Zero to One_ Notes on Startups, or How to Build the Future ( PDFDrive )

of companies that will successfully go from 0 to 1 and then back them with
every resource.
Of course, no one can know with certainty ex ante which companies will
succeed, so even the best VC firms have a “portfolio.” However, every single
company in a good venture portfolio must have the potential to succeed at vast
scale. At Founders Fund, we focus on five to seven companies in a fund, each of
which we think could become a multibillion-dollar business based on its unique
fundamentals. Whenever you shift from the substance of a business to the
financial question of whether or not it fits into a diversified hedging strategy,
venture investing starts to look a lot like buying lottery tickets. And once you
think that you’re playing the lottery, you’ve already psychologically prepared
yourself to lose.