Chesapeake moved faster than any other company in its industry, deploying an army of land men to aggressively lease as much land as possible, with in… - Reid Hoffman

If a market leader like Adobe gets complacent one year, it will still count billions of dollars in the bank, but if a startup gets complacent, it’s game over.

the “Standard Start-up Leadership Vacuum,” and the result is that inexperienced founders find themselves having to hire and integrate experienced executives from the outside. The situation is made worse when those founders wait until the strain on the organization has become unbearable before making the new hires, meaning that all the leaders are new to the company precisely at the time when tension and uncertainty are running high. The key to navigating this transition is open-mindedness: insiders need to be open to the outside ideas of the new executives, while the outsiders need to be open to learning from what happened before they arrived.

In public market investing, as in many things, you achieve big success when you’re both contrarian and right.