#夏日创作营 #星舰#Musk has never been chasing a single successful outcome—he’s chasing the fastest iteration.

Every launch cancellation, every automatic program termination.

For SpaceX, none of it counts as failure.

It’s using the lowest cost to prevent the biggest accidents.

That’s also why SpaceX can continuously refresh rocket reusability, launch costs, and space technology.

It allows failure. But it doesn’t allow repeating the same mistakes.

The investment market is the same.

Truly great companies don’t make no mistakes.

They’re able to quickly spot problems, quickly correct them, and then keep moving forward.

So what I care about more is:

How long until it resumes launches, and how long until it completes the next test.

What the capital market truly prices in has never been one failure.

It’s whether there will be the ability to consistently fulfill expectations in the future.

Many great companies’ stock prices have gone through significant drawdowns.

But what truly determines long-term value is never one or two setbacks.

It’s whether there’s the ability to iterate continuously and innovate continuously.

The market always amplifies short-term results, while the long-term winners often win through iteration again and again.