… As Warren Buffett has said: “Investing is simple, but not easy.” Jim Breyer is saying that what is not “easy” is investor psychology…
“We will have many booms and busts forever in Silicon Valley.” All markets are cyclical. Venture capital is more cyclical than other markets, not less. … One can at best hope to make general forecasts about the probability of a shift in the business cycle, which can help with investing.
“We like to think that we will make a mistake only once and learn from it. We also are humbled every day by a new mistake.” … The natural human tendency is to gloss mistakes over with psychological denial. By celebrating rather than burying mistakes, you learn faster.
–A Dozen Things I’ve Learned from Jim Breyer By Tren Griffin