Second Mover Advantage

October 21, 2022

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October 18, 2022

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October 14, 2022

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Fair Pricing

October 13, 2022

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digital daily: Ben the Fox

Ben the Fox: In an age before specialization, “foxes” were celebrated for their versatility. Ben Franklin was one of them – a scientist, entrepreneur, journalist, philosopher, and, most important to American history, diplomat. The Treaty of Paris was agreed in 1782, setting the terms of US Independence. After signing, Franklin was in Paris to see humanity’s first flight in 1783 - air balloons. Though he was captivated, he was surrounded by skeptics. The fox is willing to travel down roads without knowing where it takes them; the hedgehog specializes in the aim of surety. Experts are skeptical, often rightly so. They especially reject less informed crowds. Today, the market crowd is signaling a period of profound change that experts see as hype. There is hype. And markets are fallible. The grandest bubbles are based on behavioral fallacies. So what. That’s the cost of innovation. The crowd accepts brutal adjustments after excessive hype. Experts don’t, focused on fixing errors only often to compound them. Framing is critical in periods of great change, today driven by AI and digital finance. It’s not man versus a machine. Nor is it fiat against crypto currency. Humans integrate with androids. Fiat runs on digital rails. Ask the far-forward question to avoid getting stuck in the noise of today. What financial rails will humanoids use? The ones that serve them most efficiently. Maybe it’s a centralized system with costly intermediation. I wouldn’t bet a Benjamin on it – doubt he would have either.