Brian Richards

All right, Morgan, I've been looking at this conversation for a few weeks, and not just because you're an old friend.

The topic du jour, AI and innovation, I wanted to get your take on it as somebody who has studied behavior, psychology, investors over time.

I'd love to hear what's the most useful thing you've learned yourself in the last year as a thinker?

If you have your bingo card, that is John Stuart Mill, Karl Marx, Joseph Schumpeter, and Friedrich Hayek all in one morning.

So wait till we get to the afternoon.

All right, Morgan, your second book, the title is Same As Ever.

It's a great book, and it's basically an argument that the most important things about human behavior never really change despite all of the sort of technological progress that we make.

I want to start there.

Does AI feel to you like a new variable, or is it just a stage for the same old human drama?

And I don't know if we can, but put the poll back up there because I think that was a pretty fascinating result.

It's a technology that there's a lot of existential risk, almost like the nuclear era, and it feeds into the pessimism you're talking about.

As a person who's sold 12 million books talking about investor psychology, I'd love to hear your take as to what you believe AI's impact on the investor will look like.

So the For You page in LLM world, you just serve the things that you want to be served.

I want to stay on this topic.

You've written before that bubbles aren't really about valuation or they're not exclusively about valuation.

They're about narrative and zeitgeist and identity.

People don't just own a stock.

They sort of become it.

By that definition,

Do you think we are currently in an AI bubble?