ALT Definition card for Permanent Equity's term "Helpful, Not Impressive." "My goal was, and is, to always be useful, but never necessary. Each time I was necessary, I would make a note and try to figure out a way to empower someone to do it better than I ever could." This definition comes from "Awe, Health, and Fear: 2023 Annual Letter."

ALT Definition card for Permanent Equity's phrase "The Long Term is a Series of Short Terms." "If you're focused on the wrong things, it doesn't really matter how often you focus on them, but if you're focused on the right one, you should be ruthlessly short-term about focusing on them all the time." This definition comes from "The Long Term is the Short Term."

ALT Definition card for Permanent Equity's term "Do No Harm." "Everything in a small business was put in place because somebody thought it would be good for something. If we can't figure out what that something is, we've likely missed some other thing and misplaced our humility." This definition comes from "Rule #1: Do No Harm."

ALT Definition card for Permanent Equity's term "loosely functioning disasters." "All businesses are loosely functioning disasters, some of which happen to make money. And, typically, the smaller the business, the more loosely it functions. All businesses lack something, and small businesses typically lack many things, which is why almost all small businesses stay small." This definition comes from "15 Years in the Trenches of SMB Acquisitions and Operations: 2022 Annual Letter."

ALT A definition card for Permanent Equity's term "beer money": The way we measure the value of a business is in terms of how much Beer Money it produces. Not ACSOI, not EBITDA, and certainly not Adjusted EBITDA. Because Beer Money is the money, all of the accounting shenanigans and GAAP yada yadas aside, that you have leftover at the end of the day that you can withdraw from a bank account to buy beer with." That definition comes from "Permanent Equity's Guide to Beer Money."