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Talk about a liquidity premium.

Brian Chesky, Airbnb’s CEO summed the situation up quite well when he was first informed on live television that Airbnb was trading ~$139 per share:

“That’s the first time I’ve heard that number. Um, that is, that’s … I … you know, when we … in April, we raised money, it was a debt financing … uh … that price would have priced us around $30. So I … I don’t know what else to say. It’s … that’s a … that’s a very … that’s … um … that is … yeah … I’m very humbled by it.”

Not bad for a company that was started as a way for Mr. Chesky and his roommates to make their rent payments by renting out an air mattress in their apartment and serving breakfast (thus the name Air bed & breakfast). They then went on to sell $40 boxes of Obama O’s & Captain McCain cereal during the 2008 election.

Fast forward 12 years and Mr. Chesky is now worth ~$11B (according to the NYT). Nice work.

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The picture below was taken on Valentine’s Day 1990 by Voyager 1.  Notice the tiny blue dot in the sunbeam…

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I’ll let Carl Sagan take it from here…

We succeeded in taking that picture, and, if you look at it, you see a dot. That’s here. That’s home. That’s us. On it, everyone you ever heard of, every human being who ever lived, lived out their lives. The aggregate of all our joys and sufferings, thousands of confident religions, ideologies and economic doctrines, every hunter and forager, every hero and coward, every creator and destroyer of civilizations, every king and peasant, every young couple in love, every hopeful child, every mother and father, every inventor and explorer, every teacher of morals, every corrupt politician, every superstar, every supreme leader, every saint and sinner in the history of our species, lived there – on a mote of dust, suspended in a sunbeam.

The Earth is a very small stage in a vast cosmic arena. Think of the rivers of blood spilled by all those generals and emperors so that in glory and in triumph they could become the momentary masters of a fraction of a dot. Think of the endless cruelties visited by the inhabitants of one corner of the dot on scarcely distinguishable inhabitants of some other corner of the dot. How frequent their misunderstandings, how eager they are to kill one another, how fervent their hatreds. Our posturings, our imagined self-importance, the delusion that we have some privileged position in the universe, are challenged by this point of pale light.

[…] To my mind, there is perhaps no better demonstration of the folly of human conceits than this distant image of our tiny world. To me, it underscores our responsibility to deal more kindly and compassionately with one another and to preserve and cherish that pale blue dot, the only home we’ve ever known.

Naval Ravikant is one of my favorite thinkers.  I put him right up there with Buffett and Munger (among others).  His original podcast with Tim Ferriss (link) is one of my all time favorites.

Lucky for us, Naval is back with another great podcast – this time with Shane Parrish on the Farnam Street Blog (link).

Like his interview with Tim Ferriss, this interview is long (2 hours), wide-ranging, and full of interesting nuggets that will make you think.

Enjoy.

Farnam Street Blog: Naval Ravikant on Reading, Happiness, Systems for Decision Making, Habits, Honesty and More

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Agnotology – culturally constructed ignorance, created by special interest groups to create confusion and suppress the truth in a societally important issue. It is especially useful to sow seeds of doubt in complex scientific issues by publicizing inaccurate or misleading data.

See Also:

  • Big Tobacco
  • Iraq has WMD
  • Global Warming is a Hoax
  • Vaccines cause Autism

Sources:

http://www.bloomberg.com/view/articles/2016-06-27/culturally-constructed-ignorance-wins-the-day

https://en.wikipedia.org/wiki/Agnotology

Dark Was the Night, Cold Was the Ground” is a gospel blues song written and performed by American musician Blind Willie Johnson and recorded in 1927. The song is primarily an instrumental featuring Johnson’s self-taught bottleneck slide guitar and picking style accompanied by his vocalizations of humming and moaning. It has the distinction of being one of 27 samples of music included on the Voyager Golden Record, launched into space in 1977 to represent the diversity of life on Earth.”

I heard somewhere that this is Jack White’s favorite blues song.  I bet Blind Willie Johnson never imagined his song would be recorded on gold and sent to the heavens.  Nice work NASA.

 

The_Sounds_of_Earth_Record_Cover_-_GPN-2000-001978The_Sounds_of_Earth_-_GPN-2000-001976Voyager

The Voyager 1 probe is currently the farthest human made object from Earth. Voyager 1 has reached interstellar space, the region between stars where the galactic plasma is present.[3] Like their predecessors Pioneer 10 and 11, which featured a simple plaque, both Voyager 1 and Voyager 2 were launched by NASA with a message aboard — a kind of time capsule, intended to communicate to extraterrestrials a story of the world of humans on Earth:

This is a present from a small, distant world, a token of our sounds, our science, our images, our music, our thoughts and our feelings. We are attempting to survive our time so we may live into yours.

— President Jimmy Carter
***

This is a great podcast.  At 2 hours and 15 minutes it’s a long one but worth it.  In fact, I’m going to listen to it again.  Naval’s thoughts, reflections, advice, and recommendations all really resonated with me – I’ve even started reading some of the books he mentions.

Check it out for yourself here: The Person I Call Most for Startup Advice

While you’re there check out some of Tim’s other interviews – you’re bound to find something that interests you.

The Tim Ferriss Show with Naval Ravikant

“Desire is a contract you make with yourself to be unhappy until you get what you want.” – Naval Ravikant

April 22, 1958

57 Perry Street

New York City

Dear Hume,

You ask advice: ah, what a very human and very dangerous thing to do! For to give advice to a man who asks what to do with his life implies something very close to egomania. To presume to point a man to the right and ultimate goal — to point with a trembling finger in the RIGHT direction is something only a fool would take upon himself.

I am not a fool, but I respect your sincerity in asking my advice. I ask you though, in listening to what I say, to remember that all advice can only be a product of the man who gives it. What is truth to one may be disaster to another. I do not see life through your eyes, nor you through mine. If I were to attempt to give you specific advice, it would be too much like the blind leading the blind.

“To be, or not to be: that is the question: Whether ’tis nobler in the mind to suffer the slings and arrows of outrageous fortune, or to take arms against a sea of troubles … ” (Shakespeare)

And indeed, that IS the question: whether to float with the tide, or to swim for a goal. It is a choice we must all make consciously or unconsciously at one time in our lives. So few people understand this! Think of any decision you’ve ever made which had a bearing on your future: I may be wrong, but I don’t see how it could have been anything but a choice however indirect — between the two things I’ve mentioned: the floating or the swimming.

But why not float if you have no goal? That is another question. It is unquestionably better to enjoy the floating than to swim in uncertainty. So how does a man find a goal? Not a castle in the stars, but a real and tangible thing. How can a man be sure he’s not after the “big rock candy mountain,” the enticing sugar-candy goal that has little taste and no substance?

The answer — and, in a sense, the tragedy of life — is that we seek to understand the goal and not the man. We set up a goal which demands of us certain things: and we do these things. We adjust to the demands of a concept which CANNOT be valid. When you were young, let us say that you wanted to be a fireman. I feel reasonably safe in saying that you no longer want to be a fireman. Why? Because your perspective has changed. It’s not the fireman who has changed, but you. Every man is the sum total of his reactions to experience. As your experiences differ and multiply, you become a different man, and hence your perspective changes. This goes on and on. Every reaction is a learning process; every significant experience alters your perspective.

So it would seem foolish, would it not, to adjust our lives to the demands of a goal we see from a different angle every day? How could we ever hope to accomplish anything other than galloping neurosis?

The answer, then, must not deal with goals at all, or not with tangible goals, anyway. It would take reams of paper to develop this subject to fulfillment. God only knows how many books have been written on “the meaning of man” and that sort of thing, and god only knows how many people have pondered the subject. (I use the term “god only knows” purely as an expression.) There’s very little sense in my trying to give it up to you in the proverbial nutshell, because I’m the first to admit my absolute lack of qualifications for reducing the meaning of life to one or two paragraphs.

I’m going to steer clear of the word “existentialism,” but you might keep it in mind as a key of sorts. You might also try something called “Being and Nothingness” by Jean-Paul Sartre, and another little thing called “Existentialism: From Dostoyevsky to Sartre.” These are merely suggestions. If you’re genuinely satisfied with what you are and what you’re doing, then give those books a wide berth. (Let sleeping dogs lie.) But back to the answer. As I said, to put our faith in tangible goals would seem to be, at best, unwise. So we do not strive to be firemen, we do not strive to be bankers, nor policemen, nor doctors. WE STRIVE TO BE OURSELVES.

But don’t misunderstand me. I don’t mean that we can’t BE firemen, bankers, or doctors — but that we must make the goal conform to the individual, rather than make the individual conform to the goal. In every man, heredity and environment have combined to produce a creature of certain abilities and desires — including a deeply ingrained need to function in such a way that his life will be MEANINGFUL. A man has to BE something; he has to matter.

As I see it then, the formula runs something like this: a man must choose a path which will let his ABILITIES function at maximum efficiency toward the gratification of his DESIRES. In doing this, he is fulfilling a need (giving himself identity by functioning in a set pattern toward a set goal), he avoids frustrating his potential (choosing a path which puts no limit on his self-development), and he avoids the terror of seeing his goal wilt or lose its charm as he draws closer to it (rather than bending himself to meet the demands of that which he seeks, he has bent his goal to conform to his own abilities and desires).

In short, he has not dedicated his life to reaching a pre-defined goal, but he has rather chosen a way of life he KNOWS he will enjoy. The goal is absolutely secondary: it is the functioning toward the goal which is important. And it seems almost ridiculous to say that a man MUST function in a pattern of his own choosing; for to let another man define your own goals is to give up one of the most meaningful aspects of life — the definitive act of will which makes a man an individual.

Let’s assume that you think you have a choice of eight paths to follow (all pre-defined paths, of course). And let’s assume that you can’t see any real purpose in any of the eight. THEN — and here is the essence of all I’ve said — you MUST FIND A NINTH PATH.

Naturally, it isn’t as easy as it sounds. You’ve lived a relatively narrow life, a vertical rather than a horizontal existence. So it isn’t any too difficult to understand why you seem to feel the way you do. But a man who procrastinates in his CHOOSING will inevitably have his choice made for him by circumstance.

So if you now number yourself among the disenchanted, then you have no choice but to accept things as they are, or to seriously seek something else. But beware of looking for goals: look for a way of life. Decide how you want to live and then see what you can do to make a living WITHIN that way of life. But you say, “I don’t know where to look; I don’t know what to look for.”

And there’s the crux. Is it worth giving up what I have to look for something better? I don’t know — is it? Who can make that decision but you? But even by DECIDING TO LOOK, you go a long way toward making the choice.

If I don’t call this to a halt, I’m going to find myself writing a book. I hope it’s not as confusing as it looks at first glance. Keep in mind, of course, that this is MY WAY of looking at things. I happen to think that it’s pretty generally applicable, but you may not. Each of us has to create our own credo — this merely happens to be mine.

If any part of it doesn’t seem to make sense, by all means call it to my attention. I’m not trying to send you out “on the road” in search of Valhalla, but merely pointing out that it is not necessary to accept the choices handed down to you by life as you know it. There is more to it than that — no one HAS to do something he doesn’t want to do for the rest of his life. But then again, if that’s what you wind up doing, by all means convince yourself that you HAD to do it. You’ll have lots of company.

And that’s it for now. Until I hear from you again, I remain,

your friend,

Hunter

Found via http://yourfriendshouse.com/uncategorised/hunter-s-thompson-on-finding-your-purpose/