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AR: Well, Fairchild Camera and Instrument was a company that was located in Syosset, New York. It's in Long Island. And it had, other than, when Sherman died the attitude changed a bit. They had a very, what I call an Eastern mentality in that they didn't want anybody to have any options in stock and the eight entrepreneurs who started Fairchild Semiconductor decided individually and together that they would gradually peel off and, and form their own enterprises because they couldn't get any more equity in, and a lot of the people there felt that they should be giving equity to some of the people who had, hadn't helped start the company but were instrumental in its, in its success. And Fairchild Camera and Instrument were, was unwilling to do that. So gradually they peeled off and finally by 1968 there were only Noyce and Moore left.

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Most people who succeed are not very objective or realistic about why. They think it's all their personal brilliance. And in significant part it is, but they forget the luck factor and the contribution of other people and timing and the economy and all the rest of it. People who fail often times are desperately in need of a success. They're smarter, they're more clever about how they do things, their sometimes tremendous egos are suspended in check.


So we rarely will finance somebody at Sequoia who's had an outrageous success. My - my best example is my friend Steve Jobs. We financed Steve in 1977 at Apple. Steve was twenty, un-degreed, some people said unwashed, and he looked like Ho Chi Min. But he was a bright person then, and is a brighter man now. And here was a man that created Apple, and in the creation of Apple helped create the personal computer business. Phenomenal achievement done by somebody in his very early twenties. Outrageously success - successful, and after he - his stay at Apple he then evolved to an individual who was having lunch with the governor of California, then Jerry Brown, who had an apartment in New York City. When I met him he didn't know where New York City was.

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I'd love to see the transcript of the Khuilo–Covfefe conversation in Hamburg. It's probably the most instructive case of negotiations between two professional liars. In particular, the question "Did you do it?" was equivalent to "Are you lying to me?". And the answer was Yes, which sounded like No. Fascinating stuff!
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Ray Dalio (CEO of Bridgewater) on Donald Trump's policies:

From the higher-level perspective, when faced with the choices between what's good for the whole and what's good for the part, and between harmony and conflict, he has a strong tendency to choose the part and conflict. By “the whole,” I mean the whole ecosystem, the whole world community, and whole of the US, and by “the part,” I mean the part of the US that he is presumably trying to help.

It seems to me people who are trying to figure out whether or not to support him are faced with three big questions: 1) what exactly is the part he’s trying to optimize for (e.g., American manufacturing workers) and at the expense of whom, 2) am I more aligned with that part he is trying to protect (e.g., American manufacturing workers) or more aligned with those who will lose out (e.g., immigrants, those who will lose benefits from his budget changes), and 3) will his path of conflict rather than cooperation be effective or harmful? Sometimes conflict produces better results and sometimes it produces worse results for the people who are pursuing it to get what they want.

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Here's another person who has the president's ear:
After the meeting, Schwarzman departed Washington on Air Force One to Palm Beach, Florida, where he and Trump have homes.

Also, a list of people on the Council


Feb. 2nd, 2017 02:39 pm
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Uber Technologies Inc.’s chief executive, Travis Kalanick, said he is stepping down from President Donald Trump’s economic advisory council, saying that his participation has been misunderstood as an endorsement of the new administration’s policies.

President Trump may not be good for your business if the majority of your customers don't like Trump. The same applies to most American global companies.

upd: Jeffrey Pfeffer chimes in:
That is a fundamental problem, Mr. Pfeffer said. “No good business makes decisions that are based on falsehoods,” he said. “My sense is that Trump takes no one’s counsel but his own. That’s bad management, period.”

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One of the key principles for CEOs of operating companies is that you don't get involved in battles with the press because it drains your time, which is best spent on making your company run better, especially, during startup phases of the business. You either ignore it or let your PR company handle the problem. Therefore, if one is spending a lot of time in PR battles, he or she is not a CEO.


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