When Cash Becomes a Moat
3 min readJul 6, 2022
Legendary executives are the ultimate capital allocators as illustrated in William Thorndike’s The Outsiders.
But, for the better part of the last decade, capital has been a commodity in the private markets. Startups easily raised capital with even the faintest hint of traction, and some even without a product.
Net, private market executives haven’t needed to be great allocators.