As career advice to all of you, most,

you can make money and good status, and all that in regular big companies.

There's very little really interesting stuff you can do in big companies.

It comes shockingly, it's shocking to people, but

who invented, reinvented retail?

It wasn't Wal-Mart.

It was Amazon.

Who reinvented media it wasn't NBC.

It was YouTube.

Who reinvented space it wasn't Lockheed.

It was Space X.

I was hard pressed to think of one thing that had come out

of a large company in the last 20, 30 years.

That was materially changing the landscape.


And the reason's very simple, and this is all interesting things have,

eh, happened at the edges of the system.


They don't happen in the solid core.


And, all that

you have to do where things are fuzzy, unclear, uncertain.

If there's a market forecast, it's not at the edge of the system.

If some analyst has a report.

It's not what's ex, going into that area, right?

I've a whole thing about analysts we can get there.

Let's actually talk about it.

Okay. So ask me after I finish this.



In the edges where things are uncertain is they're old evolutionists and

there interesting changes in business or society happen.

And unless you're there and learning fast from being there and

not being too out of it to believe you know what's going to happen you're not

gonna be in that learning edge of the wave, where new things are happening.

And as career advice, I say.

And that's where failure happens often.

You want failure to be small, and success to be very large,

which is the characteristic of option value.

You lose your option price, but you get option value if it's successful.

That all happens at the edge