it even hurts when you lose a customer that is just 0.1% of your revenue every loss hurts - Auren Hoffman

I used to think the illiquidity of investing in private companies was a bug.
but I now realize the illiquidity is a feature:
by default you become a long-term investor.

the hardest thing to do in life is to eat only one chocolate chip cookie

Even five years ago, very few companies were equipped to leverage external data. Most companies still did not analyze their own data!

But as companies get better and better at finding insights in their internal data, they will look externally for data more and more.