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Platform vs Single-Asset
One product is one coin-flip. A platform is many shots from the same engine.
What to check
- Does the engine produce repeatable shots on goal?
- How many independent programs or customers exist?
- Does a single failure sink the whole thesis?
The trap
Pricing a platform like one readout, or a one-product bet like a platform.
Rule of thumb
Pay a platform multiple only for repeatability you can actually see.
How to apply
- 1Count the independent shots.
- 2Test the single point of failure.
- 3Match the multiple to the repeatability.
Educational content, not financial advice. A mental model you apply yourself, not a stock pick. Do your own research.