Sublime

The easiest way I know to create tremendous shareholder value is to buy businesses at profit multiples lower than the multiple our stock trades at, and then significantly improve those businesses.

ONE OF THE MOST valuable pieces of advice I received from my mentor, Ludwig Jesselson, is, “You can mess up a lot of things in business and still do well as long as you get the big trend right.”

“He has an amazing sense of risk,” says his former colleague at Smith Barney, Bob Lessin, currently vice chairman of investment bank Jeffries & Company. “He understands it intuitively better than anyone alive, so he doesn’t do stupid things. The industry has a recent history of dramatically mis-pricing risk relative to return. Jamie never fell

came to see that we cannot afford to think of strategy as something fixed, a problem that is solved and settled. Strategy—the system of value creation that underlies a company’s competitive position and uniqueness—has to be embraced as something open, not something closed. It is a system that evolves, moves, and changes.

The only way to survive this battle is to constantly improve one’s product but also to innovate on your business model and build a “moat” around your company. If one’s only edge is a single novel idea, that idea will invariably be copied, your key employees will be poached, and you’ll be driven out of business by VC-subsidized competitors. This rou

creating the most value for the investors who trusted us with their money.