Distilling and Revealing Essence
Why the best work comes from taking away.
Essence.
All the work that we do, no matter how intricate, holds an underlying essence. It is like a core identity or fundamental structure, like a skeleton supporting flesh that gives it its “is-ness”.
A child draws a picture of a house with a window, a roof, and a door. If you take away the window and look at the picture, it’s still a house. If you take away the door, it is still a house. If you remove the roof and outer walls, and leave only the window and door, it is no longer clear whether it is still a house.
In the same way, each piece of art has a unique, life-giving feature that makes it what it is. It might be the theme, the organizing principle, the artist’s point of view, the quality of the performance, the materials, the mood conveyed, or a combination of elements. Any of these can play a role in forming the essence.
If a sculptor makes a work out of stone or out of clay, the experience of that work is very different. Yet a work of stone, and one of clay, can have the same essence.
Yet a work’s essence may also change, from the time you start until the time you finish. As you refine the work, add elements, and rearrange pieces, a new, distinct essence may emerge.
Sometimes, you may not yet know the essence when you are engaged in the work. You are merely experimenting and playing. When you end up with something you like, you might come to realise what the essence is.
Distilling a work to get it as close to its essence as possible is a valuable and informative practice. Refine it to the point where it is stripped bare, in its least decorative form yet still intact, with nothing extra.
Less is generally more. Find the simplest, most elegant way to put a point across, with the least amount of information.
Every block of stone has a statue inside it. It is the task of the sculptor to discover it. Sculpting is not about creating something from nothing, but about removing the unnecessary to reveal the purest form within.
True craftsmanship follows this same principle. The handmade, the unique, the best. These emerge not from mechanical production but from patient refinement. Factories churn out quantity, artisans pursue essence. Each piece builds upon the last, not through automation, but through a continuous and more profound understanding of what matters most.
In investing, we must consider everything: management, culture, strategy, execution—the whole reality of what a company is and how it creates value. We distill this down to its essence, chipping away the excess until only the core thesis remains: why will this business endure and grow?
“Perfection is finally obtained not when there is no longer anything to add, but when there’s no longer anything to take away.” —Antoine de Saint-Exupéry
“It’s simple. I just remove everything that is not David. The sculpture is already complete within the marble block, before I start my work. It is already there, I just have to chisel away the superfluous material.
Every block of stone has a statue inside it, and it is the task of the sculptor to discover it. I saw the angel in the marble, and I carved until I set him free.” ― Michelangelo
This piece draws heavy inspiration and adaptation from Rick Rubin’s insights on “Essence” from his book, “The Creative Act: A Way of Being”, which we highly recommend.
We practice what we preach. Take our recent Vision Capital Fund memos on Netflix, ServiceNow, and Duolingo (pass). Each distills hours of research into three concise pages, accompanied by essential charts and core data, nothing more. Handwritten and painstakingly crafted, each memo builds on the last, continuously refining our understanding of what matters most.
The information contained in this article is for general informational purposes only. While every effort has been made to ensure the accuracy and reliability of the content, errors or omissions may occur. The author and publisher do not assume any responsibility or liability for any errors, inaccuracies, or omissions in the content, nor for any actions taken based on the information provided. Readers are encouraged to verify any information before relying on it and to seek professional advice as needed.
13 Sept 2025 | Eugene Ng | Vision Capital Fund | eugene.ng@visioncapitalfund.co
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