What I Look for in Anti Fragile Companies?

When I'm looking at individual companies, there's three broad categories I look at. One is the barbell strategy where you have 80% of your resources going to something that's very safe and stable. The second one is financial fortitude, which just means you've got a lot of cash, not too much debt or tons of free cash flow. And then the third thing I look for is much more soft. It's a softer, more psychology variable in nature, which is skin in the game.

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