Nearly all marriages, even happy ones, are mistakes: in the sense that almost certainly (in a perfect world, or even with a little more care in this imperfect one) both partners might have found more suitable mates. But the real ‘soul mate’ is the one you are married to. Tolkien
"Profitable businesses will always attract competition... absent a moat, competition destroys EXCESS returns"
the best brand founders/owners need to understand/be able to build both arbitrages + moats. IMHO there are not many founders who understand/can do both.
To make $ brands need to 1) build a co that exits (arbitrage), or 2) build for the long term (sustainable). Former can be done by arbitrage, latter can only be done by building successful moats.
To make $ brands need to 1) build a co that exits (arbitrage), or 2) build for the long term (sustainable). Former can be done by arbitrage, latter can only be done by building successful moats.
a great book with principles that all dnvb brand founders would benefit from reading & reflecting on: Made in America by Sam Walton
https://t.co/1DrFejmbtI
My conversation with @mjmauboussin, one of my favorite thinkers on most market and investing topics.
We discuss:
-the four sources of alpha
-the most important topics in investing education
-alpha in sports
-buybacks
-EV/EBITDA errors
-"benign myths"
https://t.co/CGbMRuS3dy
When adding new individuals to a company (system), leaders should consider the alloying principle. Ask does this new addition create a 2+2=6 scenario or 2+2=4? Every addition makes a system more complex,this helps make sure co is getting more leverage, not less as it grows
with individuals I like to start with thinking about their impact on a + / - scale > everything else
costs more $ upfront < changes the entire dna and potential of organization = + impact
incredibly talented but has negative energy that distracts the team = - impact
underpriced assets = a person who sits somewhere along the scale, with potential to shift towards higher positive impact than where they currently are.
get them here: - <-------------0--I-----------> +
bring them here: - <-------------0--------I-----> +
with individuals I like to start with thinking about their impact on a + / - scale > everything else
costs more $ upfront < changes the entire dna and potential of organization = + impact
incredibly talented but has negative energy that distracts the team = - impact