No, markets weren’t “efficient” at finding the truth; they were just very efficient at converging on a conclusion — often the wrong conclusion. - Ben Horowitz

we studied the venture capital industry and we came across a potential problem with our approach. Historically, all the returns in venture capital had been concentrated in a tiny number of firms and consistently by a small number of the same firms. Of the more than eight hundred venture capital firms of the day, only about six had delivered great returns for their investors. As we dug deeper, we uncovered an excellent reason for this: The best entrepreneurs will only work with the best venture capital firms.

Si gestionas una empresa, experimentarás una presión psicológica abrumadora para ser positivo. Haz frente a la presión, enfréntate a tus miedos, y di las cosas como son.

In a poor organization, on the other hand, people spend much of their time fighting organizational boundaries, infighting, and broken processes. They are not even clear on what their jobs are, so there is no way to know if they are getting the job done or not. In the miracle case that they work ridiculous hours and get the job done, they have no idea what it means for the company or their careers. To make it all much worse and rub salt in the wound, when they finally work up the courage to tell management how fucked-up their situation is, management denies there is a problem, then defends the status quo, then ignores the problem.