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Failure is never fatal. It may feel like it for a while, but it is only a challenge. Keeping athletics in the proper perspective for our children helps them keep their problems in perspective.

Strategy strategy value Strategy Dynamics Strategy Statics industry business market Description Strategy (with a Capital S) is the intellectual discipline sometimes called Strategic Management. I define it: the study of the fundamental determinants of potential business value.

The set of conditions needed for persistent differential returns. Power

Doing our work to the best of our ability, with the highest quality and deepest integrity, gets us into contention.

Emotions are one of the main things that derail communication. Once people get upset at one another, rational thinking goes out the window.

DS: Here’s my simple framework for judging ideas:

1. Potential: If it worked, how big could it be?




2. Probability: What are the chances it’ll work?




3. Proximity: How close is this to things I care about, know about, or am passionate about?

The weights will be different based on your situation. For example, early in my career, “probability” was important. I

“Because I can tell you that nothing great in life comes with complete assurance of success. Engaging in an environment where there’s a high probability of failure, even if you execute perfectly, has huge ramifications for helping you lose a fear of failing. Huge ramifications for showing you what your potential is.

The less important he makes himself, the more important he probably is (and vice versa).

Focus on the IRR, not the margins. Margins are an output, not an input.

The company's strategy is simple. Acquire small vertical software businesses with little competition, apply best practices from past experience and repeat as often as possible.