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November 13, 2024
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Alice Waters, Moats & Life Lessons
At a glance
This edition is brought to you by CapitalPad
Good morning to all new and old readers! Here is your Wednesday edition of Faster Than Normal, exploring one short story about a person, a company, a high-performance tool, a trend I’m watching closely, and curated media to help you build businesses, wealth, and the most important asset of all: yourself.
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Today’s edition:
> Stories: Alice Waters & Cartier
> High-performance: Moats
> Insights: Embracing failure
> Tactical: Life lessons
> 1 Question: Evolving views
Cheers,
Alex
P.S. Send me feedback on how we can improve. I respond to every email.
Stories of Excellence
Person: Alice Waters
Alice Waters, the pioneering chef and restaurateur, transformed American cuisine with her Berkeley restaurant Chez Panisse. Opening in 1971, it championed local, organic ingredients and sparked a culinary revolution. Waters' philosophy extended beyond the kitchen. She founded the Edible Schoolyard Project, bringing food education to thousands of schools nationwide. Her approach wasn't just about taste. It was a holistic view of food's role in society and the environment. Waters' influence reshaped how Americans think about eating. Today, at 77, she continues to advocate for sustainable food systems and culinary education. Her latest book, "We Are What We Eat: A Slow Food Manifesto," further cements her legacy as a visionary in the food world.
Key Lessons from Alice Waters:
On vision: "I think I was empowered by the counterculture movement, which said, 'You can do whatever you want.' It was in that spirit that my friends and I opened Chez Panisse".
On quality: "When you have the best and tastiest ingredients, you can cook very simply and the food will be extraordinary because it tastes like what it is".
Company: Cartier
Cartier was founded in 1847 by Louis-François Cartier in Paris. He took over his master's workshop and began creating jewelry for nobility. His son Alfred joined in 1874, expanding the business. Alfred's sons Louis, Pierre, and Jacques took over in 1899, transforming Cartier into a global luxury brand. They opened boutiques in London (1902), New York (1909), and other major cities. Cartier gained royal warrants, creating tiaras for European royalty. The iconic Santos wristwatch was designed in 1904 for aviator Alberto Santos-Dumont. The company pioneered the use of platinum in jewelry and introduced the "mystery clock" in 1912. Cartier remained family-owned until 1964 when it was sold to a group of investors.
Key Lessons from Cartier
On product innovation. Cartier didn't just follow trends. They set them. The Santos wristwatch in 1904 was one of the first wristwatches for men. At a time when pocket watches were the norm, this was bold. Lesson: Don't be afraid to challenge conventions if you see a better way.
On pricing. Cartier never discounted. Ever. This maintained their luxury image and actually increased demand. Lesson: Sometimes, higher prices can increase perceived value.
On legacy. Cartier has maintained its heritage while staying relevant. They've reissued classic designs alongside new collections. Lesson: Your history can be a powerful asset if you use it right.
Invest in Boring Businesses
Dry cleaners, HVAC, laundromats, lawn care.
These “boring businesses" are now popular for a reason. Unlike their venture capital counterparts, good small businesses are cash flow positive.
At some point, owners want to retire and sell their business. When they do, acquisition entrepreneurs take the helm. They raise capital from investors, acquire the company, and run it with fresh eyes.
This lets investors earn the returns of "boring businesses" without having to operate them. But it can be difficult to find these deals.
Enter CapitalPad - a platform connecting accredited investors directly with SMB acquirers.
Accelerants
High-performance tool
⎯
Moats
The concept of "Moats" in business was popularized by Warren Buffett. It refers to a company's competitive advantages that protect it from rivals. "The key to investing is determining the competitive advantage of any given company and, above all, the durability of that advantage," Buffett says. Moats make a business hard to compete with or replicate.
Moats work because they provide long-term protection for a company's profits. They can come in various forms: brand strength, network effects, cost advantages, or regulatory barriers. Companies with strong moats tend to maintain high profitability over time.
What's your business's moat? If you can't identify one, how might you build one?
Insights
Michael Jordan on embracing failure:
"I've missed more than 9,000 shots in my career. I've lost almost 300 games. 26 times I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life, and that is why I succeed."—Michael Jordan, legendary NBA player, six-time NBA champion, and global cultural icon
Tactical reads
⎯
> When reflecting on life lessons at a milestone age
Thirty Observations at Thirty (Read it here)
> When preparing for important negotiations
Conducting Effective Negotiations by Joel Peterson (Read it here)
1 question
What is one area of your life where you could examine and update your existing beliefs?
That’s all for today, folks. As always, please give me your feedback. Which section is your favourite? What do you want to see more or less of? Other suggestions? Please let me know.
Have a wonderful rest of week, all.
Recommendation Zone
⎯
Invest in Boring Businesses
Dry cleaners, HVAC, laundromats, lawn care.
These “boring businesses" are now popular for a reason. Unlike their venture capital counterparts, good small businesses are cash flow positive.
At some point, owners want to retire and sell their business. When they do, acquisition entrepreneurs take the helm. They raise capital from investors, acquire the company, and run it with fresh eyes.
This lets investors earn the returns of "boring businesses" without having to operate them. But it can be difficult to find these deals.
Enter CapitalPad - a platform connecting accredited investors directly with SMB acquirers.
Alex Brogan
Find me on X, LinkedIn, YouTube, Instagram, TikTok
Offshore Talent: Where to find the best offshore talent. Powered by Athyna.
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