Before writing this, I actually had to look up the difference between a thesis and a hypothesis. It's been a while since I was in school, and even longer since I took a science class, so if that was a dumb thing to have to look up, sue me.

Or, if you're like me and couldn't name the difference if you were offered a million bucks, here's the Cliffsnotes (copied directly from ChatGPT):

• A hypothesis is a specific, testable prediction or proposition that a researcher makes before conducting an experiment or research study.
• A thesis is usually longer and more detailed than a hypothesis, as it encompasses the entire research project and its conclusions.

Of course, an investment thesis is different from a scientific thesis, but if we approach business like an experiment (which I'm a big fan of doing BTW), than it makes a lot more sense to propose a hypothesis than to compose a thesis.

Eventually we'll have a thesis, but for now what we have is a hypothesis:

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Our Hypothesis

If we focus on people, profit will follow.

More to come on that in days and weeks to follow, but to answer your first question, what we mean by that is:

• Are the people we choose to partner with good people? Are we providing them with value they would have a hard time duplicating elsewhere?
• Are the people working in our businesses happy and fulfilled? What about the people those people care about most (i.e. their families)?
• Are the people buying things from us (be it products or services) receiving more value than expected?

If we can answer yes to those questions, my hypothesis that success will follow.

Will that be right? Let's find out.