Hamilton Helmer

And the fundamental economics haven't really asserted themselves.

And so the only thing left is kind of how the top line is doing.

So are you growing like crazy?

And so when you hear VCs sometime complain that people waited too long to IPO,

What that message really means is that all of a sudden people's perception of the company change from the top line to the bottom line, and they miss the window.

What that says is that that investor community is focused on top line growth, as it should be, because it's the best marketer available.

but it doesn't tell you much about power.

And so it's hard to do.

And then the third thing, which of course you would expect from us, is that actually understanding power tells you some interesting stuff about transforming.

So three things, it's important, it's hard to get right, and power matters.

Yeah, so Ben not only is going to supplant me in writing Seven Powers, but he's going to take over strategy capital.

I think that job falls to Chen Yu, yeah.

So we're sort of constrained about talking about our investment stuff too much, but basically the proposition of strategy capital is if you have a differential understanding of long-term competitive outcomes in places where that's really hard to figure out, that you can value things more carefully.

And so I completely agree.

And you properly constrained it.

If there's a long history of financials, it's already in the price.

So does Walmart have power?

Sure.

I'd like to meet your dog sometime.

So that's why it's important.