My own answer to the contrarian question is that most people think the future of the world will be defined by globalization, but the truth is that te… - Peter Thiel
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My own answer to the contrarian question is that most people think the future of the world will be defined by globalization, but the truth is that technology matters more.
Peter Andreas Thiel (born 11 October 1967) is a German-American billionaire entrepreneur, hedge fund manager, venture capitalist, philanthropist, political activist, and author. A co-founder of PayPal, Palantir Technologies, and Founders Fund, he was the first outside investor in Facebook.
the more people believe in efficiency, the bigger the bubbles get.)
As a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage. Anything less than an order of magnitude better will probably be perceived as a marginal improvement and will be hard to sell, especially in an already crowded market.
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(To properly value a business, you also have to discount those future cash flows to their present worth, since a given amount of money today is worth more than the same amount in the future.)
