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By Bradford Cornell, Rob Arnott, Lillian Wu If a capitalist had been present at Kitty Hawk back in the early 1900s, he should’ve shot down Orville Wright; he would have saved his progeny money.                                                                                                    —Warren Buffett  Our objective is always to build big companies—if you don’t attack a big market, you’re highly unlikely to build a big company.                                                                       —Don Valentine, Founder of Sequoia Big markets have a special allure for investors. They offer the promise of another Apple, Google, or Microsoft. But big markets also bring with them the threat of what Cornell and Damodaran (2020) call “the big market delusion.” Big market delusions generally begin with innovation or disruption that opens a new market, such as

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