Fast, easy, ethical. Pick one.” ~Sahil Lavingia

“There is no point being the fastest if you don’t finish the race.” ~Orange Book

“Down cycles are not fun. But they form the basis for enormous future profitability.” ~Steve Schwarzman

“You can always spot a novice by how much they publicly talk about what they’re doing.” ~Dr. Julie Gurner

“The low point for share prices is when most people are expecting bad news, not after the bad news comes out.” ~Sir John Templeton

“Praise dance! You broke the cycle, rejected the pattern, rewrote the script, colored outside the lines, exited toxic wastelands, and birthed a new beginning.” ~Dr. Thema Bryant

“A step in mental liberation for me, giving up the idea of perfect and ‘best’. Accept you’re imperfect but figure out what you got a ‘knack’ for. If you got a knack, you’re already ahead of the field likely…Just get consistently better at that while shoring up weak links.” ~Joe Holder

“You don’t need an innovative startup idea. You don’t need to invent a new category. You don’t need to be a market leader. You don’t need to disrupt anything. Just solve a problem you understand, serve customers better than others, and build a sustainable business.” ~Andrew Gazdecki

“Some people can only meet you at the shallow end because they aren’t able to swim in the depth you give off. They operate at a level of consciousness that only they understand, which is no issue, but that doesn’t mean that your standards and growth have to meet them there too.” ~Billy Chapata

“The crypto markets will move on. And sooner than you expect, most likely. They’ve already faced many such events but this was the largest, as MF Global was in futures brokers. This was not a crypto story but a story of traditional finance masquerading as something else.” ~Raoul Pal (on Twitter, 11/11/22)

“The real flex is choosing connection over attachment, boundaries over tolerating BS, distance over disrespect, discipline over procrastination, growth over comfort zone, healing over trauma bonding tribe, peace over drama, progress over perfection, and solitude over fake company.” ~@MindTendencies2

“One of the simplest ways to win is to always connect the small things you do to the larger thing you hope to accomplish. Five minutes can be spent working on something trivial or working on something life-changing. A brief session of work oriented toward a great cause is always time well spent. Most daily actions evaporate. Some accumulate.” ~James Clear, 3-2-1

“Ironic that one of the tenants in crypto is you don’t need to trust anyone because it’s all ‘on chain.’ Yet, everyone that lost money in FTX (both customers and investors) deviated from that construct. Neither FTX investments or customer assets were ‘on chain.’ Also – the argument that these trading networks would replace ‘old school’ finance has failed. FTX killed the most ambitious crypto argument by proving that humans are fallible and need guard rails. One last thing. FTX had no board of directors. Every single investor that opted into that construct earned their $0 outcome. You can’t blame Sam. Or Binance. Just yourself. You made a bad decision.” ~Bill Gurley (on Twitter, 11/11/22)

Last Set:

“Borrowing for consumption blows up households. Borrowing for speculation blows up banks. Borrowing for bailouts, handouts, and wars blows up currencies. Credit is an economic drug – feel good now, blow up later.” ~Naval Ravikant

Food For Thought:

“$10B in customer assets vanished overnight in the FTX saga that is still unfolding. To put that into perspective, here are some companies that are worth $10B (or less):

✈️ American Airlines ($9.7B)
🧥 Burberry ($9.2B)
✈️ Lufthansa ($8.9B)
🚗 Rolls-Royce ($8.7B)
📃 Xero ($7.1B)
✈️ Cathay Pacific ($6.4B)
🗞 New York Times ($6B)
🚗 Hertz ($6B)

Imagine if any of them simply evaporated – it would re-shape any of their respective industries completely. We are not even talking about the *valuation* of FTX as a company, but purely the customer assets that should have been 100% liquid. The magnitude of this is beyond anything we have seen yet and will fundamentally change how all impacted parties (VCs, LPs, institutions, web3 firms, and retail investors) will navigate the industry.” ~Sarah Chang

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