Debt is Coming

There are great opportunities in front of us, for anyone whose eyes are open.

Friction (scarcity) allows for return on capital.

Lack of friction (abundance) allows for compounding growth.

The great businesses are the ones who harness both.

Technology changes where the friction is located.

Scarce resources become abstracted and turn abundant.

New scarce r

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The more static and predictable the world is, the less narrative matters. Historically most businesses followed clear precedents and fit neatly into paths. If starting a restaurant, the potential range of revenue and costs is known. There are few surprises, so it’s easier to look at the current state of the business and know what it will look like ... See more