Previously, one of the skills I’d valued was finding arbitrages created by others’ bias. Bias against the unproven, against the old, against the boring: there are great discounts to be found in hires, investments, and in life. But one corollary I learned this year: the size of the discount doesn’t matter if you’re chasing a small opportunity. I’d much rather own 20% of something at 10% discount going to 10,000 than 20% of something at 50% discount going to 100.
17 lessons I learned in 2017
Sam Gerstenzang
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Would love to hear more about this Sam!

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