Compilation #2: Yuan Fang
ft. Paul Graham, Michael Moritz & Winston Churchill | What investors and operators can learn from painting
Hi there! Welcome to A Letter a Day. If you want to know more about this newsletter, see "The Archive.” At a high level, you can expect to receive a memo/essay or speech/presentation transcript from an investor, founder, or entrepreneur (IFO) each edition. More here. If you find yourself interested in any of these IFOs and wanting to learn more, shoot me a DM or email and I’m happy to point you to more or similar resources.
If you like this piece, please consider tapping the ❤️ above or subscribing below! It helps me understand which types of letters you like best and helps me choose which ones to share in the future. Thank you!
Compilation #2: Yuan Fang
If you read this newsletter, you probably know about my compilations. In fact, you’ve probably even bookmarked a few. But you’ve probably (definitely) never actually read one cover-to-cover.
Unlike my letters, which are typically a single letter that gives you insight into a single person, or my anthologies, which are my way of telling a story of some of the people and companies I find interesting through a series of letters, notes, quotes, and/or videos, my compilations range from tens to thousands of pages and are a deep dive into a specific person, firm, or theme.
Note
I will be visiting Europe for a few weeks in June/July, and have scheduled stops in London, Paris, Geneva, and Milan. I’m also planning to stop by a few other TBD cities/countries. If you’re in any of these cities, or have any suggestions for additional stops, please let me know! (DMs on Twitter open, or email me at kevin [at] 12mv2 [dot] com.)
Compilation
Introduction
“Painting is all about making decisions. Because of that, it gives me a freedom to do whatever I really want to.”
— Yuan Fang
In these few words, Yuan Fang captures the essence of creativity: freedom through decision-making. Painting, like life and business, is an act of navigating uncertainty, of making choices without knowing exactly where they will lead. It is a space where vision collides with risk, where perfection exists not as a static goal, but as something born out of trial, error, and iteration.
The programmer Paul Graham once noted:
“Paintings usually begin with a sketch. Gradually the details get filled in. But it is not merely a process of filling in. Sometimes the original plans turn out to be mistaken.”
This is the truth of creation. What begins as one thing often transforms into something else entirely. The act of painting, like building a business, requires constant recalibration. What works is discovered through doing, through embracing mistakes, and through revising our approach. The freedom Yuan Fang speaks of is found in this process of continuous learning and adaptation.
The writer Michael Moritz, reflecting on the power of painting to sharpen perception, said:
“Painting sharpens your gaze. Every view and person becomes an object of scrutiny. Painting makes you look at things more intently… and conjures up a time and memory far better than a photograph, postcard or Instagram snap.”
This is a reminder to entrepreneurs: it’s not enough to rush to solutions. True innovation requires a deep, almost obsessive observation of the world around you. It’s about seeing what others miss, understanding the nuances that shape a moment or an opportunity. In painting, as in business, the details matter—they make the difference between something good and something extraordinary.
The orator Winston Churchill, speaking of painting as a lifelong pursuit, observed:
“Painting is a companion with whom one may hope to walk a great part of life's journey. Happy are the painters, for they shall not be lonely. Light and colour, peace and hope, will keep them company to the end, or almost to the end, of the day.”
Churchill’s words remind us that, like life and business, painting is not a quick endeavor. It is a journey. There will be moments of doubt, of frustration, and of seeming failure—but if you persevere, the rewards are far more profound than the process itself. Painting, like building something meaningful, requires both patience and endurance. It is a lifelong companion, as relevant in the twilight years as in the first burst of youth.
Yuan Fang’s simple observation speaks to the heart of creativity itself: making decisions and learning through them. Her work is not just art; it’s a philosophy—an invitation to embrace imperfection and to find freedom in the process. For entrepreneurs and creators, this freedom comes not from avoiding failure, but from accepting it as part of the journey. It’s in making those choices, again and again, that we learn, grow, and ultimately create something new.
This compilation explores creativity through Yuan Fang’s lens, where it is not a static goal but a fluid, ongoing process. Every decision, every brushstroke, and every failure is part of a continuous evolution—each one bringing us closer to something more authentic and refined. Yuan Fang teaches us that creativity is not about perfection, but about embracing the journey of growth and self-expression.
For investors and entrepreneurs, this mindset is essential. Like painting, business is shaped by decisions, setbacks, and constant refinement. Creativity in both realms thrives on adaptability and resilience—pivoting, learning, and progressing with each step. Both art and entrepreneurship are endless journeys of reinvention, where growth comes not from perfection, but from continuous evolution.
Read/View the Compilation
This is still a work in progress—Yuan is just getting started. As such, this will be a living document that I will continue to add to as she continues to paint.