Outside of defense and a few security sensitive corners of government, there's been remarkably little strategic thinking about what happens if Starlink stumbles, changes its business model, or simply decides New Zealand isn't a priority market anymore.
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The tolerance for failure is just so much higher. I just met so many people who just burned through tens of millions of dollars on what seemed a trash idea, and it was a trash idea! And then it was like, 'Okay, great, well now I'm going to do the other thing.' And then the next thing is also a trash idea. Great, they get to put $100 million into that other trash thing. And the third thing is amazing, and then it's a multi-billion-dollar company.
Noor Siddiqui
At the very short end [of latency], opportunities have compressed; at the very long end, premia are crowded. Naturally, capital and talent migrate towards the middle.
FT Alphaville
The best investment is in the business that compounds the fastest while requiring the least capital. Most people think about return on capital. They should think about return on capital per unit of risk taken.
Charlie Munger — Berkshire Hathaway Annual Shareholder Meeting