Investment thesis: As sectors continue to converge, the most indicative boundary in the digitized economy is between product vendors and network operators, the latter including marketplaces, exchanges, platforms, messaging applications, artificial intelligence and other data collectives, and such other connected systems characterized by network topologies and effects. The greatest value accrues to these categories in an increasingly tech-dominated economy. Financial evaluation is thus profoundly guided by network analysis in global financial markets, which are complex network systems as well.



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