This is a great post. My take: 1. Find and defend long-term competitive advantages. Product superiority is efficient and wins in the long term. 2. If you run

This is a great post. My take: 1. Find and defend long-term competitive advantages. Product superiority is efficient and wins in the long term. 2. If you run out of cash, you die. Don't die. 3. Be really picky when you hire. Hiring only the best is like compound interest for your culture and product. 4 For SaaS, your customers' success will define your success. In the long term, customer retention results creates a business where revenue can grow at a compound rate with high capital efficiency: spend less money to generate more revenue. 5. Every time you raise money, assume it will be your last. When someone offers you money, take it.