Old ponzi: steal from reputable charities New ponzi: steal from international criminal cartels - Auren Hoffman

as you get older, the amount of the known gets smaller

two types of wealthy people:

1. have a few brilliant insights and also do a lot of stupid things
2. avoid doing stupid things and have average insights

it is really easy to do the later, very hard to do the former

traditionally monopolies' products do not improve much. and competition forces products to be better.

today, the opposite is happening.
high-competition spaces (like universities) are getting worse. low-competition spaces (like Amazon, Apple, Google) are getting better.