Avoid the Unforced Investment Errors Even Billionaires Make
The Big Picture
APRIL 17, 2025
An instructive war story : During the mid-1990s, a grad school buddy took a senior job at a tech startup that came with lots of stock. My advice was not based on fear of a bubble or the (over)valuation of Yahoo; rather, I suggested employing a regret minimization framework.2 In late 1996, they were bought by Yahoo!
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