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Here's a chart of Alphabet's capital expenditures by quarter. The blue line at $7 billion right now. This is my point. They struggled to find ways to spend money. Literally, they created Project Loon. And somewhere in there they spent a billion or whatever on maps and it ended up being a phenomenal asset when the whole world moved to mobile. It's more about small and extremely nimble and talented management teams that generate human progress.
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Listen to the best highlights from the podcasts you love and dive into the full episode