A CEO wears many hats—scientist, investor, operator—but their primary, non-delegable function is decision-making. This role requires integrating input from a leadership team that thinks at an enterprise level, enabling the CEO to make the final call on capital, strategy, and people.

An operating partner's real value isn't telling operators what to do but sharing the cognitive and emotional burden of leadership. By helping leaders think through the consequences of tough decisions, they provide the clarity and conviction needed to act, something operators often struggle with alone.

A scientific background can be a major asset in a CEO role, not a liability. The core principles of science—making data-driven, rational, and unemotional decisions—translate directly to the business world. This allows for objective choices that align scientific development with the company's business needs.

VCs often put researchers in a box, viewing them as unfit for CEO roles. This is a flawed heuristic. Becoming a top-tier scientist—publishing at the highest levels and competing for resources—requires a level of performance akin to a star athlete, making them excellent CEO candidates.

A CEO's main function isn't constant ideation but relentless information consumption to build deep context and intuition. This groundwork enables them to make the one to three truly pivotal decisions each year that shape the company's future, while also creating an environment where the team's best ideas can emerge.

The ultimate differentiator for CEOs over decades isn't just product, but their skill as a capital allocator. Once a company generates cash, the CEO's job shifts to investing it wisely through M&A, R&D, and buybacks, a skill few are trained for but the best master.

The core job of a scientist isn't knowing facts, but figuring out what's unknown. This problem-solving 'toolbox'—how to think, act, and work with teams to tackle new problems—is directly transferable to the CEO role, enabling leaders to navigate unfamiliar domains like corporate finance or legal structures.

The transition from engineer to CEO is not an evolution; it's a leap to a contradictory role. Engineering values knowable problems with right answers, while a CEO operates in a "fog of partial understanding," making critical decisions with incomplete data and relying on communication.

To become a truly great investor, you must first experience the chaos of being a business operator. Running different types of companies, including failures, builds the firsthand knowledge and intuition needed to accurately assess the quality and risks of a potential investment.