At every one of those events, some kid will inevitably get up and ask the question: “You’ve done so much, but there is obviously less opportunity today. What are my options?” My answer is that there is always opportunity. It may not be broadcasting itself in the form of a sector-wide trend or a blatant disruption, but it’s always there. You have to be actively looking for it, and when you find it you have to do the homework, assessing the risk versus reward. It takes guts, and it’s not easy. But if you’ve got the stomach for it, it’s a great ride.
