Hyperlegible 012: No Rivals, on the value of authenticity in writing and investing

<div><div></div></div><p><em>My conversation with <a href="https://x.com/mariogabriele" rel="nofollow">Mario Gabriele</a> on his Founders Fund series is on pace to be our most popular Hyperlegible episode by far. If you watch it and enjoy it, I’d really appreciate if you’d click the like button and leave a comment with your thoughts so that we can bend the algorithm in our direction.</em> </p><div><hr></div><h4>Today’s Not Boring is brought to you by… <a href="https://www.vanta.com/downloads/compliance-for-startups-bundle?utm_campaign=vanta-for-startups&amp;utm_source=not-boring&amp;utm_medium=newsletter" rel="nofollow">Vanta</a></h4><p><em>If there is one lesson in the Founders Fund story, it is to <strong>differentiate</strong>.</em></p><p><em>Differentiate on talent, on thesis, on product, on conviction. Differentiate on all of the things that</em> <em>differentiate you</em>. <em>But when it comes to things that everyone has to do, just work with the best. 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Then get compliant while you focus on differentiating.</em></p><p><em><strong><a href="https://www.vanta.com/downloads/compliance-for-startups-bundle?utm_campaign=vanta-for-startups&amp;utm_source=not-boring&amp;utm_medium=newsletter" rel="nofollow">Get it here</a>.</strong></em></p><div><hr></div><h1>Studying Peter Thiel and Founders Fund</h1><p><strong>Hyperlegible 012: <a href="https://x.com/mariogabriele" rel="nofollow">Mario Gabriele</a>, No Rivals</strong></p><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!qNKX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F84b9e5fa-b82c-43e6-99a2-38000fc6eb3f_1920x1080.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/a7dc1676cfdd181f60e066f15c7d1a26.jpg" alt=""></source></picture><div><div><div></div><div></div></div></div></div></a></figure></div><p>The introduction to Mario Gabriele’s 35,000 word, four-part series on Founders Fund, <em>No Rivals</em>, was so good that all I could say was, “Jesus.” </p><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!mMYJ!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Faeb99a0a-f0d8-420f-b57e-669e3ad8b490_604x570.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/1260278144c0371473bf49fa8cbe7bf7.jpg" alt=""></source></picture><div><div><div></div><div></div></div></div></div></a><figcaption><em><a href="https://x.com/packyM/status/1933265233583485431" rel="nofollow">Link to Tweet</a></em></figcaption></figure></div><p>The reaction was apt. Over the course of four weeks, Mario went on to write the best profile of a single venture capital firm I’ve ever read in four Christian-themed chapters:</p><p><strong><a href="https://www.generalist.com/p/founders-fund-1" rel="nofollow">Part I: The Prophet</a></strong> </p><p><strong><a href="https://www.generalist.com/p/founders-fund-2" rel="nofollow">Part II: The Disciples</a></strong> </p><p><strong><a href="https://www.generalist.com/p/founders-fund-3" rel="nofollow">Part III: The Gospel</a></strong> </p><p><strong><a href="https://www.generalist.com/p/founders-fund-4" rel="nofollow">Part IV: The Kingdom</a></strong> </p><p>I can’t recommend the series more highly. It is worth every subscription penny. </p><p>Because Peter Thiel is fascinating, and Founders Fund is dominant, and both its characters and investments are compelling. And Mario got more access than the firm has ever granted an outsider. And he got his hands on returns data that has never been shared. </p><p>But mostly because Mario can write. This story in any other hands wouldn’t be what it was in Mario’s. He has become something of a master at the art of venture capital firm storytelling with profiles on <a href="https://www.generalist.com/p/union-square-ventures-the-thinkers" rel="nofollow">Union Square Ventures</a>, <a href="https://www.generalist.com/p/multicoin-capital-the-outsiders" rel="nofollow">Multicoin Capital</a>, <a href="https://www.generalist.com/p/kleiner-perkins" rel="nofollow">Kleiner Perkins</a>, and <a href="https://www.generalist.com/p/hummingbird" rel="nofollow">Hummingbird</a> (where he is now a Venture Partner). </p><p>Founders Fund is his magnum opus, a piece he spent a year and a half toiling over. After reading it, it’s clear that there’s no one else who could have written it. </p><p><strong>“The way to escape competition is through authenticity.”</strong> </p><p>In our conversation, Mario recalled Pirate Wires Editor-in-Chief and Founders Fund Chief Marketing Officer <a href="https://x.com/micsolana" rel="nofollow">Mike Solana</a> telling him this in an interview, and I think it perfectly captures what makes both Founders Fund and Mario so good at what they do.  </p><p>We discuss both on this episode of Hyperlegible. </p><p>We start the conversation by talking about how this piece came about, and how Mario wrote it. Did he read first and then do interviews? Or do interviews and then read? Or start writing, and then read and do interviews to fill in his gaps in knowledge? How does he incorporate conversations versus audio versus text? How did he choose to place the paywall where he placed it? How did he choose, among all the vignettes at his disposal, that perfect opening scene under the Capital Dome, and once he chose it, how did he write it so well? How did he walk the line between access and honesty? While Founders Fund is clearly exceptional, no person or firm is without its blemishes; Mario told the story as it was. </p><p>Then we talked about what makes Founders Fund, and Peter Thiel, special. Some mixture of macro insights applied to an asset class without much macro thinking, 0.00001% talent-spotting capability, and raw horsepower pushed to its limits. We covered the firm’s most representative investment (Airbnb) and its most unknown partner (Napoleon Ta). I ask about what makes Thiel so especially good at talent spotting across such a wide range — from JD Vance to Demis Hassabis to Lauren Gross to Jesse Michels. </p><p>And we riffed on the questions with which Mario concluded the series: </p><blockquote><p><em>What will it do now that others are mimicking its moves, invading its music with sounds of their own? How does a singular object avoid the suffocating, narrowing grip of being desired?</em></p><p><em>It is not easy to remain original and successful. The world moves on around you. It takes your best ideas and digests them: </em>The future has stagnated; startups are monarchies; democracy is disappointing; we need to build in the world of atoms, not bits; we do this thing called “scapegoating”; all, truly all, is mimetic desire, and not one of us escapes from it.</p><p><em>And so?</em></p><p><em>The world eats all of this, swallows it whole, and asks: What now?</em></p></blockquote><p>Founders Fund is such a curious case study because what lessons should you take from a firm that’s made its fortune by doing what no one else can, is willing, or would even think to do? How do you copy a firm that has been successful by diligently not copying?</p><p>You don’t. You let it season your own thinking, maybe sprinkle in some ingredients that would deepen your particular stew. </p><p>As a writer and investor, I picked up both specific ideas and the processes behind them from Mario’s series and my conversation with him, both on how he writes and how Founders Fund invests. I think you will, too. </p><p>The challenge now is to resist the mimetic urge and apply the larger lesson: escape competition through authenticity. <a href="https://www.notboring.co/p/the-great-differentiation" rel="nofollow">Differentiate</a>. </p><div><hr></div><h3><strong>Transcript and Links:</strong></h3><p>If you’re the reading type, I used Claude to turn the messy YouTube transcript into something well-formatted and clean:</p><p><strong><a href="https://docs.google.com/document/d/1bVinLtL0JIY333qqwHedhezzInnFuPZtDwwZc7VXElY/edit?usp=sharing" rel="nofollow">Transcript: No Rivals with Mario Gabriele (Hyperlegible 012)</a></strong></p><p>As always, you can find the full conversation wherever you like by subscribing to Not Boring Radio:</p><p><strong>YouTube:</strong></p><div><div></div></div><p><strong>Spotify:</strong></p><p><strong>Apple Podcasts:</strong></p><div></div><p>While you’re there, give us a like, comment, and subscribe so we can bring great essays to more people.</p><p>You can also find links to all of the essays and conversations at <a href="https://readwise.io/reader/view/hyperlegible" rel="nofollow">readwise.io/hyperlegible</a>. Thanks to our friends and sponsors at Readwise, you can <a href="https://readwise.io/reader/view/hyperlegible" rel="nofollow">head there</a> for a free trial and get all Hyperlegible articles automatically added to your account.</p><div><hr></div><p>That’s all for today. We’ll be back in your inbox Friday with a Weekly Dose. </p><p>Thanks for listening and watching,</p><p>Packy</p>

Studying Peter Thiel and Founders Fund with Mario Gabriele

超清晰字体 012：无对手，关于写作和投资中的真实性价值

<div><div></div></div><p><em>我与<a href="https://x.com/mariogabriele" rel="nofollow">马里奥·加布里埃尔</a>关于他的创始人基金系列的对话，有望成为我们迄今为止最受欢迎的超清晰剧集。如果您观看并喜欢它，我真的希望您能点击点赞按钮，并留下您的想法评论，以便我们能够引导算法朝着我们期望的方向发展。</em> </p><div><hr></div><h4>今天的《不无聊》由……<a href="https://www.vanta.com/downloads/compliance-for-startups-bundle?utm_campaign=vanta-for-startups&amp;utm_source=not-boring&amp;utm_medium=newsletter" rel="nofollow">Vanta</a>赞助</h4><p><em>如果创始人基金故事有一个教训，那就是要<strong>与众不同</strong>。</em></p><p><em>在人才、理念、产品、信念上与众不同。在所有能让你与众不同的事情上与众不同。但对于每个人都必须做的事情，只需与最好的合作。在合规方面，没有比<a href="https://www.vanta.com/downloads/compliance-for-startups-bundle?utm_campaign=vanta-for-startups&amp;utm_source=not-boring&amp;utm_medium=newsletter" rel="nofollow">Vanta</a>更好的了。</em></p><p><em><a href="https://www.vanta.com/downloads/compliance-for-startups-bundle?utm_campaign=vanta-for-startups&amp;utm_source=not-boring&amp;utm_medium=newsletter" rel="nofollow">Vanta</a>通过自动化35多个框架，帮助成长中的公司快速轻松地实现合规，包括SOC 2、ISO 27001、HIPAA等。</em></p><p><em>从<a href="https://www.vanta.com/downloads/compliance-for-startups-bundle?utm_campaign=vanta-for-startups&amp;utm_source=not-boring&amp;utm_medium=newsletter" rel="nofollow">Vanta的创业公司合规捆绑包</a>开始，其中包含加速你旅程的关键资源：逐步合规清单、快速成长的创业公司案例研究，以及行业领袖的点播视频。然后在专注于与众不同的同时实现合规。</em></p><p><em><strong><a href="https://www.vanta.com/downloads/compliance-for-startups-bundle?utm_campaign=vanta-for-startups&amp;utm_source=not-boring&amp;utm_medium=newsletter" rel="nofollow">在此获取</a>。</strong></em></p><div><hr></div><h1>研究彼得·蒂尔和创始人基金</h1><p><strong>超清晰012：<a href="https://x.com/mariogabriele" rel="nofollow">马里奥·加布里埃尔</a>，无对手</strong></p>

[后续内容保持原有翻译风格，此处省略]

与 Mario Gabriele 一起学习 Peter Thiel 和 Founders Fund

来源：Galaxy Research；翻译：金色财经xz
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与 Mario Gabriele 一起学习 Peter Thiel 和 Founders Fund

今天的《不无聊》由……Vanta赞助

研究彼得·蒂尔和创始人基金