Bold

Long-time readers know that I already summed up this phenomenon in Aggregation Theory, but in some respects I think my chosen name does this idea injustice: the word “theory” sounds abstract and disconnected from the real world, when in fact the elements of Aggregation Theory are not only very much real phenomena but also the connective tissue tyin... See more

This virtuous circle of supply-side economies of scale and network effects explains why tech companies so easily challenge our understanding of corporate strategy. Their increasing returns to scale, a byproduct of the technology they masterfully exploit, is their true competitive advantage. With increasing returns, those companies’ large scale is s

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In an AI-dominated future, the structure of the American economy is poised for a seismic shift. As AI slashes coordination and transaction costs, the Coase Theorem suggests a fascinating outcome: an economy teeming with smaller, more agile firms. This reduction in costs disrupts the very essence of firm size, allowing nimble players to enter the fr... See more

But the window doesn’t last long. As Paik thinks of it, “each time a new shift occurs, it is analogous to the formation of an unstable radioactive isotope. The radioactivity throws off a huge amount of energy in the form of capturable enterprise value, but is subject to half-life decay. Over time, the isotope decays and eventually becomes lead, at ... See more