opinion claim
Balance-sheet businesses can be difficult and highly cyclical, making them undesirable to own when the market cycle turns downward.
Jamin Ball · Deep Dive: Anthropic S-1 Myths and Mythos — Jamin Ball, Altimeter · 7 Nov 2026
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“Okay. You know, balance sheet businesses, right? Like there were a ton of fintech companies in 2020 that did super well when interest rates were low, that got blown up when interest rates were high.”
“And balance sheet businesses can be really tricky and very cyclical, and you don't wanna own a balance sheet business when a market cycle tips over.”1:27:05Report a misattribution
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