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Podcast: Read & Repeat
Episode: EP63 Capital Returns
Description: We're back with an absolute banger of an episode - Capital Returns! The core idea behind Capital Returns is that high returns tend to attract more capital, aka competition, so over time what may have been an incredibly profitable company can deteriorate into a commoditized business. This is a crucial insight for both operators and investors alike. In the episode, we discuss different ways to take advantage of the capital cycle, such as Sam Zell's grave dancer playbook and the scaled economies shared framework that Costco operates under. We also touch on how ever-changing tech businesses can sometimes avoid...