27:10 Monopolies are key to success in business, as competition has historically prevented capitalists from making money, but Tesla and SpaceX have achieved success by creating complex, vertically integrated monopolies.
- Studying the end game and considering the long-term implications of monopoly versus competition are key to successful business strategy.
- Throughout centuries of technological and scientific progress, inventors have rarely been rewarded for their innovations, often not capturing any of the value they created.
- It is rare for scientists and technologists to make money from their inventions, as most industries are highly competitive and often lead to bankruptcy.
- In the early 19th century, the first industrial revolution saw relentless improvements in efficiency, but competition prevented capitalists from making money.
- Tesla and SpaceX have achieved success by creating complex, vertically integrated monopolies that integrate multiple pieces together in a way that is more vertically integrated than their competitors.
- Software has powerful economies of scale, low marginal costs, and fast adoption rates, which has enabled Silicon Valley to become a successful industry.