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But we risk losing sight of what truly drives business value. Yes, gross margins are important. But over-rotating on gross margins is myopic because business quality is driven by more than margins. Business quality is about defensibility. Defensibility comes from moats. And while high gross margins are often a reflection of moats, they are not a moat in and of themselves. And when faced with a low gross margin business, you need to focus even more on moats: without those extra points of revenue to invest in sales & marketing strategies or research & development, you need other ways to generate cash flow over time.

" Fearless commentary on finance, economics, politics and power Follow yvessmith on Twitter Feedburner RSS Feed RSS Feed for Comments Subscribe via Email SUBSCRIBE Recent Items Links 3/11/17 - 03/11/2017 - Yves Smith Deutsche Bank Tries to Stay Alive - 03/11/2017 - Yves Smith John Helmer: Australian Government Trips Up Ukrainian Court Claim of MH17 as Terrorism - 03/11/2017 - Yves Smith 2:00PM Water Cooler 3/10/2017 - 03/10/2017 - Lambert Strether Why a 400-Year Program of Modernist Thinking is Exploding - 03/10/2017 - Yves Smith Links 3/10/17 - 03/10/2017 - Yves Smith Why It Will Take a Lot More Than a Smartphone to Get the Sharing Economy Started - 03/10/2017 - Yves Smith CalPERS' General Counsel Railroads Board on Fiduciary Counsel Selection - 03/10/2017 - Yves Smith Another Somalian Famine - 03/10/2017 - Yves Smith Trade now with TradeStation - Highest rated for frequent traders Why a 400-Year Program of Modernist Thinking is Exploding Posted on March 10, 2017 by Yves Smith By Lynn Parramore, Senior Research Analyst at the Institute for New Economic Thinking. Originally published at the Institute for New Economic Thinking website Across the globe, a collective freak-out spanning the whole political system is picking up steam with every new "surprise" election, rush of tormented souls across borders, and tweet from the star of America's great unreality show, Donald Trump. But what exactly is the force that seems to be pushing us towards Armageddon? Is it capitalism gone wild? Globalization? Political corruption? Techno-nightmares? Rajani Kanth, a political economist, social thinker, and poet, goes beyond any of these explanations for the answer. In his view, what's throwing most of us off kilter - whether we think of ourselves as on the left or right, capitalist or socialist -was birthed 400 years ago during the period of the Enlightenment. It's a set of assumptions, a particular way of looking at the world that pushed out previous modes o

.... elites are arguing from their class and demographic biases (a bias can be positive, to be clear), not from their expertise. That lowers the marginal value of expertise, at least given how our world operates. I recall earlier research blogged by Alex showing that if you are a French economist, your views are more influenced by being a French person than by being an economist.

Younger generations are blamed for the pandemic's spread, but also face the brunt of the transmission risk that comes with keeping the economy going. 6 MINUTE READ BY REBECCA RENNER PUBLISHED SEPTEMBER 17, 2020 WHEN PARAMEDICS RUSHED the pregnant Honduran woman into the emergency room, 28-year-old Chuan-Jay Jeffrey Chen stood ready to receive her. It was April, and the pandemic had already taken over his final year as an emergency medicine resident. Of all the coronavirus patients surging into Massachusetts General Hospital in Boston, this 32-year-old patient remains Chen's most memorable. The woman was so short of breath she could barely speak, so Chen would need to intubate her-a tricky procedure that requires precision as well as speed. Every moment without oxygen causes a patient's chances of survival to decline; pregnancy further complicates the scenario by making airways swollen, causing blood pressure to drop more quickly. As Chen set to work and talked her through the steps in Spanish, he also tried to calm his own nerves. "I knew I had very little margin for error," says Chen. The woman's husband had been barred from entering the building because of coronavirus restrictionsgen-z

group of researchers from three Japanese universities has discovered why the western subarctic Pacific Ocean, which accounts for only 6 percent of the world's oceans, produces an estimated 26 percent of the world's marine resources.

When we are in the midst of a pandemic, we need to reduce the risk as far as we can while maximizing the value. As we open our way back out, we start by picking options that slowly increase the risk while still maximizing the value.