YC Lecture 5- Competition is for Losers(Peter Thiel)
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Peter Thiel argues that for a company to be valuable it must create X amount of value for the world and capture Y% of X. He believes that there are only two types of businesses: perfectly competitive and monopolies, and the lies companies tell about their size and market position can distort this reality.
Highlights
- 💰 A valuable company creates X% of value for the world and captures Y% of X.
- 🏆 There are only two types of businesses: perfectly competitive and monopolies.
- 🤥 Companies will lie about their size and market position to avoid government regulation or attract capital.
- 🍴 Restaurants are a good example of a terrible business and the lies they tell to differentiate themselves.
- 🎥 Hollywood movies are pitched as unique and competitive, but in reality, it’s hard to make money, and there are many similar movies.
