The Star Principle
The Star Principle

The Star Principle

Despite its precarious prospects, and its failure to make much headway in the betting world, I was delighted to invest £1.5 million in Betfair. I didn’t need to think much about it, because Betfair was a particular type of business, one that the Boston Consulting Group terms a ‘star business’. (Location 83)

I’ve made millions out of each one, in total 10 times what I put in (the simple average was sixteen times). The founders profited more. Even ordinary employees made out like bandits. We all benefited hugely from being involved in the early days with a star business. (Location 93)

What is a star venture? It has two qualities. One, it operates in a high-growth market. Two, it is the leader in that market. (In the next chapter I’ll explain much more about star ventures. Very few people understand what star ventures are, which is good, because it makes it easier for people who do understand to find them!) (Location 119)

In my five star businesses, my total return has been ten times the money I put in and the simple average has been 16 times. (Location 122)

The lowest return was just over double my money. (Location 124)

The best gave me 53 times the first part of my investment and an absolute return of £26.4 million for that first part. (Location 125)

No, it is not. Most people in a new venture work long hours. They put their heart and soul into the business. As employees, they are often paid less and work harder than in larger firms where they worked before and could work again. And more than 95 per cent of these people are not particularly successful. (Location 141)

If it needs that much dedication and overwork, it’s because it could not survive without it. (Location 145)

When I’ve put money into a new company and see the boss with his feet up and the employees quietly confident and chatting freely to each other about some trivia, do I get annoyed? No. It makes me confident. These people are delivering their numbers and yet they are relaxed. There’s some slack in the system. The business is working. (Location 146)

first. So the venture capitalists are right. In a poorly positioned business - the great majority of ventures - the people make the difference between success and failure. (Location 171)

Tags: orange

The answer is not to work or invest in the great majority of ventures. The key is to select the ventures that are likely to succeed anyway. (Location 174)

The useful answer is not ‘people, people, people’. The really potent, consistently successful answer is ‘positioning, positioning, positioning’. (Location 177)

Validating the idea of a star business - checking that the business really is a star as properly defined - requires some combination of hard thinking, research and experimentation. (Location 187)

A star business has two attributes: ★ it is the leader in its market niche; and ★ the market niche is growing fast, at least 10 per cent a year. (Location 204)

To be the leader simply means that it is bigger intheniche than any other firm. We measure size by sales value (also known as revenues or turnover). (Location 208)

Note that ‘leadership’ is objectively defined by sales, and has nothing to do with competing claims about ‘being the best’ or being most highly rated by customers, which are difficult to judge and not as important anyway. The thing that matters most is how customers in the niche vote with their money. (Location 210)

simple. For a niche to be a separate market, it must have different customers, different products or services and a different way of doing business from the main market or other market niches. (Location 215)

There is another clue as to whether or not a niche market is viable, and it is simply this: is the niche highly profitable? Does it generate a lot of cash? Leadership in a niche is not valuable unless, sooner or later, the niche is very profitable and gushes out cash. (Location 258)

It follows that you can tell whether or not niche leadership really exists by seeing whether the niche leader is very profitable and cash-positive. (Location 262)

A venture is not a star unless the niche where it operates is growing by at least 10 per cent a year. More precisely, the niche must grow at least 10 per cent a year, on average, over the next five years, and preferably for decades. (Location 269)

Note that we are talking about future growth. Of course, nobody can be sure how fast any market niche will grow, particularly over a long time. (Location 279)

But a good guide to future growth is past growth and the trend in past growth. When I invested in Betfair it was tiny, but its market niche was growing at more than 30 per cent a month. It didn’t take a genius to work out that future growth would outstrip the required 10 per cent a year. (Location 280)

market niche that is growing at 20 per cent a year is more than twice as good as one growing at 10 per cent a year, and a market growing at 50 per cent a year is more than five times as good. (Location 283)

But, when you see a struggling, loss-making venture fast running out of cash, it requires a lot of imagination or faith in stars to believe that this puny acorn (Location 287)

would become a mighty oak. In that failure of imagination lies our opportunity. (Location 288)

Because the latter is affected not just by market growth but also by whether it is gaining or losing market share within the niche. (Location 290)

It is the combined effect of niche leadership and high niche growth that makes a star venture so wonderful. (Location 294)

therefore be more profitable than one that’s not a leader. A leading firm should have higher prices, or lower costs, than a similar business that is a follower. (Location 296)

Upshot: a leader should be very profitable, and, the further the venture is ahead of its competitors in the niche, the more profitable it should be. (Location 298)

To have a valuable firm in the future, whatever its size and profitability today, all you need is leadership in a fast-growth niche. Provided the firm is tolerably well run, leadership will make the firm profitable and cash-positive. Growth will make it big. If you grasp these two ideas, you will have huge insight into the future. That is all it takes to find a wonderful place to work or to put your hard-earned cash. (Location 300)

The trap is that a star stops being a star by losing leadership in its niche. If that happens, a venture worth a fortune can suddenly become almost worthless. (Location 305)

But suddenly a rival can become bigger, and that is nearly always fatal to the value of the erstwhile star. If you are aware of the danger, however, a star can normally fight off a challenger. (Location 308)

For new ventures, perhaps one in four is a genuine niche leader. (Location 312)

For smaller, newer ventures, the odds are not as bad. I estimate that about 15-25 per cent of new enterprises’ market positions are growing annually by at least 10 per cent. (Location 314)

one in four new ventures is a niche leader, and one in five is growing at the rate required of a (Location 316)

About 1 in 20 start-ups is a star. (Location 318)

The rule for stars is to invest, invest, invest - do whatever it takes to remain a star, maintaining leadership in the niche, and if possible increasing the lead over rivals. (Location 337)

The dilemma of the number two in a fast-growth niche - the question mark in the strongest position to challenge the star - is quite acute. (Location 342)

For a few question marks, try to drive to dominance, to become the leader. For most of the question marks, sell the business, and let someone else waste their cash. The dilemma of the question mark was, of course, the reason for its name. (Location 349)

They threw the baby out with the bathwater. At the level of individual niche markets, the ideas behind the matrix were incredibly useful. (Location 358)

Virtually every share in the public markets that has made people a fortune - excepting only special situations such as mining - has been a star business, that is, a niche leader in a high-growth market. (Location 370)

The global market for cola increased on trend by more than 10 per cent every year and Coke remained the dominant player in that market. (Location 407)

all these owned businesses that were, for a time, classic star businesses, throwing off enormous amounts of cash. (Location 441)

I’ve been an enthusiast of the star idea for the past 30 years. It’s never failed me. As far as I know, it has never failed any of the hundreds of people I’ve introduced to it. (Location 455)

I see two roles in making a new business successful. On the one hand, there is the founder, or, more usually two, three or four founders. They get the business going. On the other hand, there are the first 12-20 employees. (Location 503)

We are very selective about our investments, preferring to build up existing investments and hold them for a long time, rather than sell and move on to pastures new. ★ We take a very active role in working out the strategy of the ventures where we invest, and do not hesitate to give ‘guidance’ (or more) to our CEOs, and to replace them if necessary. ★ We have very high expectations for the performance of our investments and the price at which we will eventually sell them. (Location 537)

For the first ten years of its existence, Bain Capital doubled the value of its investments, on average, every year. That is what venture capitalists call a 100 per cent ‘internal rate of return’ - the average amount at which value goes up, compound, each year. (Location 544)

Find a star idea - Chapters 8-10 guide you here. Or evolve your existing business into a star (for example, by developing any small part of your venture that is or could become a star) - Chapters 7 and 14 will tell you all you need to know. (Location 620)

The pie will be so much bigger - and, if the venture is a star, the pie will be huge. How can the most important employees really think like owners, if they are not? (Location 625)

My contention, amazing as it sounds, is that there is a proven way that is likely to lead you to a star business. That (Location 684)

Recall what a star business is. It is the largest company in its niche. That niche must also grow fast, at least 10 per cent a year over the long haul. Both conditions must apply, or it isn’t a star. (Location 693)

You have to state why and how your business is going to be the leader. (Location 708)

Typically, star-venture start-ups create their own niche. If the niche proves viable, the venture starts in the wonderful position of ‘born leader’. (Location 711)

There must be a gap in the market. All existing players must have overlooked the gap, or judged it too small, too unprofitable or too implausible. For sure, this is possible. But it is not very likely. ★ There must be a market in the gap. The gap must be large enough to support at least one new venture (yours) profitably. This, too, is not probable. (Location 714)

You also have to believe that the niche will grow consistently at 10 per cent - and preferably much more - each year. (Location 719)

but because they are in the right place at the right time. (Location 726)

The one time when individuals can dependably make a difference and put themselves in a great position is: ★ when they select the positioning for a new or young venture; ★ when they realise that success comes from creating a star firm (this is the only general and reliable reason for business success, since nearly all stars are very successful, so long as they stay stars - and, crucially, the other way round: nearly all very successful firms are stars); and ★ when they determine to start a star venture. (Location 737)

Welcome to the only venture I’ve ever known where it was clear after the first week that it was a star business where the sky was the limit. (Location 763)

How can you be sure that the demand will be there? Is anybody doing that already?’ (Location 772)

‘It will look like no other restaurant in town. We are paying particular attention to all the design details.’ (Location 777)

‘To ask for three hundred and fifty thousand pounds to start a single small restaurant is ridiculous. Why can’t you cut down on the expense of the fixtures and fittings?’ (Location 779)

‘I’m glad you mentioned that,’ I said. ‘If we have such high fixed costs, and also spend so much money on having lots of waiters, how are we going to make money?’ (Location 783)

we’ll only get our money back if there’s very high volume of customers. So I like the idea of a quality fast restaurant. I reckon we need three or four sittings a day at each table in order to make enough money. (Location 799)

‘We’ll be the first in our own category of Belgian monastery restaurants and Belgo will instantly recall the idea. There will only be one place to go for that experience and Belgo is its name.’ (Location 810)

Would it really be a star business? Would it create its own category? Would the niche grow rapidly? I reckoned the idea was sufficiently outlandish and distinctive that, if it took off, Belgo would be able to stay the leader in its niche for a long time. (Location 816)

if the first one works, the second one will, and the third, and so on. Roll-out can ensure rapid growth. If the formula is high-margin and gives high return on capital, you can make a small fortune from a small investment, funding future growth out of the cash flow from the first outlet or outlets. (Location 820)

To the untutored eye it looked a disaster zone - a bizarre idea never tried before; young, untested, inexperienced executives; trifling revenues; large losses; undercapitalised and cash reserves almost exhausted. And (Location 831)

because it was the clearest example I’d seen for ages of a star business that - mishaps aside - was likely to become very large and valuable. Minuscule and apparently weak as it was, Betfair was already the leader in a very fast-growth niche, one I guessed could become enormous. (Location 835)

Yet Betfair was different. By offering a different kind of deal for punters, Betfair was creating its own market, the ‘betting exchange’ market. (Location 838)

So, the way I look at it, Betfair did not have a tiny share of a huge market. It had a very large share - there was a smaller exchange, started the same year - of a tiny market. (Location 839)

Though nobody was paying attention to Betfair at the time, and it was almost bankrupt, it was a star business. I was able to buy a good chunk of it for a knockdown price. What did I know that all other money people didn’t? Nothing. Except that it was a star business. (Location 843)

I don’t want to know too much before making an investment. I don’t want to cloud my judgement, or make the decision difficult. I don’t want to know about all the risks or understand them. I just want to be reasonably sure that it’s a star business. (Location 856)

Filofax had lost market share and its star status was in jeopardy. (Location 914)

Personal organisers were still a high-growth market, but in its home market Filofax had lost out to Microfile, a small firm peddling lookalike organisers through mass-market outlets at less than half Filofax’s price. (Location 914)

Microfile was profitable, making about 10 per cent return on sales. (Location 919)

then Filofax could recover market share and make more than 25 per cent return on sales (the 10 per cent made by Microfile plus the 15 per cent price premium). Filofax would then be a star business again, and very valuable. (Location 925)

I didn’t know how to revive Filofax. I just knew that it was possible. (Location 929)

David Collischon cooperated fully, agreeing to sell a large part of his stake and step aside from his executive role, while remaining non-executive chairman. (Location 930)

The only route back to profitable stardom was to accept the new definition of the product category and beat rivals at their own game. (Location 952)

We focused on recovering market leadership in the market as it was, as defined by competitors. (Location 955)

Two partners and I acquired the Plymouth distillery and brand and set about revitalising it on a shoestring, with a total investment around £1.5 million. (Location 970)

The vodka sector was undergoing a huge renaissance with masses of new entrants and innovation. (Location 973)

The neglect of gin, which was a massive market, made a bargain-basement purchase attractive to us, provided we could generate some excitement. (Location 975)

Plymouth would give us a unique property and a ready exit at a high price, if we managed to recover some niche leadership for Plymouth. (Location 976)

I clung to my star-venture mantra: that this had been a star business before and could become one again. Still, the numbers were not good. (Location 982)

PR is only as good as the reality behind it. (Location 1014)

It’s not as unusual as you might expect to find a hole in the market (Location 1017)

A good half of new ventures start the same way. Someone is good at being a cab driver, being a physician, baking cakes, being a chef, tending a bar, inventing the transistor, running a PR firm, buying and selling bonds. Whatever. Instead of doing it for somebody else, they do it for themselves. (Location 1046)

You are usually wrong. You run up against one of the most basic and unwelcome laws of strategy. To succeed, a venture has to do something different. It has to be a leader. And to be really successful you have to be a star business - not just number one in a niche, but first in a fast-growth niche. (Location 1051)

‘If we decide to work with you,’ the partner would tell the CEO of the prospective client, ‘we will undertake not to work for any of your competitors. This means that we will be devoted to making you the most successful firm in your industry. (Location 1059)

Bain slapped a massive lawsuit on our fledgling firm, stopping us gaining the client we wanted, depriving us of revenue, causing us huge legal expenses which were a drop in the ocean to Bain but potentially crippling for us.Worst of all, they tied us up defending the lawsuit when we needed to be out selling work. (Location 1078)

Ecologists know that two species of animal that try to exist in exactly the same way become deadly enemies. If two species compete head-on for food, only one of them can win. The other species must change either the food it seeks or the way it hunts for it. If it does neither, the weaker species will die out. (Location 1084)

It will be competing in the same market as the market leader. It will be smaller. It will have less appeal to customers. It will be less profitable and usually loss-making. It will have to do something different, or die. (Location 1088)

Happily, we failed to make the formula stick. Later, through having too many young and inexperienced research associates, we stumbled across selling ‘competitor analysis’ and ‘relative cost (Location 1091)

After four years and a zigzag quest, LEK finally had stardom thrust upon it.We may draw five lessons from LEK’s odyssey. 1. Imitation, even of a highly profitable and savvy player, won’t lead to a star business. There are only two exceptions. One is geography - a player may be imitated in a new country or region where it is not present, and sometimes the advantage of being first and the differences in the local market’s preferences can lead the imitator to a star position that can be defended even against the business imitated. The other exception is where the follower has more money or a much better approach than the originator. 2. Even people who think they are very smart and experienced in a particular market can go badly astray with their strategy - even if they are ‘strategy experts’! It is always easier to devise a great strategy for somebody else. Knowledge and confidence can blinker. It is very, very hard for someone inside a market to innovate fundamentally. The best innovators usually come from outside the mainstream market. This is great news for wannabe entrepreneurs. 3. The successful innovator’s religion is being different. As different as possible, consistent with doing things in an economically sensible way - doing things that customers like but that are not expensive to do, and not doing things that are expensive yet don’t have much customer appeal. 4. Disaster can turn to sweet outcomes if you experiment enough and listen to what the market is telling you. 5. If you don’t have a star business now, that doesn’t mean you can’t have a star in the future. Where (Location 1163)

there is life, where there is enough cash to pay the bills, where there is the willingness to do something different, there is hope. (Location 1176)

specific hints on how to ‘Evolve into a Star’.) Whether your venture is born a star or becomes a star later, there is a common trail that all stars have blazed. By reverse-engineering this approach - working back from the successes to the common frame on which they were constructed - we can make it much easier and faster to become a star. That is what the next three chapters are all about. We’re closing in on pay dirt. (Location 1182)

Many great innovations simultaneously divide markets and combine the attributes of two previously unrelated markets. (Location 1379)

The majority of early advertisements were aimed at businessmen, but three other groups were targeted: women, children and smokers. (Location 1384)

Could you create a luxury segment of the market? This is particularly fertile when nobody thinks much of the existing market, when it’s a big Cinderella - dull, unprofitable, flat or declining. (Location 1465)

Many great niches have been created with ‘affordable indulgencies’, a more expensive version of a cheap product. In their day, Coca-Cola and McDonald’s both had aspects of the affordable indulgence. (Location 1471)

What boring, barely profitable market do you know where you could imagine providing something much better for a multiple of the price? (Location 1473)

Your target customers want something different from the main market. 2. You understand what it is that they want and can provide it with a new product category. 3. The new category can be supplied profitably, because you can charge more for it, and/or because you can subtract elements of the main market product that are expensive to provide, so that the new category has lower costs than the main market. (Location 1925)

I did not invest in Betfair when it started, but a few months later, when it was already growing fast. (Location 1992)

A baby business growing very fast. Any small business growing very fast is likely to be a star. Every star business will be growing fast. So growth is a good first screen of any baby business you find. (Location 2020)

The only thing was, the forecasts never materialised. Whenever we looked at the numbers we were constantly disappointed. I kept injecting cash, and it kept vanishing. (Location 2081)

expect.The favoured explanation was the weakness of the sales force - inevitably, it was difficult to acquire distribution muscle from scratch. (Location 2082)

Capstone was not a star; the category of ‘funky business books’ had not established itself. Capstone was a rather weak follower in the business-books arena. (Location 2086)

One, conserve cash as much as possible, cutting working capital and publishing fewer books. Two, sell the business. (Location 2092)

Although it was not a star business, Richard and Mark had created a brand with resonance and value. Certainly one big international publisher thought so - we sold Capstone to John Wiley. (Location 2094)

How do you diagnose a fake star? What do you do when your ‘star’ fails to take off? (Location 2108)

There may have been a gap in the market, but there wasn’t a profitable market in the gap. (Location 2111)

But the projected break-even of the fake star keeps receding. If you extrapolate the sales growth of the fake star, it will never break even. The costs of the fake star are not lower than those in the main market and its prices are not higher. (Location 2122)

But be realistic. If you can’t imagine a viable new category suitable for the venture, or if you try, and fail again, there’s only one answer: sell the business while you can, while it still appears to have unfulfilled potential. Since the business can’t perform, sell it on hope. (Location 2135)

Happily, most potential buyers don’t think in terms of stars, fake stars and non-stars. A bigger rival may see your fake star as a nice little venture that can be greatly improved through access to the buyer’s strong points (maybe its market muscle, its sales force, its R&D, its manufacturing). (Location 2137)

Take cash out, even if this dooms the venture. Use your cash for real stars, not to (Location 2143)

If you own a cash cow you usually make a good living, but probably won’t become really rich. The most that employees can hope for is a comfortable existence. (Location 2154)

Energy should flow into real stars. There are only two real blunders that entrepreneurs make. One is to persevere with losing causes. The other, far graver, error is not to realise the marvellously rich potential of a star venture. (Location 2164)

The starting point is always the product itself. That has to be different, attractive, appealing. It has to offer something, in some way, that the main market does not. (Location 2208)

In nearly every star take-off that I know intimately or have researched, the customer-attraction formula was based heavily on public relations and word of mouth. PR launched stars such as Belgo, Filofax, Betfair, Coca-Cola, Cirque du Soleil, Starbucks and Curves. (Location 2234)

For the first two years after the first Belgo restaurant was opened, the two founders spent more than half their time on PR-related activities. We couldn’t afford any advertising, and it would have been a waste of money, anyway. (Location 2237)

To do so you must craft a general storyline and then adapt it to the individual journalist. (Location 2246)

Image is vital. The past pervades the present. The past has to be created. (Location 2252)

It has to be manufactured and amplified, and it has to rest on a real consumer benefit. (Location 2260)

Our biggest problem was getting a sufficient supply of large, high-quality mussels. We soon became Britain’s largest purchaser of mussels and our ever-increasing demand drove prices up. (Location 2297)

Within 18 months of opening we were able to convert the next-door space, double capacity and start repaying shareholder loans. (Location 2308)

And very profitable for LEK. The ‘kids’ were cheap. They worked long hours with no payment for overtime. We charged a lot for their work. (Location 2331)

Upshot: high prices, low costs, fat margins, fast growth. Profitable variation. (Location 2334)

Early on, what matters is winning orders, and pushing product out of the door any which way. But take-off requires a sturdy production engine. (Location 2338)

Without the lowest possible cost, and the highest possible quality and consistency, the business is exposed to one certainty and one danger. (Location 2341)

The take-off is a white-knuckle ride. If you manage it, the sky’s the limit. If you hover above the ground and then fall back, you crash. (Location 2445)

The chances are that your business is not a star. Fewer than 1 in 20 businesses are. You realise you’d be much better off with one of the very few that are stars. What do you do? (Location 2457)

If your venture is young and you’re the leader, you probably invented the niche. The issue isn’t so much the opposition, but whether the niche itself will take off. (Location 2527)

Reasonable expectations are fine for reasonably attractive ventures - say, your typical cash cow. (Location 2624)

But stars contribute over 95 per cent of long-term value, and probably at least 120 per cent of the cash ever generated. (Location 2627)

Very largely, the growth. OK, the profit margin matters, but even doubling the margin has far less influence on what the business is eventually worth than the growth rate and hence the ultimate level of sales. (Location 2630)

Nearly everyone hugely underestimates the growth potential of stars. Typically, (Location 2635)

value.Two action implications: never sell a star business (while it remains a star); and demand much faster growth. (Location 2640)

Icons of American business such as Ford, GE, McDonald’s, IBM, Xerox, Disney, Mars and Intel all grew at between 20 and 50 per cent a year for decades. (Location 2647)

During the first decade, 50-100 per cent is more like it. Another way: take your current growth rate, and aim to double it. (Location 2650)

Another way: take your current growth rate, and aim to double it. (Location 2651)

Yet too many star ventures don’t recreate new value year after year. (Location 2661)

Acquisitions are the riskiest route. They take attention away from the core market and diverge from the unique mix of DNA, products and customers that have made the star venture so successful. (Location 2677)

Be willing to accept lower profits to build a dominant market position As long as you remain cash-positive, short-term profits are totally irrelevant to the long-term value of the business. Build by far the best product and service in your niche, moving further away ahead of would-be rivals. (Location 2702)

This is lunacy (and a good reason for star ventures to steer clear of the stock market, for as long as possible and preferably for ever). (Location 2744)

There were always problems with the site or the plans. Eventually, André and Denis would say that the site wouldn’t work and we’d go back to square one. (Location 2759)

Growth is everything. Star ventures should grow at least 20-50 per cent each year in their first decade. (Location 2771)

While a star, the venture is enormously valuable. If it ceases to be a star, its value may plunge. (Location 2779)

Unusually for a growing venture, growth can normally be financed out of cash flow. (Location 2795)

It starts with sales of $10 million and a return on sales of 20 per cent, netting $2 million pretax. After 30 per cent tax, it has profits of $1.4 million. Because (Location 2799)

its profits are growing fast the value of the company is estimated to be 25 times its after-tax earnings (in financial-speak, it is on a price-to-earnings ratio, or PE, of 25). This makes Company A worth $35 million. (Location 2800)

Also hurting the owners of Company C is the shift from being cash-positive to cash-negative, so the venture needs further cash to support its growth. (Location 2816)

Can you name a single case of a venture in normal competitive markets - excluding natural resources such as oil and land - that has increased in value much faster than other companies and is not a star business? (Location 2831)

Filofax became a cash cow, still profitable, but not as valuable. When we sold the business in 1998 for 210p per share, that was well off the peak and we were lucky to get that much. (Location 2857)

If the threat is from a rival, find a way to reverse that dynamic and go clear again. Do whatever it takes. Identify why the rival is gaining and then outflank it. Become paranoid about your competition. Think (Location 2898)

accept it gracefully and perhaps sell your venture. If you think you can get market growth back above 10 per cent a year, do so. (Location 2902)

What will make you successful is being in the right place. (Location 2914)

decades I’ve (Location 2929)

leader in a high-growth niche. Go to work in the star, or put cash into it. Or invent your own star. (Location 2933)

Most businesses do not lead their niche. Few niches manage to grow 10 per cent a year. Between 95 and 99 per cent of new ventures are not stars. For every 20 ideas you have, you can confidently junk 19 of them, because they won’t be ideas for a star venture. This saves an awful lot of money, sweat, toil and tears. (Location 2957)

They created new niches that grew very fast. My other three stars achieved stardom after their initial years. (Location 2965)

Reasonable expectations are fine for reasonably attractive businesses - say, your typical cash cow. But stars require unreasonable expectations. Otherwise you are leaving huge piles of cash on the table. (Location 3048)

Two things follow. One, never sell a star while it’s still a star. Two, ensure that it grows much faster than currently planned. (Location 3052)