Phase 2 · Financials
Financials ecosystem
Every sector has a Leader, Pioneer, Challenger, Median and Failure. The Median shows what normal looks like; the Failure teaches as much as the Leader.
LeaderBRK.B
Reference for capital allocation. Float-heavy insurance model + serial compounding.
PioneerJPM
Founded 1871. Survived the Panic of 1907, the Great Depression, and 2008.
ChallengerCOIN
Newest large-cap financial. Crypto-cycle exposure drives both the upside and the volatility.
MedianCFG
Regional bank — typical mid-cycle ROE, typical regulatory constraints.
FailureFRC
SVB-style failure. Duration mismatch + concentration. The 2023 liquidity crisis lesson.
Sector stats
- Avg 20y CAGR9.1%
- Avg survival28 years
- Median multiple12.0× P/E
- Avg drawdown-52%