
The Concentration Doctrine
Four Dependencies, and Why Concentration Is Not a Risk to Be Reduced but a Structural Position to Be Priced and Chosen. Concentration is not a risk to be reduced. It is a position to be priced. The operator economy has one answer to concentration and delivers it with the confidence of arithmetic. Diversify. Add customers. Qualify a second supplier. Open another channel. Remove the key person. The answer arrives as though it were free, as though the only thing standing between the operator and a durable architecture were the discipline to spread the weight more evenly. The answer is not








