This is a great read. Here are my favorite quotes:

“You can write down your corporate culture, but when you do so, you’re discovering it, uncovering it—not creating it. It is created slowly over time by the people and by events—by the stories of past success and failure that become a deep part of the company lore.”

"One way to think about this is that there are always two sides to every investment: The number and the story. Every investment price, every market valuation, is just a number from today multiplied by a story about tomorrow."

"Bad ideas with strong support will often do better than good ideas with poor support."

And here's my learning: https://share.glasp.co/kei/?p=T9qGFcZ41jpvA2AG4aZ5

Expand full comment

I always think of the following line: "Of course it is happening inside your head, Harry, but why on earth should that mean that it is not real?" and I think it echoes true here as well.

You can also see this in the political world. So many movements are driven by narrative, and many times that narrative is actually incorrect/inaccurate, yet people sacrifice so much to advance it and uphold it. Sometimes they discover the facts afterwards, but that does not change the meaning and/or impact of their own work too.

Finally - the power or narrative when it comes to privacy & AAPL, Google, META and TikTok also comes to mind :)

Great article!

Expand full comment

Narrative plus numbers! Thanks for a great article.

Expand full comment