This is a textbook example of the “Era of the Ideological Investor,” where model-driven fundamental analysis becomes irrelevant once the government emerges as the largest sponsor of idiosyncratic dispersion in capital markets. The path to outperformance is no longer better spreadsheets—it is anticipation

Ellenbogen began work on a six-month study of media, an industry he knew little about. The goal was to compress 20 years of history into four A4 pages. The work led him to two conclusions. First, cable networks were the only exceptional businesses in media. Second, the closed system that made them exceptional was ending. The broadband... See more

The rise of platforms like Substack, Beehiiv, and Ghost have done much to decentralize content distribution; the same can be said for podcasts, which are still mainly distributed through RSS. Twitter has relinquished its stranglehold on shortform text communication, with many of its users flowing to Bluesky, Mastadon, Substack Notes, and even... See more