The other thing that's really important in this world is that the flywheels tend to be self-reinforcing in a way that creates winner-take-most dynamics. The best models attract the most users, which generates the most data, which trains the best next models. And so you end up with a situation where the leaders tend to pull away from the pack over time rather than revert to the mean.

Invest Like the Best with Patrick O'Shaughnessy
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@underscoredpodcasts·June 21, 2026