"There are so many layers of abstraction between the new kind of elite investor and actual events on the ground that the investor no longer has any concept of what is actually being done as a result of investments." #iamnotagadget
In 2007, Bear Stearns put out a report responding to investor concerns about user-generated content. It said, instead of playing the odds with major investment vehicles, play the odds of user content, which has economy of scale. #iamnotagadget
...The scale of user content takes away the risk (vs individual movies, TV shows, etc.), and algorithms are there to further remove responsibility and collateral for failures. Content is no longer king; owning the network is.
"In the new order, there is no [presumption that a CEO, fund manager, studio head had special skill]...Without risk, there is no need for skill." The rich own the cloud and delay discovery of imperfect algorithms. #iamnotagadget
"...one trusts in the crowd, in the big N, in the algorithms that remove the risks of creativity in ways too sophisticated for any mere person to understand." #iamnotagadget