When intelligence is free, what will you wish you owned?
AI transforms the economy while eroding the profits of businesses we own today. I research where those profits move next and how to invest through the transition.
A company can use AI to cut costs just as its customers and competitors use it to drive down prices. Some gains go straight to customers, leaving less for shareholders to collect. At the same time, cheaper intelligence opens markets that were once too expensive to serve.
When Intelligence Is Free follows that change: which businesses lose pricing power, what becomes more valuable as intelligence grows abundant, and which new companies become possible. The investment question is who can keep earning after everyone else gets the same tool.
Where the value goes is only half the problem. The AI capital cycle connects that long-term view to the next few quarters, testing the pace of investment against the cash flows that must justify it. A compelling future can still be a poor investment at today’s price.
Start with Who Gets Rich When Intelligence Is Free?
What you’ll receive
Essays on emerging opportunities, the businesses behind them and the evidence that could overturn the argument.
Monthly close notes on the public book: positions, returns, what drove them and what changed in the reasoning.
Quarterly reviews of the AI capital cycle: where we are, what changes the outlook and what that means for the opportunities ahead.
Subscribe to follow the thesis and the decisions it changes.
Who writes it
I’m Vladimir Goloborodko, an investor, founder and partner in consulting and venture businesses.
My perspective comes from spending most of my career on the operating side of capital allocation. I was a consulting Partner delivering technology-led transformation for Fortune 500 and financial-services clients, ran a 250+ person business with full P&L, led product and delivery at DEGIRO through its acquisition and integration, worked inside a €100M fintech venture-builder, and founded a company of my own.
I also advise founders, leadership teams and investors facing consequential product or capital decisions as AI changes their market.
