Investing

Betting on Things That Never Change. Morgan Housel. www.collaborativefund.com . Jul 20, 2017.

Change by itself is hard. Investors have to spot it before it’s obvious. Consumers have to change their behaviors to make it viable. These two points repel each other.

Sears bet the Internet changed nothing. Beenz bet the Internet changed everything - creating a points-based currency valid only at online merchants. Amazon bet the Internet changed distribution, but rooted its strategy in selection and low prices.