[abetterday]

There is a whole mindset that has invigorated growth investing and has been invigorated by it: success is more luck and social proof than correctness or work + winner will take all = illusion management is key work + valuations don’t matter, but getting in does.

It underpins major perspectives on investment, monetary and gov policy, and individual agency. It is infuriating, but it has worked spectacularly for a long time and has just enough truth in it to keep people building castles in the air.