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James Bessen - Understanding the Tech Paradigm
Value Investing with Legends
Focus on Interoperability and Regulatory Impact
The speaker highlights the importance of interoperability but expresses skepticism about regulators making correct decisions at a detailed level. They believe that while some regulatory changes, such as those impacting Apple, are occurring, they are relatively minor and should not hinder big opportunities. The speaker suggests that while regulation is important, issues like the color of messaging balloons between iPhones and Android phones are insignificant in terms of social welfare. They acknowledge that firms like Apple should have leeway in controlling terms for privacy and security, with room for intervention by antitrust authorities if needed. The discussion also touches on the theme of interoperability to foster ecosystem growth outside Apple's platform, emphasizing the balance between consumer benefits and shareholder profitability, with a consideration towards the changing regulatory environment.
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