Less Fish Is More Fish

Dan Shapiro on fishing where there are less fish, and even less fisherman:

Paul may be right that "there is no value investing in startups" - that is, Chris's investors are making a mistake. He may be right that non-price-conscious investors are equally or more valuable than price conscious ones. But even so, Chris is doing something very smart: he's fishing in a smaller pool. There may be fewer fish, but he's got them all to himself.

It works for me.