FYI: No company or investment strategy is proven until it’s survived a calamity. Things that can thrive while the wind is at their back outnumber those that can endure the complete wrath of the real world 100 to 1, at least. Something that’s only viable when everything’s moving in the right direction can – for a while – look the most impressive, because growth during boom times is often amplified by leverage, luck, and obliviousness that can be mistaken for optimism and vision. But markets survive on a steady diet of fragile ignorance, chewing it up and spitting it out whenever it’s exposed. Save your biggest applause for stuff that’s made it through at least one feast.
Regards,
Ted
https://www.collaborativefund.com/blog/wework-lessons-that-apply-to-lots-of-stuff/
