In this episode, we explore what it means to invest in a non-ergodic world—where time, not averages, determines outcomes. We unpack concepts like volatility drag, ensemble vs. time averages, and the implications for portfolio strategy, while also reflecting on how AI and zero-click search are reshaping business and investor behavior.

Topics covered include:

• What is ergodicity and why it matters
• How path dependency and emerging phenomena disrupt the long-term
• How podcasting and blogging has changed
• What is the future of Money for the Rest of Us

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Show Notes

Wayback Machine: jdstein.com

Probabilities and Payoffs: The Practicalities and Psychology of Expected Value by Michael J. Mauboussin and Dan Callahan, CFA—Morgan Stanley

The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb—Penguin Random House

The 60% Problem — How AI Search Is Draining Your Traffic by Tor Constantino, MBA—Forbes

Hollywood Is Cranking Out Original Movies. Audiences Aren’t Showing Up. by Ben Fritz—The Wall Street Journal

How Late Night TV Is Downsizing by Alex Weprin and Rick Porter—The Hollywood Reporter

‘Severance’ Surpasses ‘Ted Lasso’ To Become Apple TV+’s Most Watched Series With Season 2 Launch by Nellie Andreeva—Deadline

List of most watched television broadcasts in the United States—Wikipedia

Tao te Ching by Lao Tzu (Author), Marc Mullinax (Translator)—fortress press

Why AI Might Not Take All Our Jobs—If We Act Quickly by Justin Lahart—The Wall Street Journal

Elon Musk and the Dangerous Myth of Omnigenius by Gautam Mukunda—Bloomberg

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492: The Power of Optionality: Small Bets, Big Payoffs

484: 7 Steps to Living a Longer Life

482: Unlocking the Power of Positive Skewness: Strategies for Investing, Business, and Creativity

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