It no longer has lists to draw and, on its own, it no longer generates the same outperformance in part because it is reverse-engineered, well-understood and operating in an adaptive content landscape.
There are two things that can happen now, e.g. we could head back to curation, which is what Paul Kedrosky sees happening, and watch new algorithms emerge on top of that next-generation curation again.
Think of Twitter as a new stab at curation, but there are plenty of other examples.
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