The Theory of Perpetual Alpha
J. Todd Morley, the founder and chairman of G2 Investment Group, recently co-founded Y2x, which aligns and integrates information technologies with assets of human need. He presents a new theory of finance and investing that is predicated on the predictable, exponential growth of technology and recognition that the world’s biggest problems are also the biggest business opportunities.
For 30 years I’ve watched the evolution of the investment business and have arrived at some pretty obvious, yet somehow ignored, conclusions with regard to the mismanagement of financial and natural resources. So while I don’t wish to offend any particular participants, including many friends and colleagues, I do wish to call out many of our egregious practices. I do wish to challenge what I regard to be backward or limited thinking that affects us all, and leads to the squandering of our resources and the degradation of our planet.
We need to wake up, take stock of where we are in the march of time and technology, and recognize how rapidly our world is changing. Addressing this change demands a more elevated level of consciousness, and the clarity to see that the world’s biggest challenges are poised to become the world’s biggest ‘alpha generators.’ In other words, the common perception that doing good is a tax on return is simply wrong. Any idea that positively impacts the world is, by definition, a growth business! Yes, we can fix the ills of the planet, and while we’re at it we can materially outperform our outdated benchmarks and even our notions of ‘alpha’ itself.
The consequences of inaction are ugly. We are ruining this beautiful planet while leaving behind multi-trillion-dollar costs to be paid by our children and future generations. We must get militant and we must understand that our kids deserve a better legacy. It can happen, and it must happen immediately.
Personally, I have just launched a new business to raise and deploy $100 billion to capital to clean up the messes of the Industrial Revolution. This is not a “holier than thou” moment. Indeed, it’s the largest double bottom line concept in the world. New technologies are required to systematically address each of our most pressing issues, including: human, food, and industrial wastes, renewable energy, electric cars, and so on. Each of these is a multi-trillion-dollar problem. So, when they work at scale (and they do) you are on the return profile best exhibited by Ray Kurzweil’s Law of Accelerating Returns. For example, if Moore’s Law is expressed as an internal rate of return (IRR), it would be 50 to 100 percent. Given that the S+P 500 has an average return on equity of 10 to 12 percent, you can see that this construct is an immense “alpha generator.” Each of these solutions to a world problem represents a multi-trillion-dollar opportunity.
The Business of Finance and the Silly Holy Grail of Alpha
In the investment management business, alpha is considered the holy grail. As the active return on an investment, alpha indicates performance measured against an index that is thought to be representative of the market’s movement as a whole. All hedge funds, ETFs, mutual funds, and wealth managers attempt to outperform outdated benchmarks such as the S+P 500. But with very few exceptions, virtually none of these actually produce alpha.
In fact, if you remove asset managers’ fees, most underperform the biggest benchmarks. As evidence, consider the 20-year average of HFRX Global Hedge Fund Index from 1998 to 2017. The net return over two decades totaled 4.54 percent versus the 7.17 percent of the S+P. Why, then, have we allocated $3.5 trillion to alternative investments? Which brings us to our next question: Why are we still using the S+P to gauge our returns?
Given that the GDP hovers at around 3 percent growth, the biggest companies in any given sector are predictably growing at 10 to 12 percent. EXCEPT, of course, new technologies that quite predictably grow at a rate that looks like Moore’s Law. The S+P 500, meanwhile is only 22 percent tech companies. So why use a backward-looking benchmark to assess your investments? Instead, why not look for areas where we can deploy TRILLIONS of dollars of new capital in investments that offer tech-like growth rates?
One answer for why not is that most people can’t quite get their heads around the ‘T’ number. Even worse, the average person has typically been given no access to participate in these types of investments. One must be an accredited investor or a large institution. That is about to change! A new version of the internet, namely the blockchain, is starting to connect people in a peer-to-peer fashion. This will unleash the “wisdom of crowds.”
In his book The Wisdom of Crowds Why the Many Are Smarter Than the Few and How the Wisdom Shapes Business, Economies, Societies, and Nations, James Surowiecki argues that “large groups of people are smarter than an elite few, no matter how brilliant — better at solving problems, fostering innovation, coming to wise decisions, even predicting the future.” There is no better avenue for the expression of this wisdom than through the blockchain.
Demonstrated local knowledge and preference will explode as individuals who are hell-bent on fixing the problems that plague the Earth, will now be able to directly invest in solutions. The growth associated with these solutions is enormous. The returns will challenge traditional notions of alpha.
Simply put, we are going to prove that fixing the world’s biggest problems will produce the greatest alpha generators that the world has ever seen. This forms a new theory called perpetual alpha.
The Theory of Perpetual Alpha offers a model for understanding the investment application of Kurzweil’s Law. While challenging this traditional concept of alpha, I intend to prove that fixing the world’s biggest problems will produce the greatest alpha generators that the world has ever seen.
Zeus vs. The Titans
In his latest newsletter, Warren Buffett announced the results of his 10-year bet that “a virtually cost-free investment in an unmanaged S+P 500 index fund” ETF would outperform five “funds-of-funds” selected by the respected advisory firm Protégé Partners. Mr. Buffett’s goal was to demonstrate that despite paying staggering sums to financial advisors, American investors do not get their money’s worth. You’ve probably heard who won the bet. Buffett’s index fund compounded a 7.1% annual gain over 10 years, beating an average increase of 2.2% by the basket of funds selected by Protégé Partners.
This comes as no surprise. The outcome of Mr. Buffett’s bet offers a valuable lesson for managers and investors alike. But before you run out and put all your money in the S+P, consider the fact that Mr. Buffett and his partner Charlie Munger have, throughout their tenure at Berkshire Hathaway, actually managed to outperform the S+P, indicating that there must be another way to achieve consistent returns beyond the traditional benchmark. There is. And I’m here to share with you a theory of investing that promises to outperform even Berkshire Hathaway’s staggering success.
The company is, of course, well known for its nearly incomprehensible returns compared with the entire investment industry. Over the 53 years that Mr. Buffett has managed Berkshire Hathaway it has produced a compounded return of approximately 20 percent. During that same period, the S+P 500 has returned approximately 9 percent. As he noted in his 2017 annual letter, there is no ten-year period during his reign in which his company didn’t outperform the S+P. Obviously then, the S+P isn’t the end-all/be-all for investing.
As Einstein noted, “Compound interest is the most powerful force in the universe.” Through compounding, the S+P 500’s nine percent return over 53 years results in a valuation increase of approximately 15,500 percent. Meanwhile Mr. Buffett’s 53-year return of 20 percent results in a valuation increase of approximately 2.4 million percent!
While all know of the genius of Messieurs Buffett and Munger, we somehow still lose sight of this complete and total ass-kicking of the entire investment industry and fail to apply these principles to our own investments. The reason Mr. Buffett continually outperforms is because of what I once referred to as ‘financial architecture’ and have come to call structural alpha. The objective here is to promote better financial health, which will provide vastly more financial resources that should be allocated to cleaning up our planet-wide mess.
Asset Trading vs. Own and Operate
Buffett is famous for saying “Our favorite holding period is forever.” His approach is the opposite taken by most money managers who put a lot of effort into purchasing assets, but only hold them for a short time before selling. The pattern of buying assets cheaply but not being able to retain earnings (not to mention missing out on the benefits of recent tax-code goodies like accelerated depreciation) is not guided by wisdom. For the most part, these self-liquidating vehicles end up being worth nothing. Once funds are redeemed or liquidated, their legacy is a fee stream with zero enterprise value left. Hedge funds don’t produce enterprise value — owning and operating businesses does.
Mutual funds, ETFs, long-only, and hedge fund strategies are “short” volatility and redemption while Berkshire Hathaway is “long” volatility and redemption. In March 2009, panicked investors demanded their money back, forcing most managers to liquefy their investments at precisely the wrong moment, selling stocks at lows because they were obligated to provide liquidity to investors and/or limited partners who have the right to redeem. Berkshire Hathaway, meanwhile, has no such redemption feature. If you want your money back you can sell Berkshire’s stock to someone else — perhaps even to Mr. Buffett — but he is not obligated to buy it back. So while the “long-only” and alternative asset managers are forced to sell, Mr. Buffett is buying assets on the cheap. The decisiveness and discipline with which he has done so has led to his astounding outperformance.
This success is made possible by Berkshire Hathaway’s financial architecture. The company is able to benefit from both the spikes and the dips in the market because of its permanent, non-redeemable capital base that features liabilities in the form of insurance policies, which bear no correlation at all to the overall stock market. With this approach, Mr. Buffett has created the perfect machine that is designed to benefit from volatility, instead of the reverse. In this way, the structure of Berkshire Hathaway (along with Mr. Buffett’s genius) will always lead to a long-term outperformance of the S+P 500. (Just for fun, ask your asset managers what they will do during the worst market sell-off. In all likelihood, they’ll be avoiding returning your phone calls in an attempt to hide from panicked redemptions. Meanwhile, Mr. Buffett will be doing a happy dance and buying like crazy.) Structural alpha allows for an owner of assets to benefit from market volatility. This is the cornerstone of my investment strategy.
Financial architecture lies at the heart of my theory, but weighing other criteria helps guarantee returns. Over the past three decades, I have come to rely on a mechanism for gauging investments that I call alpha filters. The underlying wisdom is that outperforming benchmarks like the S+P 500 requires possessing some combination of the following criteria — preferably checking off all five boxes: 1) structural alpha, 2) information technologies, 3) disgorged/mispriced assets, 4) human capital/mindfulness, and 5) positive social impact. Together these filters ensure consistent returns. I will discuss each filter in more detail in a moment, but first let’s explore the overall underpinnings of my theory: the fact that through careful structure and allocation it is actually possible to achieve perpetual alpha.
The Theory of Perpetual Alpha and the Law of Accelerating Returns
To grasp the possibility of achieving perpetual alpha, you need to comprehend the key determinant of my investment theory: Kurzweil’s Law. In 2004, Ray Kurzweil created Kurzweil’s Law, otherwise known as the Law of Accelerating Returns, which explains the math of an exponential growth curve. Many people call Mr. Kurzweil a futurist, but his law is grounded in mathematics. Simply put, Kurzweil states that information technologies will double in cost effectiveness and speed in a predictable, mathematical fashion. The most familiar example of this exponential growth is exhibited in Moore’s Law, which was a mathematical observation made by Gordon Moore, the chairman of Intel, that computer chip speed and efficiency would double every 12 months. No one called Moore a futurist; he was a computer scientist who proved his assertion that one could accurately calculate the exponential growth rate into the future. Kurzweil’s Law, meanwhile, says that all information technologies follow this same exponential growth curve.
To apply this law in the realm of finance, let’s consider Myron Scholes’s definition of alpha: “Alpha is correctly predicting the future.” When we combine Kurzweil’s Law of predictable growth with Scholes’s definition of alpha as correctly predicting the future we reach my core proposition that carefully structured and concentrated asset allocation will always, and permanently, outperform the S+P 500.
The financial return of exponential growth swamps not only the S+P 500’s returns, but even outperforms Berkshire Hathaway as well. In other words, the implied financial return of Kurzweil’s Law is y = 2x, whereas the financial return produced by the S+P 500 is expressed as y = 1.09x.
Consider that, for 53 years, Mr. Buffett compounded at 20 percent. Now imagine if you had the 53 doublings in financial return implied by the exponential growth curve. Then imagine what’s possible beyond that. We’ve seen a version of this most recently in the returns of the FANG stocks, which have increased 4 to 10 times over the last decade.
To illustrate how one would get closer to y=2x, imagine that you had a continuous investment program which began with the earliest days of computation and programming development and you seamlessly rotated past all of the various forms of technology: programming, the transistor, the microchip, video games, the internet, the personal computer, software, online, the web … all the way up to cryptocurrency/blockchain. Perhaps nothing more clearly illustrates the “S” curve that forces people to move from one paradigm to the next.
Quite simply, the theory of perpetual alpha is an investment thesis that applies the law of accelerating returns to the changing landscape of today’s capital markets and the realities of our damaged planet.
Suffering and Transformation: Problems → Opportunities
Approximately 3,000 years ago, the Buddha said that people must suffer before they can heal. That moment of conversion from reactive misery to proactive happiness is called transformation. These days suffering is scarcely hard to find. But I’m here to share with you that transformation is right around the corner. Consider the $20 trillion US deficit as just one case-in-point. (I wasn’t there then, but I’m sure the great founders of our country didn’t envision a spending gap like the one that exists today. I’ll bet a dollar that they didn’t even know what a trillion was.)
Beyond the economic difficulties facing a single nation, our planet is suffering. The world needs to clean up from the party of the Industrial Revolution. We have a massive, planetary hangover, and it’s time to hit the reset button. Developing technologies offer that chance. They hold the promise of solutions to the world’s most intractable problems. We are applying information technologies to produce massive alpha generation while doing good things for society and the planet. The fact is: Earth’s biggest problems are today’s biggest business opportunities. It’s time to move away from a model of scarcity to a place of financial and natural resource surplus.
As Peter Diamandis and Steven Kotler argue in their books Abundance and Bold, the best way to create billions of dollars in value is to positively impact billions of lives. We’re talking, of course, about changing how we produce food, water, and electricity; how we source energy; where we live; how we travel — everything. These are the assets of basic human need, growth, and development. By focusing our investment pipeline on these assets, we set our sights on long-term holdings that will benefit most from technological innovation, thereby improving the world and garnering exponential returns.
Consider the current realities of global stewardship. Human garbage has piled into a toxic mountain range. But did you know that a diversity of toxic wastes can now be used as a feedstock for biomass technologies to generate renewable fuels and chemicals?[1]Our use of land for crops and cattle is profoundly inefficient, yet we now possess the ability to grow fruits and vegetables in commercial hydroponic greenhouses that are completely climate-controlled so that now even cities can benefit from homegrown harvests. Almería in southern Spain provides a remarkable model. Since the 1980s, a once downtrodden area has been developed into the largest concentration of greenhouses in the world, covering 26,000 hectares.[2] The “plastic sea” produces several tons of fruits and vegetables annually.
Speaking of plastic seas, our oceans are in deep, deep trouble. If we don’t stop polluting, overfishing, and dumping waste immediately, we will kill the provider of life to all ocean species and, consequently, humans. (Watch Blue Planet II, the 2017 BBC nature documentary series on marine life, which reveals the devastating effects of microplastics and pollution on the ecosystem, and see how proud you are of our stewardship.) Today one garbage truckload of plastic is dumped into the ocean every minute — that’s 8 million tons every year. It takes 500 to 1,000 years for plastic to decompose.[3] This is insane mismanagement! But today plastic-eating wax worms and fungi, as well as ocean-cleaning nets, are just a few examples of new options for tackling the problem. These, and other innovative advancements, will hopefully stave off the predicament that experts predict: a time when our oceans contain more pieces of plastic garbage than fish.
Now consider our stubborn insistence on using coal as a fuel source despite the fact that it is both woeful inefficient and dirty. Defying the wishful thinking of people in coal-mining regions across the country, global coal demand is expected to grow at just 0.5 percent per year over the next five years.[4] Meanwhile, in February 2018, federal investigators identified in Virginia the largest cluster of advanced black lung cases ever officially recorded.[5] A large number of young miners are being diagnosed with end-stage disease so severe they’re left with just two options: lung transplant or death. Scientists say this new wave of advanced black lung is likely the result of miners breathing in more silica dust while mining thinner coal seams that require cutting into surrounding rock. The disease is, in a way, a grim manifestation of a literally dying industry. Can’t we, as a society, find better ways to respect the hard-working families who have toiled in the coalmines for generations only to receive a hollow thank you along with a fatal disease? How about by offering miners and families new jobs in agriculture where they could benefit from better wages and a longer life? While the future of coal diminishes, the technologies propelling hydroponic greenhouses are growing exponentially. It’s time to shift our thinking.
But while we’re shifting gears, it’s time to take ownership of the industrial waste problems that no one wants to own. Coal still supplies 40 percent of our energy in the US. For generations, coal plants have been burying this toxic waste product. “We’re in compliance,” they assure anyone who asks. Or they sell the off the ash for a measly $8 to 10 per ton, essentially paying someone else to deal with the problem. How about, instead, we repurpose the fly ash into high-value ceramics, turning a profit on every ton of this long-burdensome substance. That’s just one example of the type of work my company is embarking on, making money while cleaning up the world.
Consider also the realities of water shortages around the world. Today, 800 million people have no access to fresh water. Yet, with the benefit of new technologies developed to convert humidity into potable water, they could. One such new device is similar to the dehumidifier that many of us use in our basements. Powered by two solar panels, a machine the size of an air conditioner can now suck water vapors out of the air, providing 100 to 200 gallons of potable water per day. Need proof that it’s possible to use this technology even in arid environments? Visit the Middle East in the summertime where the climate features not just non-arable land, but also 100 percent humidity.
In a similar vein, consider the fact that four billion people have no access to basic healthcare. Developments in biotechnology, regenerative medicine, and nanobiophysics are poised to become readily available in a decentralized manner. The blockchain will facilitate this. New healthcare technologies, drugs, and diagnostic tools can be similarly tokenized. This will radically transform healthcare access and availability. Amazing!
Another area of suffering, on both a national and international level, is infrastructure. We are currently operating with facilities designed for another age — a problem that stems, in part, from the fact that history’s architects, engineers, and builders didn’t envision a global population of 7.6 billion people. As Parag Khanna explains in his 2016 book Connectography: Mapping the Future of Global Civilization, infrastructure spending is estimated to increase to $9 trillion per year in the next decade.[6] Lest you worry about the possibility of scaling our investment ideas, recall that this estimate is three times the size of the entire hedge fund industry, and the sector may well produce returns that are five to ten times higher than the 20-year average for hedge funds. Perhaps the time has come to think about ‘alpha’ as springing from a very different well. I’ll bet another dollar — actually I am betting a lot of dollars — that the returns will be substantially higher than the lackluster 4.5 percent garnered by hedge funds over the last 20 years, or the 8 percent of the S+P.
When your time comes and your standing on the admissions line at the Pearly Gates, I think you just might get ushered to the Fast Track lane if you manage to solve the world’s water problem. As you happily jump the queue, you can wave goodbye to all of the thug-ish politicians, bloated intermediaries, illegal fishermen, plastics polluters, and other miscreants who couldn’t care less about humanity. But even before then, your portfolio could seriously benefit from ventures in such exponential growth technologies that are solving the problems of our planet.
To put this plainly, new technologies launch every day that have the ability to address these massive, global problems, creating a gigantic new growth industry — read: financial opportunities.
Investing Along the Growth Curve
Just as our physical infrastructure is in desperate need of an overhaul, designed as it was by and for the Second Industrial Revolution, so too are our traditional approaches to investment and financial management outdated and ill-equipped to handle current and future realities. It is imperative that we acknowledge that our economy is no longer the economy of the Industrial Age. Instead, we need to recognize that we have entered a new epoch of exponential growth: the Technology Revolution.
To grasp the significance of having entered this new epoch, we need to understand where we are on Kurzweil’s growth curve. “When people think of a future period, they intuitively assume that the current rate of progress will continue for future periods,” Kurzweil explains. “From the mathematician’s perspective, a primary reason for this is that an exponential curve approximates a straight line when viewed for a brief duration.”[7] In other words, even exponential growth looks like a flat line until it hits the end of the road and begins a predictable, vertical climb. In a recent interview, Astro Teller, the brilliant head of Google X, said that society at large is now operating at or near the apex of that bend. In other words, the roller coaster ride is about to speed up. Are you ready?
To invest wisely along the exponential growth curve, we should heed Kurzweil’s caution: “Keep in mind that while the trends predicted by the law of accelerating returns are remarkably smooth, that doesn’t mean we can readily predict which competitors will prevail.”[8] No one is saying that staying on the growth curve is easy. That’s why I call this a theory, but hopefully it’s useful to rethink the way we benchmark return and bet on growth in the future. This is where applying my five alpha filters of sound investing comes in.
The Five Alpha Filters
The key to achieving perpetual alpha is meeting certain specific criteria when considering the value and viability of potential investments. To qualify for attention, investments must pass the tests presented by what I call alpha filters. If applied correctly, these five filters guarantee infinite and on-going returns.
1. Innovation: By innovation I mean truly disruptive, world-changing technologies and transformative ideas.
2. Mispriced Assets: This refers to cyclical investing that recognizes that the biggest opportunity for value creation is in the “buy.” As Mr. Buffett did with American Express back in the Sixties, we use capital at times of market contraction and disgorgement to buy low, thus getting the best return on investments.
3. Financial Architecture: Long-term ownership of companies with strong structural alpha allows us to reap the compounding advantages of permanent capital being continuously reinvested. Unlike in a private equity fund, which would not be allowed to hold onto cash, we employ a financial architecture that emphasizes a long-term investment strategy that allows us to retain assets while repeatedly reinvesting in more projects. In this way we build a big balance sheet and continue to take advantage of compounding growth, watching the snowball get bigger and bigger and bigger.
4. Human Capital/Mindfulness: Self-aware leaders who are mindful and act with intention and integrity have greater potential to lead their companies to success. We understand that perpetual alpha, social change, and extraordinary ideas originate in the mind. We therefore invest in the mind of the organization and its individual members. We look out for uniquely skilled individuals who are the great Thomas Edison-like characters of our time — those seemingly supernatural people who are mindful, intentional, aligned, and can do things that other people can’t.
5. Social Impact: Social impact values more than just financial returns and, as Elon Musk has shown, having a positive impact adds value to the bottom line. We invest with mindfulness, not just a tax-break in mind, applying an impact rate of return (a new kind of IRR) that gauges a project’s growth rate not solely through the typical internal rate of return but thorough its game-changing capacity.
Applying these five filters is the practical precursor to successfully riding the wave of the exponential growth curve that will deliver consistent returns. But the time for making a move is NOW.
Robots Versus the Half-wits
“The AI does not hate you, nor does it love you, but you are made out of atoms which it can use for something else.”[9] — Eliezer Yudkowsky
Imagine a group of extraterrestrial beings arriving on planet Earth. Far more advanced than we are, these beings will already have fully embraced artificial intelligence. When they arrive, they will ask us, the half-wits, a question: “So what do you use for power?”
“Well we have this stuff that’s in the ground,” we Earthlings reply. “We often try to kill each other over who owns it. It’s really expensive to extract and refine. It’s really messy to ship, and really it’s rather inefficient in terms of the power we get from it.”
The extraterrestrials look at each other and say, “Should we just exterminate them? Or, given that we’re benevolent types, maybe we should just excuse them for continuing in this Luddite fashion.” They decide not to annihilate us. “Let’s forgive them,” they say. “Listen, you dopeys, there’s this bright ball in the sky called the sun. You appear to have poked at it technologically, but you’re nowhere close to the end of this road. Let us help you.”
We all know that AI is growing madly, so madly that it frightens us. If we recognize that AI is hovering on the horizon, instead of fearing the change that we know will arrive, why not invest in it? Ask yourself, what percent of my portfolio is allocated to this new growth area?
If the advance of the job-stealing robots means AI comes at a cost (as in my livelihood) I’d best start benchmarking to that rather than, say, the largely outdated industrial components of the S+P 500. This is especially true given the fact that we can expect that AI, machine learning, and robotics will predictably enhance their own capabilities, allowing them to remain on the exponential growth curve. As Kurzweil explains:
“The human brain has about 100 billion neurons. With an estimated average of one thousand connections between each neuron and its neighbors, we have about 100 trillion connections, each capable of a simultaneous calculation … [But] only 200 calculations per second…. With 100 trillion connections, each computing at 200 calculations per second, we get 20 million billion calculations per second. This is a conservatively high estimate…. In 1997, $2,000 of neural computer chips using only modest parallel processing could perform around 2 billion calculations per second. … This capacity will double every twelve months. Thus by the year 2020, it will have doubled about twenty-three times, resulting in a speed of about 20 million billion neural connection calculations per second, which is equal to the human brain.”[10]
Instead of fearing this advancement, perhaps we should look to the moment that the machines, concluding that we are failed stewards of the planet, will take over, beginning a different path to producing global abundance.
Call to Action
To put it bluntly, we need to wake up. We need to pay attention. We need to be disciplined in our quest for understanding this changing world. Right now societies are rapidly moving away from centralized decision making, centralized economy, and centralized capitalism to a decentralized world where the wisdom of crowds finds its own market. Capitalism, with a few elites “guarding” the gate, is giving way to free enterprise that allows people to enter and exit markets, of any type, without status and without permission. Why is that good? Because it will unleash an awesome, collective wisdom that will help us all. No longer stuck in a world where centralized planning falls to two or three “elites” who cannot possibly understand the plight of humanity let alone create REAL solutions, we are at the cusp of a new reality where previously disenfranchised billions have new in-roads toward agency and power.
To understand this transformation, we need to read — not just scroll through headlines but to immerse ourselves in the work of the thought leaders of our age who can help us envision and prepare for our future. Our access to information and data is now unparalleled in human history. We have the ability now to make better and more informed decisions. We have to embrace new ideas and understand and use all the tools available to us.
Exponentially growing technologies, met with the expanded consciousness to employ them mindfully, will enable us to solve the world’s biggest problems for the good of humanity, while generating this revolutionary notion called Perpetual Alpha.
