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lazy, the rest of us have a lot to worry about by comparison. But if you think about this idea of luck, in the book you actually say, in a way you are playing a lottery ticket because on average the most successful investment in a fund will outperform the rest of the funds. How do you reconcile that with the lottery idea? Thiel: That not so much a lottery ticket as it is that you do have these very extreme outcomes where some of these companies end up being vastly more successful than others. There this very unequal distribution. Not all companies are created equal, and they are more unequal than our intuitions about this often are. The lottery ticket part is, the company going to do well? Will it work, or will it fail? There are some companies that do reasonably well. Some do a lot better than others. As long as they all succeed, that fine as an investor. But I think it also important to keep in mind that some do a lot better than others. This changes one thinking in a lot of ways. For example, you would have

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