The Illusion of Certainty: RPOs, Oracle, and the Dot-Com Ghosts

Every cycle invents its own way of bottling the future animal spirits into today’s stock price. And on that topic, I’m reading the new biography on John Malone and he says the most important investing lesson is to always ask “what if not?”, to look past the upside and imagine the downside. That discipline is what keeps castles from turning into rubble a…