The patent-first approach flips conventional analysis on its head in a useful way. Most people treat financial statements as predictive when they're really historical artifacts. Focusing on IP moats means looking at what competitors legally cant replicate rather than what margins looked like last quarter. The margin call lesson from 82 is crucial, that survival comes before optimizaton when mark-to-market can wipe you out.
Couldn't agree more. It turns investing from a guessing game into an engineering problem. That 1982 scar was expensive, but it was the 'tuition' that bought him the next 40 years of compounding.
The patent-first approach flips conventional analysis on its head in a useful way. Most people treat financial statements as predictive when they're really historical artifacts. Focusing on IP moats means looking at what competitors legally cant replicate rather than what margins looked like last quarter. The margin call lesson from 82 is crucial, that survival comes before optimizaton when mark-to-market can wipe you out.
Couldn't agree more. It turns investing from a guessing game into an engineering problem. That 1982 scar was expensive, but it was the 'tuition' that bought him the next 40 years of compounding.
Great post!
Thank you, my friend!