+2.6%
since Oct 2
The idea
AI is making software and digital content trivially cheap to copy, so I think the lasting value shifts to what code can't fake: trusted brands, live experiences, and real-world scarcity. This basket spreads across creator platforms, live events and venues, hospitality brands built on trust, in-person dining, and Ferrari as a rare case of verifiable scarcity in luxury, with a small cash buffer on the side. I'm not betting on any single name, just the broader shift toward authentic, in-person value.
What it owns
- Platforms where individual creators build audiences and earn income that remain their own, not reproducible by algorithm or artificial intelligence. · Meta PlatformsIt hosts the platforms where individual creators build audiences that remain theirs rather than owned by the algorithm, funded by ad spending rather than replaced by generated content., Spotify TechnologyIt is the main platform connecting human musicians to listeners, and it thrives when real artists with followings drive the catalog rather than being drowned out by generated audio., ShopifyIt enables individual merchants to run storefronts with their own brands, a tool that cannot be replicated by software and only works if independent seller growth continues., AlphabetIt operates YouTube, where individual creators turn real audiences into income, and the position depends on creator payouts growing and Google's ad business funding the platform through the transition to artificial intelligence., RedditIt hosts the largest archive of real human conversation on the web, which becomes more valuable as generated text fills online spaces and people search for human voices.28%
- Spectacles and events that happen in real time in specific places, which cannot be replicated digitally and command premium prices from audiences. · Live Nation EntertainmentIt controls the infrastructure for live music: venues, ticketing, and promotion, which only work if concert attendance and per-fan spending grow as audiences seek what cannot come through a screen., TKO Group HoldingsIt owns live fighting and wrestling spectacles where the outcome matters only because it is real and live, and revenues rise only if media rights fees and ticket spending keep climbing., Formula One GroupIt runs a fixed calendar of scarce live racing events on fixed courses that draw global audiences willing to pay more each year for attendance and broadcast access, which cannot be replicated., Madison Square Garden EntertainmentIt owns an iconic venue with century-old meaning in a fixed location, which artists and fans keep choosing over streams because the address itself holds earned value that cannot be moved or copied., Sphere EntertainmentIt is one building in one city with one unrepeatable experience, the most literal un-clonable asset in the take, and it survives only if demand for shows and profitable expansion stay strong.26%
- Networks of traveler reviews, loyalty memberships, and supplier relationships built over years, which travelers use to choose where to stay and which new entrants cannot quickly replicate. · Booking HoldingsIt collects decades of traveler trust and supplier relationships into a booking platform, which holds its value only if travelers keep starting searches there rather than with an artificial intelligence agent., AirbnbIts entire product is trust between strangers, built from millions of reviews and stays that new competitors cannot instantly create, and it survives only if the trust system stays intact., Hilton WorldwideIt is an asset-light brand and loyalty machine where travelers pay for a trusted name and human service, which commands a premium only if loyalty members keep booking and room revenue per stay stays strong., Marriott InternationalIt runs the world's largest hotel loyalty program with over two hundred million members, a trust relationship that no startup can build quickly and that proves brand loyalty beats artificial intelligence agents.21%
- Restaurants and dining rooms where people gather for a shared meal and ritual, experiences that become more valuable as digital alternatives grow cheaper. · Darden RestaurantsIt operates casual dining rooms where millions of people gather for routine sit-down meals, rituals that gain value as digital life gets cheaper, and it depends on steady restaurant traffic., Texas RoadhouseIt sells loud, busy dining rooms where people gather for a ritual meal, exactly the in-person gathering this take says gains value, and it depends on traffic and same-store sales staying positive., CAVA GroupGrowth depends on opening new locations and maintaining positive same-store sales, so expansion stumbles hit harder than they do for mature restaurant chains.11%
- Brands whose value rests on proof of origin, scarcity, and authenticity that cannot be counterfeited or mass-produced without destroying the brand itself. · FerrariIts value comes from strict production limits from one location and decades of brand reputation that cannot be counterfeited, which only holds if Ferrari maintains scarcity and does not chase volume.7%
- Cash7%