I write when I have something worth saying—about investing, business, or the occasional idea that's been on my mind. Posts appear first on LinkedIn; I collect them here.
When a Great Technology Makes a Poor Investment
Railroads, airlines, and the internet transformed the world, yet many of the investors who financed them earned disappointing returns. As capital pours into artificial intelligence, history offers an important lesson: technological success and investment success are not necessarily the same thing.