One instinctfour markets.
He doesn’t choose industries. He chooses fragmented markets — mining chemicals, capital markets, real estate and now live entertainment — and runs the same instinct through each.
- Find the fragmentationMarkets where supply, trust or talent is scattered across too many small hands.
- Connect the piecesBuild the one place the scattered pieces meet — the connection others will not make.
- Manage the downsideDecide what the worst case costs, and survive it, before anyone talks about the upside.
- Let scale followWhen the pieces connect and the floor holds, growth stops needing to be forced.















