The Last Mover Advantage

• Unlike assets that become the subject of manias, potential bargains usually display some objective defect. An asset class may have weaknesses, a company may be a laggard in its industry, a balance sheet may be over- levered, or a security may afford its holders inadequate structural protect...

Every monopoly is unique, but they usually share some combination of: 

1. Proprietary technology: a good rule of thumb, proprietary technology must be at least 10 times better than its closest substitute in some important dimension to lead to a real monopolistic advantage...

Five people in a room sitting for a one-hour meeting are spending a total of five hours of productive time. Real-time communication, physical or virtual meetings can be avoided most of the time.

Meetings should be the last resort, and writing comes to the rescue. Most meet...