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The Bottom Line 1. It’s easier to create a competitive advantage in some industries than it is in others. Life is not fair. 2. Moats are absolute, not relative. The fourth-best company in a structurally attractive industry may very well have a wider moat than the best company in a brutally competitive industry.
The Little Book That Builds Wealth
Pat Dorsey
Burn Multiple by StageThe Burn Multiple should improve as the startup matures. For example, a seed stage company might have a Burn Multiple of 3 because it just started selling. After the Series A, it might drop to 2. After the Series B, when the sales team should be operating at scale, the expectations for efficiency increase even more. Eventually, for a company to become profitable, burn must reach 0, which implies that the Burn Multiple should also approach 0 over time.
The Burn Multiple
sacks.substack.com
The best advice I can give if you really can’t analyze the person you meet is to shut your mouth and start listening. Simply act Green if you are unsure. People sometimes tell me that they can’t understand a certain person because he doesn’t do anything. But even a person who is very passive exhibits some form of behavior. And at this stage, you know what color is associated with someone who doesn’t do much—that’s a common Blue behavior.
Surrounded by Idiots
Thomas Erikson
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