Reality's Clock

Satya Nadella's post this week hit a nerve. One of my main takeaways was that the next decade will be won by firms that find the compounding loop between human and token capital. The question his post raises is how to identify which loops are worth owning and whether a firm can even own them. Not all loops are created equal. To understand why optimizing the right loops can change the trajectory of the firm, Roger Federer is an apt analogy. During his career he won 54% of the points he played and nearly 80% of his matches. A game...