Last Mover Wins the Whole Market

"Every entrepreneur should plan to be the last mover in her particular market. That starts with asking yourself: what will the world look like 10 and 20 years from now, and how will my business fit in?"

"José Raúl Capablanca put it well: to succeed, “you must study the endgame before everything else.”"

"Entering a slow-moving market can be a good strategy, but only if you have a definite and realistic plan to take it over."

"Comparing discounted cash flows shows the difference between low-growth businesses and high-growth startups at its starkest. Most of the value of low-growth businesses is in the near term."