Whenever outsiders can’t fathom horrific behavior being enabled or valuations paid for companies that barely exist I tell them two things. You might call them the laws of Silicon Valley physics.

The first law is that 95% of the money comes from just 5% of the returns. So what will make or break you is being in that 5%-- period. If you are in that 5% no price matters because the wins are so disproportionate.

You will always gamble on being in the 5% because too many people turned down seemingly crazy ideas at seemingly crazy prices by people who seemed too crazy and have regretted it for the rest of their careers. There is a saying that’s come out of this anxiety: “You can only lose your money once.” The implication is that if you don’t invest you lose your potential to make money many times over.

And that brings us to law #2...