Investing Is Not a Job
Naval: One of the problems of being an investor — let's face it, it's not a job. You're not actually building anything. You're investing. It's not necessarily something you can sit there and take credit for.
Peter Thiel said you should have a definite view of the future. Go out and build the thing you want to see exist. Don't just say 'oh, that's going to happen, I'll sit back and wait for somebody else.' Because history doesn't work that way. Things don't automatically show up.
Go build the thing you want to see exist. Don't sit back and wait. History doesn't work that way.
The Hustle Investor vs. The Builder
Naval: If you're going to be an investor, at least bet on things that you think may not exist without you betting on them. Say — I did the homework on this difficult technology, I made a bet no one else was going to make. Without me, this thing would either not exist or come to market later.
The other mindset — I'm going to hustle ahead of other investors, slip money in before they get there, then they mark it up — maybe you'll make money. But it's a very unfulfilling life.
At least bet on things that may not exist without you. The hustle-ahead mindset is unfulfilling.
The Impossible Dreams That Won
Naval: The greatest winners of the last few decades have been unexpected. Tesla. SpaceX. OpenAI. Apple. Companies that were essentially written off because their dream was believed to be impossible and too expensive.
SpaceX is now launching a rocket every 3 days out of Florida. Tesla is the gold standard for electric cars and self-driving. When you see impossible dreams come true — not only is it the most fulfilling thing, it's also where you make the most money.
Tesla, SpaceX, OpenAI, Apple — all written off. When impossible dreams come true, that's where you make the most money.