Last Mover Advantage

• It is better to be the last mover in a market than the first mover.
• The first mover may make mistakes that the last mover can learn from.
• The last mover can build a more durable business by observing what worked and what didn't for the first mover.
• The goal is to build a monopoly that can endure and generate cash flows over the long term.
• The value of a business is its future cash flow
• Durability is more important than short-term growth