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# Lessons from Josh Wolfe
- URL: https://www.antoinebuteau.com/lessons-from-josh-wolfe/
- Published: 2026-03-12T02:55:05.000Z
- Updated: 2026-09-05T03:18:27.000Z
- Description: Josh Wolfe, co-founder and managing partner of Lux Capital, backs scientists and entrepreneurs turning science fiction into fact, applying contrarian frameworks and deep technical focus to identify the ambitious, misunderstood edges of human progress.
- Author: Antoine Buteau
- Tags: Profile, Investing, Venture Capital Profiles

Josh Wolfe is the co-founder and managing partner of Lux Capital, a venture firm dedicated to backing scientists and entrepreneurs who are turning sci-fi into sci-fact. Known for his contrarian frameworks and deep technical focus, Wolfe has built a career around identifying "the edge" of human progress and investing in the most ambitious, and often misunderstood, technological breakthroughs.

![Visual summary of operating lessons from Josh Wolfe.](https://www.antoinebuteau.com/content/images/2026/07/image-13-optimized.webp)

## Part 1: Failure, Risk, and the Art of De-Risking

1. **On Failure Imagination:** "Failure comes from a failure to imagine failure." — [*Source: The Knowledge Project*](https://fs.blog/knowledge-project/josh-wolfe/?ref=antoinebuteau.com)
2. **On Seeking Bad News:** "I want the bad news. Good news, you're going to get applause from me... but I want to know what's going wrong because that's where I can actually help." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
3. **On De-Risking Ventures:** "Reducing risk involves actively imagining all possible ways a venture could fail to proactively address them before they happen." — [*Source: Stanford eCorner*](https://ecorner.stanford.edu/videos/the-physics-of-failure/?ref=antoinebuteau.com)
4. **On Energy and Risk:** "Risk and value just change form; if you can imagine all the things that can go wrong, you can flick them off the table like the first law of thermodynamics." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)
5. **On Pre-Mortems:** "You have to anticipate everything that could possibly go wrong privately so you can put time, talent, and money to prevent those bad things from happening." — [*Source: Hidden Forces*](https://hiddenforces.io/podcasts/josh-wolfe-lux-capital/?ref=antoinebuteau.com)
6. **On Survivorship Bias:** "All you need is the wisdom to not do unintelligent things to hurt yourself and recognize favorable outcomes when they occur." — [*Source: Frederik Gieschen*](https://www.frederikgieschen.com/p/josh-wolfe-the-philosophy-of-lux?ref=antoinebuteau.com)
7. **On Asymmetrical Risk:** "Look for the mispriced bets where the downside is limited but the upside is literally world-changing." — [*Source: Forbes*](https://www.forbes.com/sites/antoinegara/2021/04/13/josh-wolfe-lux-capital-360-degree-interview/?ref=antoinebuteau.com)
8. **On Intellectual Hubris:** "It ain't what you don't know that gets you into trouble, it's what you know for sure that just ain't so." — [*Source: Lux Capital Q4 Letter*](https://www.luxcapital.com/news/q4-2024-letter?ref=antoinebuteau.com)
9. **On Crisis Management:** "When capital is expensive, you have to be more disciplined. You must extend your cash runway and analyze costs meticulously to survive the storm." — [*Source: The Economic Times*](https://economictimes.indiatimes.com/tech/technology/lux-capitals-josh-wolfe-warns-of-recession-tells-portfolio-firms-to-prepare/articleshow/108344075.cms?ref=antoinebuteau.com)
10. **On the Price of Risk:** "When you buy things that are unpopular, you are paying a low price for the uncertainty; when you buy popular things, you are paying a high price for the consensus." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)

## Part 2: The Lux Framework: 100-0-100 & Intellectual Humility

1. **On the 100-0-100 Rule:** "I am 100% certain we will invest in the most cutting-edge things; 0% certain what they will be; and 100% certain we will find them at the edge of our existing companies." — [*Source: Frederik Gieschen*](https://www.frederikgieschen.com/p/josh-wolfe-the-philosophy-of-lux?ref=antoinebuteau.com)
2. **On Future Purity:** "The most important companies that are going to exist have never existed before, meaning you often have no prior comps to look at." — [*Source: The Knowledge Project*](https://fs.blog/knowledge-project/josh-wolfe/?ref=antoinebuteau.com)
3. **On Betting on the Edge:** "Edge can derive from informational, analytical, or behavioral sources, and the behavioral edge is the most lasting." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)
4. **On Arrogance vs. Humility:** "The 100-0-100 framework is a mix of arrogance (ambition to find it), humility (not knowing what it is), and confidence (certainty of the process)." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
5. **On Scientific Curiosity:** "Be obsessively interested in topics where you can know a little, ideally a lot more, than others. Asymmetrical knowledge is currency." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)
6. **On Contrarianism:** "We want to believe before other people understand. We always want them to agree with us—just later." — [*Source: Lux Capital Q4 Letter*](https://www.luxcapital.com/news/q4-2024-letter?ref=antoinebuteau.com)
7. **On the First-Rate Intellect:** "The test of a first-rate intellect is the ability to hold two opposing ideas in your head at the same time and still retain the ability to function." — [*Source: The Knowledge Project*](https://fs.blog/knowledge-project/josh-wolfe/?ref=antoinebuteau.com)
8. **On Genius Visibility:** "Talent hits a target no one else can hit; genius hits a target no one else can see." — [*Source: Stanford eCorner*](https://ecorner.stanford.edu/videos/the-physics-of-failure/?ref=antoinebuteau.com)
9. **On Following Science:** "Diving deep into scientific research and connecting with top scientists allows you to see breakthroughs before they are public." — [*Source: Substack - The Generalist*](https://www.generalist.com/briefing/lux-capital?ref=antoinebuteau.com)
10. **On the Power of 'Maybe':** "Venture capital is about finding the outliers that others dismiss as 'maybe impossible' and proving they are 'inevitable'." — [*Source: Upfront Summit*](https://www.youtube.com/watch?v=R9j0P%5FGkOQ4&ref=antoinebuteau.com)

## Part 3: The Three Edges: Informational, Analytical, and Behavioral

1. **On Behavioral Edge:** "Behavioral is the one source of lasting advantage—identifying where the herd is going and staying away from it." — [*Source: Stanford eCorner*](https://ecorner.stanford.edu/videos/the-physics-of-failure/?ref=antoinebuteau.com)
2. **On Time Arbitrage:** "One approach to creating a behavioral edge is to arbitrage time. Payoffs later in time are less popular because most people are biased toward immediate gratification." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)
3. **On Informational Advantage:** "Informational edge comes from being in the flow of data that others don't have, often at the intersection of different scientific disciplines." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
4. **On Analytical Edge:** "Analytical edge is looking at the same information as everyone else but drawing a different, more accurate conclusion." — [*Source: Hidden Forces*](https://hiddenforces.io/podcasts/josh-wolfe-lux-capital/?ref=antoinebuteau.com)
5. **On Herd Immunity:** "When everyone is looking left, you should be looking right to see what they are missing." — [*Source: Forbes*](https://www.forbes.com/sites/antoinegara/2021/04/13/josh-wolfe-lux-capital-360-degree-interview/?ref=antoinebuteau.com)
6. **On the Fear of Missing Out:** "The biggest risk in venture isn't losing money on a bad bet; it's missing the one outlier that defines a generation." — [*Source: The Knowledge Project*](https://fs.blog/knowledge-project/josh-wolfe/?ref=antoinebuteau.com)
7. **On Market Inefficiency:** "Money is made from the gaps in human psychology, such as prospect theory and cognitive biases, until people can alter their own nature." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)
8. **On Social Proof:** "If everyone agrees with your investment, you are probably not going to make a lot of money because the price already reflects that consensus." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
9. **On Conviction:** "You need the courage to be lonely and the wisdom to be right." — [*Source: Annie Duke Interview*](https://www.youtube.com/watch?v=F%5FYv2S0P9fU&ref=antoinebuteau.com)
10. **On Information Velocity:** "Asymmetrical knowledge is currency; in a world of instant information, the only edge is knowing something others haven't noticed yet." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)

## Part 4: Narrative, Storytelling, and Perception

1. **On Storytelling Superpowers:** "The ability to tell good stories is a superpower; it captures the best and worst parts of humanity." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
2. **On Narrative Fallacy:** "The best storytellers are also the best con men; they can make the impossible sound inevitable." — [*Source: The Knowledge Project*](https://fs.blog/knowledge-project/josh-wolfe/?ref=antoinebuteau.com)
3. **On Rebranding Nuclear:** "Nuclear energy needs a rebrand; we should call it 'Elemental Power' to strip away the historical stigma." — [*Source: Axios*](https://www.axios.com/2022/05/20/josh-wolfe-lux-capital-nuclear-energy-rebrand?ref=antoinebuteau.com)
4. **On Perceived Reality:** "Value is often a function of perception; if you change how people see a technology, you change its market potential." — [*Source: Lux Capital Q1 2025 Report*](https://www.luxcapital.com/news/q1-2025-report?ref=antoinebuteau.com)
5. **On Communicating Science:** "Scientists often struggle to tell stories, but the ones who can bridge the gap between technical depth and human narrative win." — [*Source: Upfront Summit*](https://www.youtube.com/watch?v=R9j0P%5FGkOQ4&ref=antoinebuteau.com)
6. **On the Moral Imperative:** "I believe there is a moral imperative to invent technology because it increases our humanity." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
7. **On Founding Myths:** "The most successful companies often start with a mythic vision that attracts the talent and capital needed to make it real." — [*Source: Hidden Forces*](https://hiddenforces.io/podcasts/josh-wolfe-lux-capital/?ref=antoinebuteau.com)
8. **On Capturing Hearts:** "Logic gets people to think, but emotion gets them to act. A great founder must do both." — [*Source: Annie Duke Interview*](https://www.youtube.com/watch?v=F%5FYv2S0P9fU&ref=antoinebuteau.com)
9. **On Visionary Salesmanship:** "You are promoting the future and cheering on companies that, against all odds, are likely to fail." — [*Source: The Knowledge Project*](https://fs.blog/knowledge-project/josh-wolfe/?ref=antoinebuteau.com)
10. **On Historical Context:** "Those who fail to understand the past can't comprehend the present, and thus have no handle on the future." — [*Source: Lux Capital Q4 Letter*](https://www.luxcapital.com/news/q4-2024-letter?ref=antoinebuteau.com)

## Part 5: Identifying Opportunities: The "What Sucks" Methodology

1. **On Finding Friction:** "If you want to change and progress, you have to look at something and say 'that sucks' and then be motivated to change it." — [*Source: Frederik Gieschen*](https://www.frederikgieschen.com/p/josh-wolfe-the-philosophy-of-lux?ref=antoinebuteau.com)
2. **On the 'What Sucks' Approach:** "I identify opportunities by looking for problems or inefficiencies that others take for granted." — [*Source: Annie Duke Interview*](https://www.youtube.com/watch?v=F%5FYv2S0P9fU&ref=antoinebuteau.com)
3. **On Must-Solve vs. Nice-to-Have:** "Prioritize investments in 'must-solve' problems over 'nice-to-have' features; the former are recession-proof." — [*Source: Annie Duke Interview*](https://www.youtube.com/watch?v=F%5FYv2S0P9fU&ref=antoinebuteau.com)
4. **On Scientific Superiority:** "We look for 'sci-tech superiority'—scientists and founders relentlessly pursuing competitive advantages through hard science." — [*Source: Lux Capital Q2 2024 Letter*](https://www.luxcapital.com/news/q2-2024-letter?ref=antoinebuteau.com)
5. **On Mispriced Friction:** "Where there is friction, there is opportunity. The more painful the problem, the more valuable the solution." — [*Source: Forbes*](https://www.forbes.com/sites/antoinegara/2021/04/13/josh-wolfe-lux-capital-360-degree-interview/?ref=antoinebuteau.com)
6. **On Institutional Imperative:** "Avoid companies that are just doing things because that's how they've always been done; look for the ones breaking the mold." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
7. **On the Margin of Safety:** "The best companies solve a problem so fundamental that customers would be willing to pay almost anything to make it go away." — [*Source: Hidden Forces*](https://hiddenforces.io/podcasts/josh-wolfe-lux-capital/?ref=antoinebuteau.com)
8. **On Boring Industries:** "Some of the best tech opportunities are in 'boring' industries like trash, waste, or defense, where innovation has stalled for decades." — [*Source: Frederik Gieschen*](https://www.frederikgieschen.com/p/josh-wolfe-the-philosophy-of-lux?ref=antoinebuteau.com)
9. **On the Evolution of Needs:** "Human needs stay the same, but the tools we use to satisfy them are constantly evolving." — [*Source: Lux Capital Q4 Letter*](https://www.luxcapital.com/news/q4-2024-letter?ref=antoinebuteau.com)
10. **On Directional Arrows:** "Look carefully for directional arrows of progress and then ride them; don't fight the tide of technological inevitability." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)

## Part 6: Frontier Tech: AI, Robotics, and the Man-Machine Mindmeld

1. **On the AI Bubble:** "There is a bubble in AI that people are afraid to talk about publicly; I estimate less than 10 AI startups truly hold significant value." — [*Source: The Economic Times*](https://economictimes.indiatimes.com/tech/technology/lux-capitals-josh-wolfe-warns-of-recession-tells-portfolio-firms-to-prepare/articleshow/108344075.cms?ref=antoinebuteau.com)
2. **On Extensionalism:** "We invest in 'extensionalism'—ventures that technologically transcend and extend human limits." — [*Source: Lux Capital Q4 Letter*](https://www.luxcapital.com/news/q4-2024-letter?ref=antoinebuteau.com)
3. **On Man-Machine Partnership:** "The future is a mindmeld between man and machine, where technology amplifies rather than replaces human potential." — [*Source: Lux Capital Q1 2025 Report*](https://www.luxcapital.com/news/q1-2025-report?ref=antoinebuteau.com)
4. **On Specialized Robotics:** "I am bullish on specialized robotics that create their own data repositories for training rather than relying on the open internet." — [*Source: Business Insider*](https://www.businessinsider.com/josh-wolfe-lux-capital-ai-biology-robotics-investment-2023-10?ref=antoinebuteau.com)
5. **On AI Bottlenecks:** "In 2024, the limiting factors have been Nvidia's chips and networking equipment; memory is the one piece that continues to grow." — [*Source: AI Investor*](https://ainvestor.co/josh-wolfe-ai-predictions/?ref=antoinebuteau.com)
6. **On Life-Cording:** "We are moving toward 'life-cording,' where every part of your life is recorded 24/7 via neural interfaces and smart devices." — [*Source: AI Investor*](https://ainvestor.co/josh-wolfe-ai-predictions/?ref=antoinebuteau.com)
7. **On the AI Winner-Take-All:** "Google will likely win in the AI layer, while Meta will win on the device and neural interface side." — [*Source: AI Investor*](https://ainvestor.co/josh-wolfe-ai-predictions/?ref=antoinebuteau.com)
8. **On AI in Hardware:** "AI is most interesting when it interacts with the physical world, whether in robotics or manufacturing." — [*Source: Prof G Conversations*](https://www.youtube.com/watch?v=5V9YvjO2E%5Fw&ref=antoinebuteau.com)
9. **On Automation Fear:** "Deep-seated fears of automation are driving global 'anxious anger,' but the solution is more innovation, not less." — [*Source: Lux Capital Q2 2024 Letter*](https://www.luxcapital.com/news/q2-2024-letter?ref=antoinebuteau.com)
10. **On the Cost of Intelligence:** "As the cost of intelligence drops toward zero, we will see it embedded into every physical object we interact with." — [*Source: Hidden Forces*](https://hiddenforces.io/podcasts/josh-wolfe-lux-capital/?ref=antoinebuteau.com)

## Part 7: The Future of Biology and "Programmable" Life

1. **On Biological Complexity:** "Most computer scientists underappreciate how hard biology is; it is not linear or 'programmable' like code." — [*Source: Business Insider*](https://www.businessinsider.com/josh-wolfe-lux-capital-ai-biology-robotics-investment-2023-10?ref=antoinebuteau.com)
2. **On LLMs for Proteins:** "Large language models in biology can now go 'from prompt to protein,' producing molecules evolution never found." — [*Source: Business Insider*](https://www.businessinsider.com/josh-wolfe-lux-capital-ai-biology-robotics-investment-2023-10?ref=antoinebuteau.com)
3. **On the Biotech Bull Market:** "Biotech is the biggest bull market within AI because training foundation models on biology will change humanity." — [*Source: Upfront Summit*](https://www.youtube.com/watch?v=R9j0P%5FGkOQ4&ref=antoinebuteau.com)
4. **On Cellular Medicine:** "Designing individual cells and cellular medicines is the next frontier of human health." — [*Source: Upfront Summit*](https://www.youtube.com/watch?v=R9j0P%5FGkOQ4&ref=antoinebuteau.com)
5. **On the Intersection Edge:** "The people poised to do best are those versed at the interstices of biology and computer science." — [*Source: Business Insider*](https://www.businessinsider.com/josh-wolfe-lux-capital-ai-biology-robotics-investment-2023-10?ref=antoinebuteau.com)
6. **On Evolution's Limits:** "Nature is efficient, but not optimal; we can find paths that evolution missed to create better antibodies and small molecules." — [*Source: Business Insider*](https://www.businessinsider.com/josh-wolfe-lux-capital-ai-biology-robotics-investment-2023-10?ref=antoinebuteau.com)
7. **On Bio-Security:** "Biotechnology is no longer just about healthcare; it is a critical pillar of national security." — [*Source: House Committee on Armed Services*](https://armedservices.house.gov/sites/republicans.armedservices.house.gov/files/Josh%20Wolfe%20Statement%20for%20the%20Record%2003.30.22.pdf?ref=antoinebuteau.com)
8. **On Supreme Science:** "Biotech startups need a war chest of cash, supreme science, and killer leaders to navigate the long cycles of R&D." — [*Source: Business Insider*](https://www.businessinsider.com/josh-wolfe-lux-capital-biotech-recession-strategy/?ref=antoinebuteau.com)
9. **On Lab-to-Market:** "Probably half the time, the biggest breakthroughs we see coming out of top labs are in the life sciences." — [*Source: Substack - The Generalist*](https://www.generalist.com/briefing/lux-capital?ref=antoinebuteau.com)
10. **On Synthetic Biology:** "The ability to write DNA as easily as we write software will be the defining technology of the 21st century." — [*Source: Hidden Forces*](https://hiddenforces.io/podcasts/josh-wolfe-lux-capital/?ref=antoinebuteau.com)

## Part 8: National Security, Defense, and Global Power

1. **On Defense Tech Priority:** "Defense tech is no longer niche—it's national priority, geopolitical strategy, and one of the most explosive areas in VC." — [*Source: Lux Capital Podcast*](https://www.luxcapital.com/news/riskgaming-podcast-anduril?ref=antoinebuteau.com)
2. **On Tech Superiority:** "Protecting America's distinct qualities requires strengthening our technological advantage through alliances and R&D." — [*Source: House Committee on Armed Services*](https://armedservices.house.gov/sites/republicans.armedservices.house.gov/files/Josh%20Wolfe%20Statement%20for%20the%20Record%2003.30.22.pdf?ref=antoinebuteau.com)
3. **On Modernizing Warfare:** "The next $100B companies will be built in defense, manufacturing, and AI-driven security." — [*Source: Lux Capital Podcast*](https://www.luxcapital.com/news/riskgaming-podcast-anduril?ref=antoinebuteau.com)
4. **On Selling to Government:** "New defense tech companies bear the risk of R&D themselves, and the government's procurement process remains a major bottleneck." — [*Source: Lux Capital Podcast*](https://www.luxcapital.com/news/riskgaming-podcast-anduril?ref=antoinebuteau.com)
5. **On the Defense Bubble:** "There is a potential bubble in defense tech; you should focus on the clear leaders like SpaceX, Palantir, and Anduril." — [*Source: Lux Capital Podcast*](https://www.luxcapital.com/news/riskgaming-podcast-anduril?ref=antoinebuteau.com)
6. **On Geopolitical Tension:** "Global sentiment of 'anxious anger' is driven by soaring geopolitical tensions and the battle for technological dominance." — [*Source: Lux Capital Q2 2024 Letter*](https://www.luxcapital.com/news/q2-2024-letter?ref=antoinebuteau.com)
7. **On Nuclear Inevitability:** "Nuclear is the best answer for clean, reliable power; regions that move away from it end up importing it from neighbors." — [*Source: Lux Capital Podcast*](https://www.luxcapital.com/news/riskgaming-podcast-titanic-lessons?ref=antoinebuteau.com)
8. **On Energy Shocks:** "There has never been a better setup for nuclear energy in history than right now, given global energy supply shocks." — [*Source: Lux Capital Podcast*](https://www.luxcapital.com/news/riskgaming-podcast-titanic-lessons?ref=antoinebuteau.com)
9. **On Atomic Power Stigma:** "If atomic energy were discovered today, it would be hailed as the miracle invention of the year." — [*Source: Lux Capital Podcast*](https://www.luxcapital.com/news/riskgaming-podcast-titanic-lessons?ref=antoinebuteau.com)
10. **On National Resilience:** "A nation that does not invest in its own technological superiority is a nation that is choosing to decline." — [*Source: Hidden Forces*](https://hiddenforces.io/podcasts/josh-wolfe-lux-capital/?ref=antoinebuteau.com)

## Part 9: Market Dynamics: Capital, Cycles, and the VC Exodus

1. **On the Cost of Capital:** "Low cost of capital is like a tractor beam for the future—it pulls 20-year projects into 20-month frenzied cycles." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
2. **On the VC Shakeout:** "I predict 30-50% of venture capital firms will exit the industry as they fail to adapt to a higher cost of capital." — [*Source: Lux Capital Q3 2024 Letter*](https://www.luxcapital.com/news/q3-2024-letter?ref=antoinebuteau.com)
3. **On Cheap vs. Expensive Capital:** "When capital is cheap, everyone gets funded; when it's expensive, capital finally gets directed to the best ideas." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
4. **On Recessions as Filters:** "Recessions are painful, but they filter out the noise and leave only the most resilient and valuable companies." — [*Source: The Economic Times*](https://economictimes.indiatimes.com/tech/technology/lux-capitals-josh-wolfe-warns-of-recession-tells-portfolio-firms-to-prepare/articleshow/108344075.cms?ref=antoinebuteau.com)
5. **On Volatile Valuations:** "The future will be built by visionaries seeking 'valuable verities' amidst volatile and often irrational valuations." — [*Source: Lux Capital Q2 2024 Letter*](https://www.luxcapital.com/news/q2-2024-letter?ref=antoinebuteau.com)
6. **On Strategic Adaptation:** "In a rising cost of capital environment, you need strategies like corporate spin-offs and 'fixware' to maintain value." — [*Source: Lux Capital Q3 2024 Letter*](https://www.luxcapital.com/news/q3-2024-letter?ref=antoinebuteau.com)
7. **On the IPO Window:** "AI companies should consider going public while enthusiasm is high, before the bubble of expectation bursts." — [*Source: The Economic Times*](https://economictimes.indiatimes.com/tech/technology/lux-capitals-josh-wolfe-warns-of-recession-tells-portfolio-firms-to-prepare/articleshow/108344075.cms?ref=antoinebuteau.com)
8. **On Liquidity:** "Cash is oxygen for a startup; when the market turns, those without it suffocate first." — [*Source: Business Insider*](https://www.businessinsider.com/josh-wolfe-lux-capital-biotech-recession-strategy/?ref=antoinebuteau.com)
9. **On Information Arbitrage:** "The market is an information-processing machine; your job as an investor is to find where the machine is lagging." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)
10. **On Market Signals:** "Falling bond yields amidst record-high stock markets are a warning signal that something in the economy is off." — [*Source: The Economic Times*](https://economictimes.indiatimes.com/tech/technology/lux-capitals-josh-wolfe-warns-of-recession-tells-portfolio-firms-to-prepare/articleshow/108344075.cms?ref=antoinebuteau.com)

## Part 10: Human Nature, Psychology, and Timeless Verities

1. **On Invariant Human Nature:** "The evolution of science and technology varies, but human nature is invariant." — [*Source: Lux Capital Q4 Letter*](https://www.luxcapital.com/news/q4-2024-letter?ref=antoinebuteau.com)
2. **On Avoiding Boring People:** "Stay away from people that aren't interesting, avoid boring people, and don't be boring to others." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
3. **On Passion as a Predictor:** "Passion is the best predictor of success; if someone is psychotically passionate, they'll have the fuel to win." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
4. **On Idea Meritocracies:** "Sustaining a meritocracy is hard because people are unwilling to accept unfiltered feedback; human empathy evolved for a reason." — [*Source: 25iq*](https://25iq.com/2016/10/01/a-dozen-things-ive-learned-from-josh-wolfe-about-investing/?ref=antoinebuteau.com)
5. **On Experience Overrated:** "Experience is usually overrated for entrepreneurs; the best founders often have no experience in the field they disrupt." — [*Source: Invest Like the Best*](https://podcastnotes.org/invest-like-the-best/josh-wolfe-3/?ref=antoinebuteau.com)
6. **On Decision Making:** "People who understand people and are influential with them are almost always predictive of great success." — [*Source: The Knowledge Project*](https://fs.blog/knowledge-project/josh-wolfe/?ref=antoinebuteau.com)
7. **On Cooperation:** "Cooperation is the antidote to today's chaos; the future is forged in faith in others and human ingenuity." — [*Source: Lux Capital Q1 2025 Report*](https://www.luxcapital.com/news/q1-2025-report?ref=antoinebuteau.com)
8. **On the Power of Duets:** "If the last era lionized the individual genius, the next may exalt the deliberate duet—the orchestrated ensemble." — [*Source: Lux Capital Q1 2025 Report*](https://www.luxcapital.com/news/q1-2025-report?ref=antoinebuteau.com)
9. **On Parenting and Decisions:** "In parenting and business, the goal is to give people the tools to make good decisions when you aren't there." — [*Source: The Knowledge Project*](https://fs.blog/knowledge-project/josh-wolfe/?ref=antoinebuteau.com)
10. **On Scientific Progress:** "Science marches on, heedless of political, social, or economic tumult." — [*Source: Lux Capital Q2 2024 Letter*](https://www.luxcapital.com/news/q2-2024-letter?ref=antoinebuteau.com)