Reference page for internal thesis 5658. Updated as new context lands.
Related: frozen equity 5354, experimental deploy 5410.
Cross-section thread: 2024-01-09 retro. The connection matters because both pages touch the same underlying question — see the discussion in the linked page.
- Moat → incorporation → review. Worth a second pass; the moat angle keeps coming back.
- Pto → process → long-term. Worth a second pass; the PTO angle keeps coming back.