Transcript
0:00 did you guys keep all of the shares you you originally invested in to the exit here just to set the contacts for folks you know you invest in a company it's a small startup it's actually for 30 billion yeah for every share that I owned half of it were half no yeah for for of of of a hundred shares that I owned per every hundred that I owned
0:31 10 of them I sold at 38 right at the direct listing I want to say 40 of them I sold in the mid-20s and the rest of it just got taken out at this price so your dollar cost average to the you know whatever high 30s maybe 40 or something yeah I I don't know my exact I mean I I I I sold some and I still own some so you know I definitely got my my beak
0:59 wet from this acquisition but no but look I I think I probably sold you know more than half of them you know and that was a mistake and you know one of my biggest learnings as an investor has been to let your winners ride you know my biggest mistake as an investors not been the losers it's all it's been selling the winners prematurely yeah Uber as well David and I sold some Uber before but I kept a lot of my Uber
1:27 maybe most of it or half of it I think anyway Uber or Facebook I mean Facebook you know in the iPod it was worth 50 billion we all thought that was like unbelievable I mean because it was over a 50x return but what's the lesson just never sell anything if you can help it I by Facebook in 2014 and bought Amazon and Tesla I think that you have to be able to sell for two reasons liquidity and moral obligation
1:55 hmm yeah I mean that's an exaggeration I mean you can never it's it's it's people need to be able to sell but to the extent you can hold on just don't sell everything you know always you keep think about the people who were at Apple in the 80s or Microsoft in the 80s or Amazon in the 90s a lot of those people got frustrated holding the shares for so long and I think keeping at least 20 of
2:20 your shares forever you know could be amazing there was somebody told me had never sold a single share of I don't know if that's a true story or not I told you that you can't be thinking about it from Facebook Okay anyway more breaking news
2:50 you know what we should do is we should do a we should put Beeps in there Nick I was told had never sold the share of and then we just let everybody react to it this way nobody knows what we're talking about I I do know that has not sold a single share and it has only sold shares of the fund Capital calls which is an incredible statement to fortitude and vision incredible lower incredible and by the way by the way it's not
3:20 always worked out because he did the same with and those didn't go as well yeah I mean look you you have to diversify when when you've got all your eggs in one basket in one company obviously you have to sell some shares but you know one of the things I've just learned over the last 20 years is probably people ask me what's your biggest regret or learning or whatever it's just selling too early is like one of the biggest mistakes you
3:41 can make look at PayPal PayPal is now a 250 billion dollar company we sold it in 2002 for 1.5 billion we thought that was a great deal at the time and we sold it for less than one percent of what is worth today and the product's basically the same is the lesson never sell if it's a winner write it you can pair okay hold on hold on I'm gonna put a final nail disc off and then we're gonna go to
4:05 Alpha fold there's a great quote by Warren Buffett which is if you know what you're doing the best thing you can do is be as concentrated as possible nobody ever got rich in their seventh best idea and I think that that basically sums it up but you have to be in a position to have the ability to have that kind of portfolio allocation and I think that's hard