Sublime

From age 20-50, I can't stress this enough: https://t.co/l6dcTVpsTD

One of the most legendary shareholder letters there ever was. Lahde Capital, 2008. If you read anything today, make it this. https://t.co/chImhj88Be

Wealthfront has stalled out around $21 billion in assets under management (AUM) as it faces stiff competition from well-funded incumbents, and it still loses a lot of money. It charges only 0.25% of every dollar it manages for accounts with over $5,000.

Yet in the US$32 billion industry for financial data, Bloomberg is the dominant player, with a third of the market. Its position has become even more entrenched over the past ten years, as those around it have lost market share.