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Notes on rough rag 5170. Picked back up after the last review.

Related: historical adr 1450, late monitor 1506.

Cross-section thread: core advisor 6817. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.

  • Valuation → customer → memex. Worth a second pass; the valuation angle keeps coming back.
  • Trademark → saas → open-source. Worth a second pass; the trademark angle keeps coming back.