This week, Byrne and Erik discuss the efficiency of market hypothesis, explores the complexities of breaking up big tech companies, unpacks the intriguing dynamics of currencies from nations to video game gems and more. 🔥 Apply to join over 400 Founders and execs in the Turpentine Network: https://www.turpentinenetwork.co/ --- RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast --- SPONSORS: BABBEL: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/zen BRAVE: Get first-party targeting with Brave’s private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “Turpentine” when signing up for a 25% discount on your first campaign. --- LINKS: Byrne’s writing: https://thediff.co Big Tech as a Fleet Rather than an Aircraft Carrier: https://www.thediff.co/archive/big-tech-as-a-fleet-rather-than-an-aircraft-carrier/ --- X / TWITTER: https://twitter.com/ByrneHobart (Byrne) https://twitter.com/TurpentineMedia (Turpentine) --- TIMESTAMPS: (00:00) Intro (00:20) Market efficiency (02:33) Big tech's strategic investments (12:11) Efficient market hypothesis (16:52) Big tech as a fleet (27:16) Sponsors: Babbel | Brave (29:42) Role and impact of currencies (39:03) Concept of personal tokens (43:17) Diversification vs. Concentration in investments (50:09) Pod model in hedge funds (54:25) Wrap