In this episode, we explore what it means to invest in a non-ergodic world—where time, not averages, determines outcomes. We unpack concepts like volatility drag, ensemble vs. time averages, and the implications for portfolio strategy, while also reflecting on how AI and zero-click search are reshaping business and investor behavior.Topics covered include:<ul><li>What is ergodicity and why it matters</li><li>How path dependency and emerging phenomena disrupt the long-term</li><li>How podcasting and blogging has changed</li><li>What is the future of Money for the Rest of Us</li></ul>Episode Sponsors<a href="https://netsuite.com/david" rel="noopener noreferrer" target="_blank">NetSuite&nbsp;</a>LinkedIn Jobs –&nbsp;<a href="https://linkedin.com/david" rel="noopener noreferrer" target="_blank">Use this link to post your job for free on LinkedIn Jobs</a>Insiders Guide Email NewsletterGet our&nbsp;<a href="https://moneyfortherestofus.com/insiders-guide/" rel="noopener noreferrer" target="_blank">free Investors' Checklist when you sign up for the free Money for the Rest of Us email newsletter</a>Our Premium Products<a href="https://assetcamp.com/" rel="noopener noreferrer" target="_blank">Asset Camp</a><a href="https://moneyfortherestofus.com/hub/" rel="noopener noreferrer" target="_blank">Money for the Rest of Us Plus</a>Show Notes<a href="https://web.archive.org/web/20060219212836/http://jdstein.com/" rel="noopener noreferrer" target="_blank">Wayback Machine: jdstein.com</a><a href="https://www.morganstanley.com/im/publication/insights/articles/article_probabilitiesandpayoffs.pdf" rel="noopener noreferrer" target="_blank">Probabilities and Payoffs: The Practicalities and Psychology of Expected Value by Michael J. Mauboussin and Dan Callahan, CFA—Morgan Stanley</a><a href="https://www.penguinrandomhouse.com/books/176226/the-black-swan-second-edition-by-nassim-nicholas-taleb/" rel="noopener noreferrer" target="_blank">The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb—Penguin Random House</a><a href="https://www.forbes.com/sites/torconstantino/2025/04/14/the-60-problem---how-ai-search-is-draining-your-traffic/" rel="noopener noreferrer" target="_blank">The 60% Problem — How AI Search Is Draining Your Traffic by Tor Constantino, MBA—Forbes</a><a href="https://www.wsj.com/business/media/hollywood-is-cranking-out-original-movies-audiences-arent-showing-up-cfcf8d75" rel="noopener noreferrer" target="_blank">Hollywood Is Cranking Out Original Movies. Audiences Aren’t Showing Up. by&nbsp;Ben Fritz—The Wall Street Journal</a><a href="https://www.hollywoodreporter.com/tv/tv-news/late-night-tv-downsizing-1235997584/" rel="noopener noreferrer" target="_blank">How Late Night TV Is Downsizing by Alex Weprin and&nbsp;Rick Porter—The Hollywood Reporter</a><a href="https://deadline.com/2025/02/severance-ratings-season-2-apple-most-watched-series-1236294760/" rel="noopener noreferrer" target="_blank">‘Severance’ Surpasses ‘Ted Lasso’ To Become Apple TV+’s Most Watched Series With Season 2 Launch by&nbsp;Nellie Andreeva—Deadline</a><a href="https://en.wikipedia.org/wiki/List_of_most_watched_television_broadcasts_in_the_United_States" rel="noopener noreferrer" target="_blank">List of most watched television broadcasts in the United States—Wikipedia</a><a href="https://www.fortresspress.com/store/product/9781506469867/Tao-te-Ching" rel="noopener noreferrer" target="_blank">Tao te Ching by Lao Tzu&nbsp;(Author),&nbsp;Marc Mullinax&nbsp;(Translator)—fortress press</a><a href="https://www.wsj.com/tech/ai/ai-jobs-mit-sendhil-mullainathan-135ad2b7" rel="noopener noreferrer" target="_blank">Why AI Might Not Take All Our Jobs—If We Act Quickly by Justin Lahart—The Wall Street Journal</a><a href="https://www.bloomberg.com/opinion/articles/2025-04-14/elon-musk-doge-and-the-myth-of-omnigenius" rel="noopener noreferrer" target="_blank">Elon Musk and the Dangerous Myth of Omnigenius by Gautam Mukunda—Bloomberg</a>See Privacy Policy at <a href="https://art19.com/privacy" rel="noopener noreferrer" target="_blank">https://art19.com/privacy</a> and California Privacy Notice at <a href="https://art19.com/privacy#do-not-sell-my-info" rel="noopener noreferrer" target="_blank">https://art19.com/privacy#do-not-sell-my-info</a>.

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