Nailing The Things That Never Change

In a 2017 essay, Morgan Housel makes the point that great, timeless businesses are built on top of assumptions that never change. He gives Amazon as a prime example, and quotes Jeff Bezos saying that customers will always care about vast selection and fast delivery. The opposite, after all, is absurd: no one wants little choice and slow delivery. This is not to say that Amazon is not an innovative company — rather, that its…