Long Scarce Assets
Clay Norris@claynorris
+4.6%
since Oct 6
The idea
I believe AI is making creation abundant, so value shifts to what can't be generated: the original, the shared occasion, the place, and the trusted judge. This take owns US-listed companies that hold those things outright and have long records of raising price without diluting the core, spread across live events, owned catalog and game canon, houses, verification businesses, and venues, with no single name dominating. I'm holding cash to add if one of these sells off on an AI-scare while actual demand stays intact, and I'm thinking in years, not quarters.
What it owns
- Leagues and teams owned outright; a live event can't be generated and fans keep coming back. · Liberty Media Formula OneIt owns the racing series outright, including races and media rights, and the live event becomes scarcer as generated content multiplies elsewhere., TKO Group HoldingsIt owns both leagues outright with no licensees, and these shared occasions people pay to see live have shown pricing power through gate receipts and rights fees., Madison Square Garden SportsIt owns the teams outright, and these live occasions cannot be generated or copied, with decades of fans coming back year after year., Atlanta Braves HoldingsIt owns the team outright, and the ballpark district adds the venue around the live occasion that the market cannot reproduce.31%
- Owned songs, characters and game worlds that people return to for decades. · Warner Music GroupIt owns the catalog outright, and the songs become more valuable as AI-generated music proliferates because the originals can't be replicated., HasbroIt owns the game worlds outright, and decades of repeat play and collecting behind them means players keep returning to the same canon., Take-Two InteractiveIt owns the franchise outright, and players return to the canon for decades in a way no cheaper substitute could displace.20%
- Luxury houses that own their craft and have raised prices for decades without chasing volume. · Ferrari N.V.It owns its house outright and has raised prices for decades while the waitlist stays years long, showing restraint on volume instead of chasing it., Birkenstock HoldingThe company owns a heritage brand that cannot be replicated by generative design, and has shown it can sustain higher prices while maintaining brand integrity.19%
- When AI makes claims abundant, the institutions that verify them get more valuable, not less. · Moody's CorporationIt is the century-old judge whose ratings markets trust because they must be earned, not generated, and lenders keep paying for the verdict., Fair Isaac CorporationIt owns the score everyone agrees to trust, and as AI floods the world with claims, the trusted verdict becomes scarcer and more valuable.14%
- Venues and land that can't be copied, where the location itself is the asset. · Vail ResortsIt owns the mountains, places that cannot be generated, and the pass model shows customers returning at rising prices year after year., Madison Square Garden EntertainmentIt owns the venue with a century of history, exactly what abundance cannot dilute, and the bookings and ticket demand stay strong year after year.10%
- Cash6%