Josh has plenty of experience in investments, having spent 5 years investing in SMEs prior to joining Coniston Capital.  He gives his opinion on what makes a great brand, the pros and cons of selling products through subscriptions vs. one-off sales, and explains the importance of CAC, AOV and LTV, collectively.  We also discuss the importance of having multiple marketing channels and why, as an investor, Josh does "not want to see any single reliance on one marketing channel," whilst touching on the advantages of user generated content for a business.