Threat 1/ 👇: One of the characteristics that differentiate good investors from bad investors is the ability to identify OPTIONALITY in companies and their discipline to either get it for free or pay very little.

2/ Think about it as buying out of the money options, if you pay too much for something that has very small odds of happening you lose money. This is what happened in the 2000's crash, people bought internet stocks based on illusions, very few of them had any real business.

3/ The markets assign "perceived" higher valuations to some businesses and lots of investors scream how expensive everything is. Some are, but a lot are not, and not being able to identify the optionality of some businesses can destroy your opportunity to have outsize returns

4/ Estimating the odds of something that does not exist or it is very small to succeed and grow is very hard. For something new to work it is needed: The technology, the infrastructure, and the distribution, then new ideas can come which use those, they'll have + odds of success.

4/ Optionality gets "cheaper" once you find the above characteristics as the odds of a company with a new idea/project are higher. The thing is that anything that will come from the new ideas/projects won't be reflected in the financials, but that is where the opportunity lies