Some areas learn from past mistakes and become better some don’t or can’t. Why?
Most of what makes a restaurant work is “buzz.” Atmosphere. Feel. Energy. These are elusive concepts that change without warning. So it’s hard to learn from one restaurant failure and implement its lessons onto the next restaurant, like the NTSB would after a plane crash. The jump from “here’s what went wrong” to “here’s what should be done next time” is a mile wide. The result is that most restaurants are failures, and always will be. Totally different from air travel, where accidents consistently decline as we learn.
Many things in business and investing work like this.
Morgan Housel — Collaborative Fund