discipline. With hindsight, our capital cycle approach has failed at times when we have underestimated the impact on industries of political and legal interference, disruptive technologies and globalisation.

1. Counterposition against incumbents


2. Avoid mimicry and escape competition


3. Seek outlier founders


4. Select for cerebral competitiveness


5. Hire talent young and groom for leadership


6. Process-light, content-heavy


7. Concentrate maniacally