Sublime

participating when prices are high rather than shying away is the main source of risk.

Eric Schmidt, chairman of Google’s parent Alphabet, explains: I would like to tell you that the Internet has created such a level playing field that the long tail is absolutely the place to be. Unfortunately, that’s not the case. What really happens is something called a power law. A small number of things are very highly concentrated and most othe

And externally, how do customers regard this business? Is pricing too high or too low to be optimal for the market? Are there any trends in government regulations or political policies that could help or hurt the business?

like big industries because even a small chunk of a huge, growing industry is still big.

Firms are figuring out more and more sophisticated ways to treat the price-oblivious differently than the price-conscious.

Playing it too safe is one of the major flaws we observe.

“They have hired astronomers; they have hired mathematicians; they have hired physicists; they have even hired theologists. They never even interviewed an economist.”

Every strategist needs to know the minimum efficient scale of their firm. It is irresponsible to choose a strategic direction without knowing