Value Investing with Legends

Jonathan Knee - The Platform Delusion and the Intricacies of Digital and Analog Platforms

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Jun 14, 2024
Jonathan Knee, a distinguished advisor at Evercore Partners and Professor at Columbia Business School, discusses the nuances of digital and analog platforms, network effects in tech giants like Meta and Google, strategic decisions of Apple, and the impact of generative AI on future market trends.
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ANECDOTE

Jonathan's Accidental Banking Path

  • Jonathan Knee's career path from law and public policy to investment banking was largely accidental.
  • He shifted roles after United Airlines' sale and joined Goldman Sachs' media group through a London connection.
INSIGHT

Nuance of Competitive Advantages

  • Competitive advantages are few but manifest differently across industries.
  • Strong franchises combine multiple reinforcing advantages for sustainable success.
INSIGHT

What Defines a Platform Business

  • Platforms are businesses creating value by making or enhancing connections.
  • Not all businesses termed platforms fit; for example, Netflix is a store, YouTube is a platform.
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