Thinks 583

Eric Johnson of JSR on the first leadership lesson he learnt: “Decisiveness is important. But it needs to come at the end of the process, after enabling real and open information flow. Good news is always fun to hear, but it’s much more important to enable bad news and criticism to flow freely and quickly.”

Seth Klarman: “A very significant part of my philosophy has to do with managing your psychology. Markets are about the psychology of others. When are they panicking? When are they greedy? But you have those same flaws or those same potential flaws, and managing your portfolio in a way that doesn’t leave you where you’re panicking or overexposed to greed. If you can rule those extremes out, you’ll navigate the markets well.””

Macro Ops has distilled wisdom from Bill Gurley’s writings over 25 years: part 1 and part 2. This is from 1998: “The lifetime value of the customer is equal to the future cash flows (not revenue!) expected over the life cycle of the customer, discounted back by a reasonable discount rate. What we are really doing is treating the customer acquisition as an investment and the lifetime cash flows of the customer as the yield on that investment.”

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Rajesh Jain

An Entrepreneur based in Mumbai, India.

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