E56: AI Agents are Coming; China’s Internet; Google Wants to Win

This week, Erik Torenberg and Byrne Hobart discuss AI's economic implications, the rise of passive investing, gambling markets, and Warren Buffett's early investment tactics, examining how technological advancements shape economic metrics, market dynamics, and industry shifts.


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Highlights from the Episode:

AI's economic impact may follow a J-curve pattern - initially deflationary as it reduces costs, but potentially inflationary later through increased monetization and energy consumption

Passive investing's dominance has natural limits, as price discovery requires active trading, suggesting a possible future cyclical pattern between passive and active investing

The gambling industry's evolution may parallel historical vice industries, potentially leading to new social norms and self-regulation before government intervention



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LINKS:
Byrne’s writing: https://thediff.co


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X / TWITTER:
https://twitter.com/ByrneHobart (Byrne)
https://twitter.com/TurpentineMedia (Turpentine)