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" ... Both Michael and Joe emphasised the importance of knowing when to shut up. Michael posited that being successful requires the ability to observe, create a hypothesis, stress test it, codify the conclusions and then internalise them. That’s how he figured out the secret to wealth creation, which he said was standing for something, being differentiated and always creating maximal value for your customers. Similarly, Joe noted that going to work for an operating company in Asia meant that, for the first time, he saw a diversity of skillsets, educational backgrounds and experiences. It was a huge cultural shock, especially as he had not grown up in mainland China. To succeed, he had to stay humble, listen and observe. He ended up meeting a great group of amazing founders. He hadn’t expected to find them in China. But he did. And the rest is history. ... "
" ... In this scenario, industry level co-operation can help to internalise that externality. If clubs can come together and agree rules to abide by, then some of the arms race might be reduced and investment may become more socially optimal. ... "