Why Long-Horizon Operators Buy From Short-Horizon Sellers
Downturns are the window where the long-horizon operator harvests what the short-horizon operator built.
Downturns are the window where the long-horizon operator harvests what the short-horizon operator built.
The term originally came from securities law with a specific meaning. Somewhere along the way, we adopted a different one.
Downturns are the window where the long-horizon operator harvests what the short-horizon operator built.
The term originally came from securities law with a specific meaning. Somewhere along the way, we adopted a different one.
The industry uses one word for both. The research shows they're running different businesses.
Michael Huang has run a small Brooklyn laundromat for over 30 years. He'd never call what he does a job.
A confident retool claim at an industry event and what the numbers look like when I went looking for data.
Revenue, costs, and the shrinking middle in Q2 2026.
Starbucks books it, the Fed described it in 2004, two class actions settled over it. Our industry hasn't publicly discussed it once.
The distribution layer most operators treat as background infrastructure is consolidating faster than the industry tracks.
One in 3 approved in 2006 ended in a write-off, and the ones since 2021 are only now entering the same timeframe.
A basketball coach who'd never played the game studied it like no one else would. The method he used applies to more than sports.
Downturns are the window where the long-horizon operator harvests what the short-horizon operator built.
The industry uses one word for both. The research shows they're running different businesses.
Downturns are the window where the long-horizon operator harvests what the short-horizon operator built.
The term originally came from securities law with a specific meaning. Somewhere along the way, we adopted a different one.