The most underappreciated line in this piece is the one about Jensen Huang: "The dilution was the strategy." We spend so much time in early-stage investing talking about founders protecting their equity that we rarely acknowledge that the founders who built the most valuable companies on earth did so by giving most of it away. Not through charity but through the mechanics of building something bigger than themselves.

The Ortega comparison is brutal and precise. He built one of the largest retail empires in history and kept 60% of it. His PVD is $24 billion. Huang kept 3.5% and his is $4 trillion. Both made rational decisions but only one of them built a machine whereas the other built a fortune.

I’ve just discovered Robinson Aquino on here. His writing makes complicated ideas feel navigable without dumbing them down. Worth subscribing to The Money Game if you want to think more clearly about how wealth actually works.