Capital Gains
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On O-rings and opportunity cost
From supply shocks to financial crises, recessions come in many flavors—but growth remains about combining more (or better) inputs, like labor and capital, with smarter methods, both social and technological.
The longer you've owned something, the more you've rejected reasons to sell
By default, you'll be exposed to fewer and fewer new ideas over time. What are you going to do about it?
Rates matter, amortization matters, but the un-discounted sum of interest paid is never an input that should guide decisions
You can use clever structures to divvy up risks and returns, but you can't do much to change the magnitude of either
Transaction costs don't always push in the same direction
"Totally Wrong" Gets You to Right Faster
The upside to the degens
The inefficiencies you worry about within the system get solved outside it
A Low Cost of Capital is the Public Sector’s Secret Weapon; a Known Cost of Capital is the Private Sector’s
Nobody Knows the True Mix of Luck, Talent, and Effort
