A speaker explains why the 80/20 rule misses the mark. In reality, a tiny fraction of competitors dominate markets by bidding much higher than everyone else, essentially creating monopolies.
People think, particularly in business, they think 8020 is correct, but it's not. It's literally 99 to 1. What I mean by that is I get the ads of like, eight people regularly. What does that tell you? It tells you that if you keep seeing that person, they are bidding so astronomically higher than everybody else that you only see them. And if they can afford to bid higher, it's not that their offer is like, a little bit better than someone else's, it's so substantially better that they win all of the business, all of it. As Peter Thiel's like, you want to own a monopoly.
