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Capacity, market share, nameplate power and partner counts are supply-side numbers: they describe how big the container is, not how much is in it. The one question that tells a ceiling from a fill level.
Read the full issue on Substack →A valuation multiple is a single frame, and the earnings half of it is six weeks old by rule. What two frames in order show that one never could.
Read the full issue on Substack →The S&P 500 has an entry requirement that is checked once, on the way in, and never again. What that means for every comparison drawn against it.
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