The compounding innovation train is pulling a lot of terminal value questions fwd. What happens to digital ads if agents become the point of intent? Are there apps in 2030 or just hidden connectors? I could go on… and on. Multiples may suffer under this tyranny of change even as eps accels. Lab IPOs won’t help either. We don’t even know what business they’re in! “Selling intelligence.” 🤔 I can write the buy OR sell report. Perfect. And yet the terminal value of the system seems obviously higher. Maybe that earns the index a “conglomerate premium” of sorts. Not to mention there’s much less potential rotation pain. It could be that “edge” in this cycle is simply accepting that. Anyway, back to picking stocks 😝