36. Anti-prestige businesses are often not appreciated on the market. There’s often value in companies that cater to non-coastal regions and rural communities.
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47. Real estate has some unique advantages in terms of leverage and taxes, but also has unique problems. If you don’t manage it yourself, you’re subject to an agency problem with expense pass throughs. If you do manage it yourself, you’ve bought a part time job.
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48. The Greater Fool Theory is something to be cherished, not maligned. Playing it opens up a whole new world of opportunities where psychology is a competitive advantage. But if you never try, you’ll never get better.
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50. There is a misunderstanding that advertising returns could not be measured before big tech came along and provided a treasure trove of data. This is false. Keyed ads have been a thing in direct response advertising since before Silicon Valley was even an idea.
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Halfway there. Even fifty is hard without relying on basic bitch truisms! Time for a lunch break! Thanks to everyone who has enjoyed and shared my thread so far.
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Thread continues here. https://twitter.com/laforeverhall/status/1207377927966355456?s=21 …https://twitter.com/LAForeverHall/status/1207377927966355456 …
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End of conversation
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There is something poetic about "a moat of a broken glass" :-)
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