James Bessen - Understanding the Tech Paradigm

Welcome to a new season of the Valley Investing with Lyons podcast. My name is Tano Santos, the Robert Hellbrunn Professor of Asset Management and Finance at Columbia Business School, and the faculty director at the Hellbrunn Center for Graham and Dot Investing. I'm here with my co-host, Michael Mabusen, and a young professor at Columbia Business School and a faculty member at the Hellbrunn Center as well. Hello, Michael, how are you doing? I'm great, Tono.

How are you? Hope you had a good break, by the way. Yeah, yeah, it was a good spring break back in the classroom with the students and doing the Valley Investing with Legends, talking with some great names on Valley Investing, so having a bit of fun there. That's fabulous. So Michael, we're trying something in this season of the Valley Investing with Legends podcast that is new and that deviates a bit from what we've done in previous seasons.

We want to widen the scope of our discussions. Keeping in mind our listeners who are portfolio managers, investors, analysts, students, alums, why don't we spend some time explaining what we're trying to do before we introduce today's guest? Sure. A central idea behind what we call modern value at the Heilbrand Center is the idea of barriers to entry as a key ingredient in understanding value. For example, you have to worry about earnings growth if and only if the business operations of the firm are protected by barriers to entry that allow the firm to earn

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