April 11, 2024
“A plan is only useful if it can survive reality.”
—Morgan Housel
In our past few letters, we have focused intensively on current and recent economic conditions and the extent to which they produce lessons or insights that can be applied to the GDS Investments portfolio. Today, however, we think it might be useful to step back and consider something more fundamental: pulling back the curtains on aspects of our lives that we don't think about or can’t ordinarily see. Taking the time to learn more about the backroom deal-making, backend processes, and invisible or opaque money-making schemes at companies whose work intersects with our lives can prove invaluable, not just for investment purposes, but for better...
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