Part 1 of 2

Part I — The Rented Empire

An empire on someone else's land is a tenancy agreement with extra steps.

Attention as an Asset Class Capital Misallocation

5 min · 50% through the series

The first generation of creators built businesses on platforms they did not own, monetized by algorithms they could not read. The arrangement worked while distribution was cheap. Distribution is no longer cheap.

When the algorithm changes, your business changes. That is not a business. That is weather.

Next in series

Part II — The Position Economy →

The next decade belongs to creators who own a position in the real world, not a slot in a feed.