Associate at a Macro Fund here. Is anyone else pivoting their PA to 'Offline Assets'?

The partners at my firm are starting to discount any data source that can be scraped or spoofed by AI. We are calling it the 'Epistemological Discount.' I just finished writing a manifesto on this (The Reality Premium), but I’m curious—are you guys seeing your ICs (Investment Committees) turn down 'Digital-Heavy' deals yet? I think the next decade of PE is just buying physical plumbing and logistics.

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