INVISIBLE COMPANIES

Summary from the TLDR newsletter

Invisible companies remain invisible primarily because no one is paying attention to them. There are several reasons this could happen: they could be unknown, data about their existence or profitability is private, missing, or obscure, they are misunderstood, or they are disdained. Over time, the market should make these invisible companies visible, but that's not what happens. Thinking about invisible companies means thinking about strategy in a new way.