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The cloud is a simple concept: one company rents out its hardware to other companies as software that is delivered over the internet. At the base level, cloud infrastructure virtualizes (represents hardware as software) building blocks of computing like compute power, storage, and networking. On top of that, cloud companies provide increasing levels of management of that software. Cloud SaaS offers the most managed service where a company only needs to configure settings for that software and use the tool. We can visualize the value chain like this: Hi folks, today we're discussing the fundamentals of the cloud including: history, technology, and market dynamics. This is part of a series of posts breaking down the fundamentals of technology. You can find long-form versions of these posts on the Public Comps blog. If interested, you can also find my writings on Substack here. ​ 1. An Intro to the Cloud and Why it Was So Important The cloud is a simple concept: one company rents out its hardware to other companies as software that is delivered over the internet. At the base level, cloud infrastructure virtualizes (represents hardware as software) building blocks of computing like compute power, storage, and networking. On top of that, cloud companies provide increasing levels of management of that software. Cloud SaaS offers the most managed service where a company only needs to configure settings for that software and use the tool. We can visualize the value chain like this: The business model is simple, so I want to start by describing why the cloud was so impactful. If you’re a fan of Clayton Christensen’s work, the cloud is a perfect example of disruption. A key idea of disruption is that it’s not based on new technologies, it’s based on old technologies delivered in a cheaper way, targeted at a new set of customers. The cloud took an existing industry (enterprise-level hardware and software), created a new business model that lowered the barrier of entry to that technology, and sold it to a new market of companies (mostly technology startups). ​ The cloud's importance came from the lowering of the barrier to entry. Prior to the cloud, companies had high upfront costs for computing power and lower maintenance costs over time. Lowering this upfront cost significantly expanded the market for computing power. This was most evident in startups, who could much more efficiently access computing power and build software. Those startups then delivered a funnel effect to the cloud providers. As cloud software generated billions of dollars in revenue, the hyperscalers collected a large % of that revenue. Over time, enterprises moved to the cloud as well. We’re still seeing the long tail of cloud migrations nearly 20 years after AWS’ launch.

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25 April, 2022 Can you predict the increase (or decrease) in the closing value of the emerging-market equity index three years from now? Without a crystal ball, it is impossible to correctly estimate future market trends, not to mention the ability to identify the best time to invest. If investors wish to reduce volatility and benefit from long-term growth when the markets move up and down, the automatically executed strategy of dollar-cost averaging may be a feasible choice. 1. What is dollar cost averaging? It is the practice of regularly investing a fixed dollar amount in a specific investment – regardless of fluctuations in the market price. As a result, an individual buys more units when prices are low and fewer units when prices are high. 2. Why use this strategy? Financial markets fluctuate, so it is often difficult to choose the best time to invest. No single investment strategy guarantees easy profits or significant returns. So, it’s important to find a viable long-term approach that matches your risk appetite, financial goals, and budget. Here are the merits of dollar cost averaging: • Investors regularly invest fixed sums of money based on pre-set orders, regardless of market conditions. Investments made under this strategy are usually smaller than lump-sum amounts. Therefore, it is suitable for investors with a lower risk appetite, less time to spare on closely following the relevant asset prices, or those with limited funds. • When there are unanticipated market movements (notable rises or falls), inexperienced investors could panic and make irrational decisions, such as buying high due to a fear of missing out on market rallies or selling low to avoid further losses because of falling markets. However, dollar cost averaging helps alleviate the potential negative effects of irrational “active trading” on investment returns. • When markets are volatile, it is possible to accumulate more units at lower prices, probably resulting in a lower average investment cost than with a lump-sum approach during the entire investment period, which helps diversify risk. If underlying asset prices stabilise or even trend upwards during times of uncertainty, investors may earn positive returns at the end of the period and may even outperform lump-sum investing (see the following example). 3. Investment acumen is the key to lump-sum investing success The lump-sum approach could be more familiar to investors, many of whom already have relevant experience with equities, bonds, and funds. While both strategies have their own unique characteristics, returns may vary significantly under different market conditions. Market consensus leans towards a belief that if asset prices keep rising, then lump-sum investing provides better returns for calm and seasoned investors, but we should also bear in mind that: • The key to success with lump-sum investing is capturing the best time to enter or exit markets. However, in real cases, buying low and selling high is not easy. • Experienced investors can often manage their emotions and deal with market movements calmly and flexibly. • Inexperienced investors tend to predict the market, overreact to temporary market shifts, and finally quit with a big loss. 4. A systematic investment strategy, by nature, requires active implementation Time in the market will almost always be better than timing the market. Investment is a long-term venture that can potentially reward the patient with positive returns, while impulsive investors may experience losses. Dollar-cost averaging provides investors with a disciplined investment strategy that is easy to apply. Once the instruction is set, this approach automatically allocates regular fixed amounts regardless of market conditions and psychological factors, which helps avoid erroneous decisions. If investors believe this strategy could help them achieve their goals, they should actively identify assets with long-term growth potential and initiate a monthly investment plan.