The banks were so profitable and they were so used to that level of profitability that they just didn't need to change. And so when we came in with a completely digital model, with no branches, with a much lower cost structure, we were able to offer a credit card with no annual fee at a time when every single bank in Brazil was charging annual fees that were sometimes higher than the credit limit they were giving to customers.
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The best time to buy a house is always five years ago. The best time to start a company is always five years ago. The best time to invest is always five years ago. Waiting for certainty is just a sophisticated way of opting out.
Paul Graham — Y Combinator office hours transcript
The best business returns are usually achieved by companies that are doing something that it's hard or impossible for you to do to them. Every year they get harder and harder to compete with. They have an ever-widening moat around their castle, and the key is not 'how big is the castle today?' but 'what is the trajectory of the moat?'
Warren Buffett — Berkshire Hathaway Annual Meeting
What we've learned is that you don't want to do too much innovation in one node, because the more innovation that you do, the more complex it becomes. While you'll be able to get that to work, you need to hit a certain schedule, and that's the schedule that your customer ultimately wants.
Chris Auth