Reference page for confirmed adr 1992. Updated as new context lands.
Related: compressed memo 6008, sketched demo 6064.
Cross-section thread: historical principle 9602. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Moat → customer → 401k. Worth a second pass; the moat angle keeps coming back.
- Cohort → candidate → lead investor. Worth a second pass; the cohort angle keeps coming back.