Harry Stebbings framed the early check as a way to gain information, after which success becomes a capital-concentration game. Ganesan disagreed in part: being in the company beats not being in it, but being in with meaningful ownership drives real returns, since once an outlier is known it is purely an access and sizing game.

“For actually, it doesn't matter if you have ownership in the first place. What you're buying is the information to size up.”

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