Kalibr Nominally Hedged

Kalibr Nominally Hedged

Nominally Hedged | Nominally Core

Business entropy, the conglomerate discount, and why a basin's winners and losers will be sorted by who flexes a champion's buying power.

Ian Myers's avatar
Ian Myers
Oct 21, 2026

One basic model of business, any business, is that everything the company owns is getting a little worse, and somebody has to pay to replace it. Or in more words:

A company is a pile of things that make money, and none of them are permanent. Machines wear. Patents expire. The good corner gets a competitor across the street. Physicists call this entropy a…

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