The Intangible Economy with Kai Wu
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
Rob Arnott, founder of Research Affiliates and chairman of Syzygy Asset Management, examines S&P 500 concentration and who could benefit most from AI. Owning today’s market leaders is not necessarily the same as owning tomorrow’s biggest investment winners.
In this episode of The Intangible Economy, Rob joins Kai to explore how index construction shapes what investors own, why index additions can create hidden costs,...
Alex Edmans joins Kai Wu to explore behavioral finance, market inefficiencies, and why investors overlook intangible assets such as employee satisfaction, innovation, and brand strength. Drawing on his book The Madness of Markets, the London Business School finance professor explains why markets overreact to headlines, underreact to long-term value, and leave opportunities for patient, independent investors.
The Madness of Markets
Dan Rasmussen, founder and managing partner of Verdad Advisers and author of The Humble Investor, joins Kai Wu to examine the unraveling of private equity, the rise of private credit, and how AI is reshaping software, labor, and the economics of technology investing. They also explore the massive AI CapEx boom, why value investing has struggled in the intangible-heavy U.S. market, the unusual opportunity in Japanese small caps, and...
Azeem Azhar joins Kai Wu to break down the real economics of the AI boom, including the $110 billion demand base, where profits may accrue across chips, hosting, foundation models and applications, and whether spending can translate into enterprise productivity. They discuss AI infrastructure bottlenecks, open-source competition, vertical integration, organizational redesign, software moats, human judgment and the signals investors...
Professor Aswath Damodaran joins The Intangible Economy to break down how to value SpaceX, AI companies, intangible assets, and the future of value investing.
We discuss why big markets do not automatically create big value, how AI CapEx is changing the character of major technology companies, and why the best investment stories still have to connect to the numbers.
Aswath Damodaran on X
https://x.com/AswathDamodaran
Edward Chancellor joins Kai Wu to discuss what financial history and capital cycle theory can teach investors about today’s AI boom. They explore why transformative technologies can still produce terrible investor returns, how overinvestment develops, where anti-bubbles may be forming, and what past episodes like the railway mania, the dot-com bubble, China’s investment boom and the post-2008 interest rate regime sugges...
This episode of The Intangible Economy explores how AI, intangible assets, and unprecedented capital investment are reshaping the future of markets. Michael Mauboussin joins Kai Wu to break down why today’s AI expectations may be historically unmatched—and what that means for investors trying to assess risk, returns, and who ultimately captures value.
The conversation moves from base rates and AI growth expectations to c...
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