What holding a position and holding its value have in common — almost nothing
 ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏ ‌​‍‎‏

Brandmine Weekly

Edition 13 · Tuesday, August 4, 2026

Hiding in plain sight. Not for long.


This week is about the difference between a position and the value that once justified holding it. Melilla has been Spanish since 1497 — the only sheltered anchorage on an otherwise harbourless stretch of Morocco's Rif coast — and its rulers have changed seven times in 2,600 years without the location ever losing strategic worth. But the trade that made it rich has moved before, and is moving again: cross-border commerce collapsed more than 40% after Morocco shut the land customs post in 2018.

Its sister enclave Ceuta tells the same story on a shorter clock — Portugal captured it in a single day in 1415, and the merchant networks that made it wealthy left for Tangier and never came back.

Three founder-owned Russian businesses just lived a compressed version of the same lesson. RASSVET kept shipping after February 2022 severed its home market, because its supply chain had never actually lived in Russia. Tasty Coffee bought its own import chain outright rather than lose it to a shipping collapse. Bushe's founder chose three years of losses over scaling past the point he'd named publicly as where a network stops being a network.

Different centuries, same mechanism: the position and the thing that made the position valuable are not the same asset, and only one of them travels with you.

* * *

Randal Eastman · Penang

This Week's Takeaway

Holding a position doesn't mean you hold what made it valuable — that can leave on its own, slowly or in a day. The businesses and cities that keep working are the ones where the valuable part was never fully tied to the place it happened to be.

◈


Read this issue online · share with a colleague →
Browse all past editions →

Also in Русский · 中文

Someone forward you this?

Founder-owned brands from emerging markets, every Tuesday.

Subscribe free →

Brandmine — Discovery intelligence for emerging market brands
brandmine.ai

You're receiving this because you subscribed to Brandmine Weekly.
Unsubscribe