October 8, 2008
I just started the new Warren Buffett biography, entitled “Snowball.” He has a great quote on the back cover: “Life is like a snowball. The important thing is finding wet snow and a long hill.”
I often feel that a lot of what I do is going out to find “wet snow.”. There is little more valuable in the early stage world than people who are magnets — magnets for great deals, magnets for great talent, magnets for great ideas. We spend lots of our time building relationships with the magnets our there; and when we evaluate investment opportunities, one of our criteria is how magnetic the idea and founding team will be for future recruits.
One of my partners calls it being a “babe magnet.” Buffett would call it finding wet snow.