This is a plausible stance if the assumption that “edges don’t exist unless one is at the frontier” holds. Theoretically, they may still be there, sure. But the search is just way too expensive and time-consuming for non-frontier folk to ever find ‘em, let alone execute on them in a way that yields profit reliably and sustainably over a long enough period.

2026 economy makes sense once you understand that a “business” is a marketing function to sell equity and debt, rather than a firm selling products and services to earn profits

based16z on X: 2026 econ, biz equals marketing of equity and debt / X ↗