Human Scarcity Premium
chris giliberti@cgiliberti
+1.1%
since Sep 30
The idea
I believe generative AI's flood of synthetic content makes anything machines can't fake, live performance, real competition, recognizable human voices, iconic characters, more valuable over time. So I own both sides: live and unrepeatable experiences like concerts, arenas, and sports leagues, plus the studios, catalogs, and franchises built on decades of human creativity. I lean on large, durable names with smaller stakes in sharper plays, keep some cash on hand, and expect this to play out over years, not quarters.
What it owns
- Decades of human-made characters with built-in audience love cannot be replicated by a model, and AI actually lowers the cost of exploiting that intellectual property. · Walt DisneyIt holds the deepest vault of beloved characters ever built, a century of human creativity no model can conjure from scratch., NetflixIt is the biggest buyer of human talent in entertainment, and it wins on both sides if human-made shows stay what people pay for., Take-Two InteractiveIts Grand Theft Auto is generational intellectual property built by decades of human craft, with fan loyalty AI cannot replicate., HasbroIt owns characters kids have loved for generations, from Transformers to Monopoly to Dungeons and Dragons, brand loyalty that took decades to build., ComcastIt owns NBCUniversal's franchises, theme parks, and live sports rights at a valuation that may not yet price in scarcity., MattelIt is turning Barbie and its other decades-old brands into films and experiences, proof that iconic human-made characters can be repriced.31%
- As AI-made tracks flood streaming, the rights to real artists and their catalogs become the scarce, defensible asset. · Spotify TechnologyIt is where human stars actually get paid, and it profits if listeners keep choosing real artists over synthetic filler., Sony GroupIt owns human voices, film franchises, and game studios all at once, decades of creative work AI can imitate but not originate., Warner Music GroupIt owns recordings and songs by recognizable human artists that command a premium as AI-generated music makes authentic versions scarcer and streaming platforms pay more for verified human catalogs., Reservoir MediaIt is a small, pure holding of song rights, the most direct way to own decades of human songwriting.21%
- Events staged in front of a live audience represent entertainment that cannot be replicated or generated synthetically, making the companies that produce them structurally differentiated as digital alternatives proliferate. · Live Nation EntertainmentIt sells the one thing AI cannot generate: being in the room when a real person performs., TKO Group HoldingsIt owns UFC and WWE, built on real athletes fighting in real time with stars fans follow as people., Sphere EntertainmentIt operates a physical venue so singular that people travel to it, exactly the kind of unrepeatable experience that gets more valuable as content gets cheap., Madison Square Garden EntertainmentIt operates Madison Square Garden itself, a scarce venue where every act that matters wants to play.21%
- Real athletes competing with real stakes is the ultimate un-fakeable content, and teams and leagues are a fixed supply that can actually be owned. · Liberty Media Formula OneIt owns the entire Formula One league rather than a piece of it, a global live human competition that cannot be synthesized., Madison Square Garden SportsIt owns the Knicks and Rangers, one-of-one assets in the biggest U.S. market, and no AI can generate another professional team in New York., Atlanta Braves HoldingsIt is a rare way to own a major league team directly on the public market, a clean bet that human athletic competition gets repriced as synthetic content multiplies., Manchester UnitedIt has a fanbase spanning generations and continents, loyalty to real players and a real club that no algorithm reproduces.17%
- Cash10%