Winners sorted faster

Markets now separate winners from losers faster, and profits concentrate among fewer companies.

• Growth and business models
• Technology

1 idea that carry it

• ObservationGrowth and business modelsLetter

  Markets now sort winners from losers faster, and profits concentrate among fewer companies

  Growth is arriving faster and concentrating harder, so a company's trajectory in its first year tells you more than it used to.

  Venture and growth diligence, cohort analysis, and any question about base rates for new companies.

  From Stripe's 2025 annual letter · Patrick Collison and John Collison