This is GOLD

Lecture notes from a CS lecture by Peter Thiel (wiki bio)

 

“It may upset people to hear that competition may not be unqualifiedly good. We should be clear what we mean here. Some sense of competition seems appropriate. Competition can make for better learning and education. Sometimes credentials do reflect significant degrees of accomplishment. But the worry is that people make a habit of chasing them. Too often, we seem to forget that it’s genuine accomplishment we’re after, and we just train people to compete forever. But that does everyone a great disservice if what’s theoretically optimal is to manage to stop competing, i.e. to become a monopoly and enjoy success.”

“Non-monopolies always narrow their market. Monopolies insist they’re in a huge market. In logical operator terms, non-monopolies tell intersection stories: British food ∩ restaurant ∩ Palo Alto. Hometown hero ∩ hackers ∩ sharks. Monopolies, by contrast, tell union stories about tiny fishes in big markets.”

“So where are the places where technology is happening? Where is there room for the journey to continue?  The frontier is a promising place, but also a very uncertain one. You can imagine a tech market where nothing is happening for a long time, things suddenly start to happen, and then it all stops. The tech frontier is temporal, not geographical. It’s when things are happening.

Consider the automotive industry. Trying to build a car company in the 19th century was a bad idea. It was too early. But it’s far too late to build a traditional car company today. Car companies—some 300 of them, a few of which are still around—were built in 20th century. The time to build a car company was the time when car technology was being created—not before, and not after.”

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