Nine-Tenths of a Company's Value Is Story — I've Been Slowly Buying More SpaceX

This episode looks at the slow, steady practice of adding to a SpaceX position — not as a trading move, but as something closer to casting a vote for a particular vision of the future.It touches on a piece by investor Kyle Harrison, which draws a striking distinction: tangible assets account for only about ten percent of SpaceX's enterprise value. The other ninety percent is story. That framing — story not as fiction, but as the genuine expectation of futures like Mars settlements and reusable rockets — is what anchors the episode's reflection.There's also an honest look at the limits of number-based investing for individuals. When professionals have more data and more analysts, competing on those terms is difficult. The alternative explored here is a different kind of question: what is this company trying to change, and does that feel worth believing in?The uncertainty isn't avoided. The Mars plan might not go as hoped. Competitors might close the gap. But the episode holds that the attempt itself carries value, separate from the outcome.A quiet reflection on why people invest in things they can't fully justify — and how story, whether in a company or anywhere else, is often what moves people when numbers alone don't.