Fight the Fade – Round
Businesses Fade; its a fact. Market saturation, new competitors, management complacency and poor capital allocation all conspire against business growth. Today, corporate moats are being filled faster than ever as new technologies disrupt and challenge the prospects of what were once unassailable businesses. This process isn’t new. If you look back at the leading stocks of the S&P 500 twenty years ago, few companies still hold those positions today. Given enough time, capitalism guarantees the demise of virtually all businesses.Q3 2020 hedge fund letters, conferences and moreA Business' Growth...