Korva rescues the ideas worth keeping from podcasts. Each one becomes a Card.
Every investment thesis is a hypothesis under continuous testing. New information can justify exiting a long-held investment.
“Source built arches” is an anagram of “Heraclitus the Obscure,” linking structural strength to paradox and hidden order.
If Tesla becomes the only general autonomy solution, winner-take-most economics could make its Robotaxi cheaper, faster, and safer than Waymo.
Software moats are not binary. Decompose them into eight layers to separate shallow defensibility from deep protection.
Google's antitrust cloud lifted after a court ruling favorable to Google, helping remove uncertainty and re-rate the business.
Value investing can mean buying an asset far below its future worth, a view that helped Bill Miller buy 15% of Amazon.
Alphabet’s search business used graph theory to connect ads with consumers, then enabled platforms including Google Cloud and YouTube.
Valuation is tested over ten years: can today’s price support a 15% annualized return through free-cash-flow growth?
Deserved trust compounds from doing the right thing unseen, eventually producing opportunities that look like exponential good fortune.
For every holding, identify its clouds, frame the decisive questions, and test whether perceived risks reflect reality.
Value investing is evolving from buying mispriced assets today to buying businesses at a steep discount to their future worth.
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