AI is thematic ZIRP. To any layperson, the AI boom is another case of infrastructure overbuild that ignores product commodification and falling barriers to entry. But long-dated binary outcomes of incalculable extremes are protecting a broad subset of investors from multiple compression.
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Most people think that communication problems arise because we don't say what we mean. But research suggests the opposite is often true: we say exactly what we mean, but we fail to consider how our words will land on the other person. We're so focused on our own intentions that we forget the listener is constructing their own interpretation of what we say.
Hidden Brain
The thing that I find so hard about venture capital is that you might be right about a company, but if you make your investment at the wrong time, you can lose all your money. You can be right about the destination but wrong about the timing, and it doesn't matter that you were right about the destination.
Invest Like the Best with Patrick O'Shaughnessy
We assume that if we are thinking something, other people can see it too. The problem is that our thoughts and feelings are invisible to others. What is obvious to us is often completely hidden to everyone else.
Hidden Brain