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

The Collapse of Patience: How AI, Capital Efficiency, and Bitcoin Break the Cycle

Jordi Visser

May 27, 2025

Last week, I referenced how certain books can leave lasting impressions—memories that echo back throughout life. This week, I want to highlight a sports memory.

I’m a devoted New York sports fan and have attended important playoff games for... See more

• The muscles of portfolio construction and valuation atrophy, as consensus-driven ‘access’ dominates behavior and idiosyncratic risk falls out of favour.


• The typical ‘power law’ distribution of outputs collapses as few genuine outliers can be realised from a concentrated pattern of investment.


• As returns converge on a mediocre market-rate, investors

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