The companies that share the benefits of their scale with customers are the ones that will dominate the next century. Costco, Amazon, GEICO — they all figured this out.
We bought Amazon at $30 because we understood scale economics shared. The price was irrelevant — the flywheel was inevitable.
I closed the fund because I had enough money and wanted to do something else. In investing, knowing when to stop is the rarest skill of all.
Most investors diversify because they don't have conviction. We owned three stocks that made up 80% of the fund because we understood them completely.
The world rewards businesses that make themselves useful to customers. That is the only investment thesis that never goes out of style.
Price is a consequence of value creation, not the other way around. If a business creates enough value, the stock price takes care of itself.