The Intangible Economy with Kai Wu
Excess Returns
The Intangible Economy with Kai Wu explores the hidden forces reshaping the modern economy and their implications for investors. AI and the broader technology revolution are changing how we live, work, and create value. In each episode, Kai sits down with investors, researchers, and other experts to discuss how innovation and other intangible forces - such as brands, human capital, and network effects - are transforming markets and investment outcomes.
Episodes
Mentioned books
May 12, 2026 • 1h 16min
What Past Capital Cycles Can Teach Us About AI with Edward Chancellor
Edward Chancellor, financial historian and author who studies capital cycles and bubbles. He explores how past manias like railways and dot-coms mirror today’s AI investment rush. Short, punchy takes cover why markets fund tech shifts but miss winners, the prisoner’s-dilemma of hyperscaler spending, GPU depreciation impacts, limits of large language models, and where anti-bubbles may hide value.
24 snips
Mar 31, 2026 • 1h 1min
Michael Mauboussin: Base Rates, AI Adoption, and Investing in the Intangible Economy
Michael Mauboussin, seasoned investor and author on decision-making and valuation, joins to weigh AI’s bold growth claims against historical base rates. He discusses diffusion models, megaproject lessons, why intangibles create fatter tails, who likely captures AI value across the stack, and the risks of massive preemptive capital spending. Short, sharp takes on forecasting, competitive dynamics, and intangible-driven market shifts.
