Leverage

I like that you said around opportunity cost that our opportunity cost gets larger over time as our opportunity set expands. I was listening to a podcast about the Rothschilds so building a banking empire. They had a lot of peers who were doing the same thing, but their bet sizing was fixed. Like they would have a really big investment, and then make the same bet again. It's like they're writing the same check size every time. But with the Rothschilds because they were very integrated they had so much information across countries it allowed them to place much larger bets. And that that allowed them to start to build up the space.

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