Sublime

no longer about reach and frequency.

In the old world, the rule was: Every industry makes money, and the market share leaders make the most money.

high growth with a bad business design destroys value faster.

wealth is hard to accumulate and easy to lose.

When the cost to develop a new product is fixed (and, usually, high) and marginal costs of manufacturing after development are low, the best way to maximize profits is to improve the chances that the product will achieve very high volume levels. With these economics, it is better to be the dominant leader in a few products than to support average p

In my view, the crux of Netflix’s situation is the opportunity to use its current international advantage to create sufficient material to feed both its domestic and its growing international markets.

hinge on product scale.

excellent proxies for the quantitative and qualitative judgments that investors make