There’s certainly an argument that the more physical the network is, the more difficult it will be to reach escape velocity. The flipside is that those who do reach escape velocity will have much stronger moats compared to their virtual network counterparts. A common narrative is that software has zero marginal cost, but rarely do we talk about how... See more

Great things are usually made by specialists, not by all of us. These specialists can create things that the rest of us want. This means that networks can emerge with two groups: one that supplies something valuable, and another which consumes that service. This is where the most valuable type of Internet company enters the game: aggregators.

Some theorists have proposed that we should think of the stock market as constituting two processes in one.98 There is the signal track, the stock market of the 1950s that we read about in textbooks. This is the market that prevails in the long run, with investors making relatively few trades, and prices well tied down to fundamentals. It helps inv

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