Month: February 2025

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Technology Business or Technology Enabled Business?

Over the past few years I’ve had to rethink my understanding of the underlying finances of a business. This is necessary when developing your investment thesis. FinTech is a good example. If you look at the trajectory it shows what people are discovering. A NeoBank that was treated as a SaaS company during ZIRP is being realized as simply a bank because the unit economics support that. This is why so much in a lot of companies needs to be written down.

The prevalence of the thought that “every company will be a tech company” simply isn’t true once you apply the unit economics of the vertical that the business exists within.

Everyone else seeing this same rework to investment thoughts?Technology Business or Technology Enabled Business?

Over the past few years I’ve had to rethink my understanding of the underlying finances of a business. This is necessary when developing your investment thesis. FinTech is a good example. If you look at the trajectory it shows what people are discovering. A NeoBank that was treated as a SaaS company during ZIRP is being realized as simply a bank because the unit economics support that. This is why so much in a lot of companies needs to be written down.

The prevalence of the thought that “every company will be a tech company” simply isn’t true once you apply the unit economics of the vertical that the business exists within.

Everyone else seeing this same rework to investment thoughts?

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Extractors and Fillers

Steven Freidkin posted about the tension you find from being in the privileged place of being good at solving problems that also counterintuitively will bring you more problems to solve. Check it out linked below.👇 I’d like to riff off that for a moment.

https://www.linkedin.com/feed/update/urn:li:activity:7206267953606995970/

There’s an old jewish proverb: “if you work with your mind sabbath with your hands and if you work with your hands sabbath with your mind”

Because of the dynamic of never ending problems generated by growth:
-I’ll never not be a dad again
-I’ll never hold a position in a business again where my job will not be to simply look at problems and solve them. (Frankly, I think I’d be miserable if this wasn’t true.)
The work seems never ending and that can be an exhausting thought.

In that i’ve found that if I do something in the opposite realm (flipping from mind to hands) allows me to see something finished. The ability to see a finished work at least one day a week adds rest back in a way that gives me energy for the next round of problems the coming week.

With all the extractors, what is your filler activity that sets you up for the next week, the next round?

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Empty Space

How redlined are you?

Empty space is one of the best gifts you can give yourself. Some call it shower time, I think in terms of social gears where this is gear 1. It’s a big deal. It’s in those moments that your brain is able to cycle out and solve some deeper work problems that otherwise wouldn’t be solved by thinking harder about the problem.

Most of us get in a rut, not when we have too little to do, but too much to do. What about life being too full is a bad thing? Think of it like an engine (sorry Tesla fans). The gas isn’t actually what makes the car go. Combustion is what makes the car go. Combustion is the combination of several things. Sure gas is required, but so is oxygen. It’s actually the empty space that makes the engine fire.

Problems to Solve + Empty space = Brilliant Breakthroughs.
It sounds too simple to work, and it simply does. Proven, over and over.

Practicals though: For me, i’m in an extremely full season so it’s difficult to create that kind of space. I’m sure many of you can relate to that. On a ground level in a busy season this is done by two activities. Long runs and a daily creation of the bullet list wherein I must prioritize my daily activities. I’ve found that one gives space for deep thought and the other gives clarity of priorities that move problems closer to solutions.

What about you? What are your activities that help you solve deeper problems and be thoughtful?