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The faster technology moves, the more I think about Bezos' question What won't change in the next 10 years? Things I've been writing down over time: - Humans will always need shelter, food, energy, and healthcare. - The desire for ownership and the accumulation of wealth. - The physical world will move more slowly than the digital one. - Every increase in technological capability, especially AI, will require more energy. - People and businesses will continue to need access to capital. - Capital will continue to seek returns that exceed inflation. - Underwriting methods evolve, but demand for credit (loans) is persistent. - Trust remains scarce and becomes increasingly valuable as content, code, and fraud become cheaper. - Verified identities and reputation becomes more important as information becomes abundant and synthetic. - Long-term wealth creation and dynastic (multi-generational) thinking predate modern technology, and will persist. - Coordination and transaction costs never fully disappear; market friction will continue to justify the existence of firms and intermediaries. - People will continue to compete for status. - Consumers will pay a premium for products and services that confer status. - Time remains fixed at 24 hours per day. - But attention is a finite resource and an enduring constraint. - Products that credibly save time (or enable delegation) have a perpetual market. - Inaccessible, proprietary data will be a persistent moat. The more inaccessible and difficult to aggregate, the deeper the moat. - People want accountability, recourse, and clearly identifiable responsibility when things go wrong. - Regulation consistently lags technological innovation. - Compliance requirements, licensing, and regulatory moats persist even when machines can perform the underlying task. - Local knowledge remains valuable and difficult to replicate. - Heterogeneous markets (like real estate) continue to reward people with deep contextual understanding. - Incumbent organizations tend to underinvest in disrupting their own businesses, which always creates opportunities for challengers. Bezos' insight on what wouldn't change in 10 years was "Customers will always want lower prices and faster delivery." It's boring/ true, but I think that's the point. Everything we build today can and will be rebuilt more cheaply, faster by someone else. Build on the invariants, not the trends. What have I missed?

.@CFTC Issues Policy Statement Concerning the Listing of Perpetual Contracts: cftc.gov/PressRoom/PressRele…