Sublime

Each quarter we try to study an admirable company and discuss it with our Operating Group managers and board members. We focus on high performance conglomerates that have demonstrated at least a decade of superior shareholder returns.

no more need to have them enforce our contracts.

It’s a new node in a network that over time will create value for the entire community of insurees through aggregated data, behavioral influence, and peer-to-peer work. Overall, the bet is that network effects beat selection effects most of the time.

There is no Newtonian law of markets; they are all ephemeral relationships in a sea of noise and the only way you can do that and capture non-linearity and complexity is with a system that is rich enough to be able to contain all the models, so a universal approximator—that’s what neural nets are—and allows you to do that.