Friction Layers

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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Second, by focusing on ease of use, the approach obscures the friction in an experience. Often that friction doesn’t disappear, but instead gets