The Present Value of the Future is a series of thought pieces written by Star Magnolia Capital’s analysts based on our long-term thematic research projects. Although our company-level investment activities are executed by our external managers, we believe we become better and patient investors by conducting our own thematic research. In this way, we can stay relevant and build our own knowledge base. Our thematic research is often inspired by insights shared by our external managers and then produced with publicly available or proprietary sourced information. We share our own research because communication is an often-underappreciated tool to gain trust. We want to help our readers understand the dynamic changes and opportunities we see in the world today.