Definition
Last Will and Testament
A legal document stating how a person's assets and responsibilities should be handled after death.
From the episode “Fix the Thing 70% of Americans Are Ignoring”Hear it on the podcast1 episode
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Related terms in Finance & Markets
Issue SpottingThe legal-training concept of identifying which facts in a fact pattern actually matter. Dan treats this as a core element of expertise and a key component of any lens.Jevons ParadoxThe economic observation that making a resource more efficient increases total consumption of it over time. Applied to AI: making engineers 10x more productive typically creates more demand for engineers, not less — the same pattern seen when spreadsheets were introduced to accounting.Jurisdictional Risk (Product)The legal, regulatory, and cultural constraints that differ across markets — US, EU, Asia, Australia — and that fundamentally shape what a product can do in each jurisdiction. Founders frequently underestimate these before entering new markets, resulting in expensive late-stage pivots. Even large, well-funded players have failed market entries by assuming local conditions matched home-market experience. Must be mapped before go-to-market strategy is finalized, not after.KYCKnow Your Customer. Identity verification using government-issued documents.LitigationResolving a dispute through the court system.Local Law 144NYC rule in force since July 2023 requiring an annual independent bias audit, a publicly posted summary, and 10 business days' notice to candidates before an automated tool evaluates them.Loss AversionThe behavioral economics finding that losing a dollar hurts roughly more than gaining a dollar feels good. Brad Pitzele's explanation for why fear outperforms ambition as a founder motivator.Lower Middle MarketBusinesses generating approximately $100M/year in revenue, often family-owned for decades, with accumulated proprietary data, SOPs, machine configurations, and operational knowledge that is vastly underutilized by software. Josh Furstoss's identified highest-value untapped market for vertical AI — unglamorous, cash-flowing, and largely ignored by founders from elite technical backgrounds.