#terminal-value — Wealth & Means

Episodes tagged #terminal-value on Wealth & Means.

Everything Moves Faster Than Accountability — 2026-08-01
There's a particular kind of confidence that shows up right before a system finds out what it doesn't know. It's in a spreadsheet that assumes a business compounds forever. It's in a safety test that assumes a sandbox will hold. It's in a career pitch that assumes speed is the same thing as expertise. This week's episode lives in that gap — the space between what a system was built to do and what it eventually has to answer for. We trace it through a laser trying to keep a drone airborne, a chatbot trying to recognize a crisis it wasn't designed to notice, and a step stool that traveled across the country faster than its recall could catch up. Then we widen the lens: a jobs report and two earnings calls that will tell us whether the real economy is confirming what the AI story has been promising, and a valuation model that turns out to be less a forecast than a confession about which assumption is doing the work. The Greater Debate stages the sharpest version of the question — two long-gone thinkers arguing over whether danger should be licensed before it happens or priced after. And Let's Invent Again goes back a century, to a mathematician who made an invisible force legible before anyone thought to ask him to. The through-line isn't caution. It's timing — and who's left holding the bill when the two fall out of sync.

#terminal-value — Wealth & Means

Episodes tagged #terminal-value on Wealth & Means.

Everything Moves Faster Than Accountability — 2026-08-01
There's a particular kind of confidence that shows up right before a system finds out what it doesn't know. It's in a spreadsheet that assumes a business compounds forever. It's in a safety test that assumes a sandbox will hold. It's in a career pitch that assumes speed is the same thing as expertise. This week's episode lives in that gap — the space between what a system was built to do and what it eventually has to answer for. We trace it through a laser trying to keep a drone airborne, a chatbot trying to recognize a crisis it wasn't designed to notice, and a step stool that traveled across the country faster than its recall could catch up. Then we widen the lens: a jobs report and two earnings calls that will tell us whether the real economy is confirming what the AI story has been promising, and a valuation model that turns out to be less a forecast than a confession about which assumption is doing the work. The Greater Debate stages the sharpest version of the question — two long-gone thinkers arguing over whether danger should be licensed before it happens or priced after. And Let's Invent Again goes back a century, to a mathematician who made an invisible force legible before anyone thought to ask him to. The through-line isn't caution. It's timing — and who's left holding the bill when the two fall out of sync.