I don't believe companies want "hard-working generalists who operate autonomously and have high risk tolerances." I mean obviously, yes, they would claim to want that, but that sort of employee is fundamentally incompatible with modern business. Modern business is predicated upon the idea of employees being as replaceable and interchangeable as possible. It is a common idea presented in many management books that if an employee becomes important to the company, they should be fired immediately. The thinking is that if your company grows in reliance upon this person, they might one day ask for more money and when you fire them at that point the damage done will be worse so it is better to nip the problem in the bud and bite the bullet and get rid of them when you notice their importance and deal with the smaller amount of disruption. Any hard-working generalist who operates autonomously will, by necessity, be building systems which they have all of the domain knowledge about. And despite companies wishing to believe domain knowledge is not valuable, it has substantial operational and financial impact when lost.
>The hardest problem in B2C is distribution.
This confuses me. Distribution is trivially solved. Anyone can get a product to a customer for quite low cost anywhere in the world now. Is something else meant by "distribution" aside from 'getting things from point A to point B'? If I had a warehouse in my back yard and a customer wanting a product from it, I could ship it to the customer just as easily as Amazon could. Their advantage isn't in being able to distribute things. It's in aggregation and many other different things but not distribution. Distribution was the most valuable economic activity of the past century, but it's commoditized now.
>Weak-form efficients market hypothesis is a good heuristic for evaluating the public markets
The efficient market hypothesis says that profit is an error, an inefficiency which will rapidly go to zero as it will be stripped by underpriced competitors. This is not a good heuristic.
>The hardest problem in B2C is distribution.
This confuses me. Distribution is trivially solved. Anyone can get a product to a customer for quite low cost anywhere in the world now. Is something else meant by "distribution" aside from 'getting things from point A to point B'? If I had a warehouse in my back yard and a customer wanting a product from it, I could ship it to the customer just as easily as Amazon could. Their advantage isn't in being able to distribute things. It's in aggregation and many other different things but not distribution. Distribution was the most valuable economic activity of the past century, but it's commoditized now.
>Weak-form efficients market hypothesis is a good heuristic for evaluating the public markets
The efficient market hypothesis says that profit is an error, an inefficiency which will rapidly go to zero as it will be stripped by underpriced competitors. This is not a good heuristic.