01
Q
Quality
Is this a genuinely good business, or merely a good story at this point in the cycle?
Notes on businesses, capital allocation, risk and the decisions that matter over long periods of time. No predictions. No noise. A public record of how I think.
Is this a genuinely good business, or merely a good story at this point in the cycle?
What still makes this business valuable if the easy assumptions stop working?
Before asking what can go right, I want to understand what can permanently impair capital.
Can I own this through boredom, bad headlines and a market that disagrees with me?
Patience matters only when the original thesis remains intact. A note on the difference between waiting intelligently and defending a mistake.
Read letter ↗A framework for separating durable pricing power from temporary scarcity.
Open note ↗Why consistency often deserves more attention than charisma.
Open note ↗Investing gets dangerous when identity becomes attached to an opinion. I want this archive to show not just what I believed, but what changed the belief.
Why a premium multiple can still be cheap, and why “reasonable” must be tied to reinvestment runway, not a historical average.
I moved from avoiding leverage categorically to separating fragile balance sheets from intelligently structured capital.
A good company and a good entry point are related questions, not the same question.
If you're a business owner, investor, founder or family-office professional and there is something worth discussing, tell me what brings you here. I read every serious note.
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