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Apple just published a white paper titled: “The Illusion of Thinking: Understanding the Strengths and Limitations of Reasoning Models”
(It’s about 40 pages)
https://machinelearning.apple.com/research/illusion-of-thinking
Chamath's performance.
"Rule 3. The only thing that matters is DPI. You can’t eat IRR. When you focus on IRR and TVPI you are tricking yourself and your investors. They can choose to believe in the lie but it’s a lie. The only thing that matters is DPI." Amen.
"Rule 4: Teams dampen returns. Generating superior investing returns is a solo game. My best returns were decisions I made by myself." One of the great old guard Silicon Valley VCs once told me "nothing pulls down a great investor faster or harder than an IC." It's so much easier (and lucrative) to invest solo.
Things that make you go hmmm...
Why is Tether 213% bigger than Circle but 8,000% more profitable?
https://protos.com/why-is-tether-213-bigger-than-circle-but-8000-more-profitable/
