Quality at Scale: Why I’m Obsessed With Dominant Platform Businesses (and Why You Probably Should Be Too)
I’ll admit it: I used to chase excitement. Not in relationships—well, maybe there too—but definitely in investing. I wanted the next big thing. The undiscovered gem. The company nobody was talking about yet. The one that would 10x while everyone else was still arguing about valuation models and “fair price.” You know what I got? A portfolio full of “almosts,” “what ifs,” and a few very humbling reminders that just because something is early doesn’t mean it’s good . Eventually, I got tired of being early. So I did something radical. I started paying attention to companies that were already winning. Not kind of winning. Not “on the verge.” I mean dominating . And that’s when I stumbled into what I now think is one of the most misunderstood—and underappreciated—concepts in investing: Quality at scale. More specifically: dominant platform businesses . What I Mean by “Quality at Scale” (Because Everyone Throws Around “Quality” Like It’s Confetti) Let’s get something straigh...