{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Fnon-consensus-investing.simplecast.com%2Fepisodes%2Ffsd-what-is-the-moat-4C8pC8mi","width":444,"version":"1.0","type":"rich","title":"FSD: What is the Moat?","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/d685d316-5f8f-423b-b62c-820daec733ad/f31b2f30-b484-49d5-9aec-28ef36b992e8/invest-beyond-the-ordinary-2.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"","height":200,"description":"Rates are up, but rate-sensitive sectors are holding. This episode covers why utilities, financials, and other “bond proxy” names are attractive despite higher yields, why semiconductors behave differently from what rate logic would suggest, and why calls for 6-7% rates look misplaced. It also looks at the rally in Brazil and quality businesses trading at discounts.\n\nOn AI, the episode argues that agents have reached the “good enough” threshold for broad adoption, and that the biggest impact will come from labor substitution and margin capture in financial services, wealth management, banking, and insurance, not e-commerce. It also covers the “runaway agent” narrative and the case for “midwit AGI” over a rush to superintelligence, a path that favors founders, small businesses, and creators.\n\nFrom there, it digs into former intelligence officer David Grusch’s appearance on Joe Rogan: the claims, his background, the national security questions they raise, and what disclosure could mean for investing, including the space thesis.\n\nThe episode closes with a defense of capitalism and free markets, covering the Cato Institute, lived experiences of socialism, the “lucky few” myth, gains from trade, and a reading list.\n\nTopics: interest rates, rate-sensitive sectors, Brazil, AI agents, AI and financial services, midwit AGI, UAP disclosure, capitalism and free markets"}