Hometown Holdco: Geography as Moat

A building, knock it down, build an auto shop. It was just. The prices would be astronomical. So we're really the only game in town and only game in town for the foreseeable future.

And there's a lot of other companies like that. It's not a huge market so there's not much incentive to come in and start up a new roofing company, new framing company or steel company. So there's kind of one of each and.

You know, we say something to somebody downstairs and then all of a sudden they talk about on a pickleball court and the entire town knows about it. So with that also, I mean you kind of get these customers who are going to be your customers, business customers for life. So it's pretty hard town to break into if you don't have a history.

Yeah, I think, I think Matthew's like getting to a good core part of our thesis in general too and like why we chose Aspen, why we chose our hometown.

It's because we're trying to start this flywheel of invested in by locals, run by locals, you know, whether that's us running but also like having operators that are local, keeping local business locally owned. And it's really like, I think Naval Ravikant was like a big, you know, motivator for us, invention, whatnot.

But playing long term gains with long term people because you know this is like we're long on Aspen for sure and we know that there are the right people to continue this flywheel. And like Matthew said, it happens organically by just seeing customers down here and whatnot. But that's like the vision that's kind of allowing us to continue to persevere because yeah, there's definitely challenges…

And speaking with that. Go ahead, Matthew. I was going to say speaking of laundering games, you know there's that one part where we've started work. You know, we have this shop.

Our biggest customers are the property managers for any, any company, any business we work with. We're going to be going through the property managers. So we've built really great relationships.

But we've also have been in the part of the community for 29 years. So we already have a pretty good head start on those long term games. Well, your kind of Aspen or bust North Star may kind of neutralize unpacking this but let's, let's unpack a few things there.

Just on the, on the monopoly thing, we like this word pricing power. On the other hand, when I hear one business in a market I also hear maybe not a great market, small market. I mean, you guys are former venture investors.

You know, it's all about TAM in Ventureland. You're not playing adventure games. So, so it's, it's a bit of a, a non analogy, but still it's like, are there not other.