THE ANALYST COMMENTARY November 4, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

NEW CROWDFUNDING INVESTMENT IDEAS ADDED

The Intrinsic Value Wealth Report Newsletter, as part of our goal to bring new and unique investment ideas to our subscribers, searches for crowdfunding and other early-stage company investment ideas. You can find these investment ideas in the Crowdfunding Research Report section of the newsletter.

We have added several new companies lately to our list of crowdfunding ideas. You can find them here.

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THE ANALYST COMMENTARY October 31, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

SPOTLIGHT ON HOTEL COMMUNICAITON NETWORK (HCN)

A new ‘global unicorn’ is on the rise.  

After 15 years of steady growth, HCN is poised to lead the travel industry with its innovative multi-sided marketplace. A global agreement secured with Hilton and the acquisition of its top competitor, position HCN as the industry frontrunner. Its unique business model provides hotels with a free, tablet-based AI concierge, generating profit through shared ad revenue while eliminating costs for hotels.

HCN’s AI concierge, accessible via in-room tablets, delivers personalized guest assistance without downloads or scans. This seamless experience extends beyond the hotel, transferring reservations, tickets, and the concierge itself to guests’ devices for on-the-go convenience. Targeting the 17-million-room hotel industry, HCN’s ad-supported model and strategic brand partnerships drive rapid adoption. Millions of daily guest interactions will create a powerful network effect, establishing HCN as the ultimate digital platform for travel.

For more information, please visit the company at Hotel Communication Network.

Please also see additional information on HCN on our Sponsored Research page.

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THE ANALYST COMMENTARY October 13, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

THE FIFTH FACTOR OF PRODUCTION (A Nobel Prize Related Idea)

The Four Factors of Production

In standard economic models, there are Four Factors of Production: (1) Land; (2) Labor, (3) Capital; and (4) Entrepreneurship. The Four Factors of Production are the essential resources used to produce goods and services in an economy:

  1. Land – All natural resources used to produce goods and services, such as minerals, water, forests, and land itself.
  2. Labor – The human effort (physical and mental) used in the creation of products and services.
  3. Capital – The man-made resources (like machinery, tools, buildings, and technology) used to produce other goods and services.
  4. Entrepreneurship – The creativity, vision, and risk-taking ability to combine the other three factors to produce goods, innovate, and drive economic growth.

A New Theory in Economics – The Fifth Factor of Production

I am proposing a new theory in economics which suggests that there is a Fifth Factor of Production which has emerged only recently. That fifth factor of production is Artificial Intelligence. I believe that Artificial Intelligence may qualify as a Fifth Factor of Production because it has some very unique characteristics that distinguishes it from the other Four Factors of Production.

  1. Artificial Intelligence is not Land, by definition;
  2. Artificial Intelligence is not Labor because, by definition, it is not human – but it has, and is, replacing a great deal of human labor;
  3. Artificial Intelligence would be considered by many economists to be Capital – but it is very different from other Capital as discussed below.
  4. Artificial Intelligence has elements of Entrepreneurship in its creativity and innovativeness – but it is not Entrepreneurship in and of itself.

How Is Artificial Intelligence Different from the Four Factors of Production?

Much has been written about Artificial Intelligence not being sentient. Being sentient means having the capacity to feel and perceive the world through your senses, experiencing sensations, emotions, and consciousness. It’s the ability to have subjective experiences, such as pain, fear, happiness, and pleasure, rather than just being a programmed response. Does this mean that Artificial Intelligence should not be considered Labor? But, in fact, it is increasingly replacing Labor in much of the world. And this trend is expected to continue.

Should Artificial Intelligence be considered Capital, as many economists would no doubt suggest? I believe Artificial Intelligence has gone beyond being considered mere Capital due to the rapid and far-reaching nature of its adoption.

In my thinking thus far, I believe that Artificial Intelligence has characteristics that could place it in both the Labor and Capital categories. It is a bridge between these categories. This would again suggest that it have a category all its own as a Fifth Factor of Production.

What Makes A Factor of Production a Factor of Production?

Factor of Production is considered such because it is an essential input required to produce goods or services — without it, production cannot take place.

To qualify as a factor of production, something must meet these key criteria:

  1. It contributes directly to production – It plays a role in creating value or output.
  2. It is scarce and has an opportunity cost – Using it for one purpose means it can’t be used for another.
  3. It earns a return or reward – Each factor receives income for its use:
    • Land → Rent
    • Labor → Wages
    • Capital → Interest
    • Entrepreneurship → Profit
  4. It can be combined with other factors – Production usually involves multiple factors working together (e.g., land + labor + capital + entrepreneurship).

In short, a Factor of Production is any input that is necessary, limited, and productive, helping turn resources into goods and services that satisfy human wants. It can be argued that Artificial Intelligence meets these criteria.

This Proposal Is a Working Draft

This proposal is a working draft of a new theory that suggests that Artificial Intelligence is a Fifth Factor of Production. I will be undertaking new research to further study and refine this theory. Your suggestions and thoughts on this new theory are welcome. Please send them to me at pwendee@pmwassoc.com.

Note: This Idea for a Fifth Factor of Production was born in the classroom of an economics class that I teach. Please see the links below for photos of the whiteboards in the lectures where I first thought of this idea and for a subsequent lecture where I refined the idea a little further with the help of the class.

Note: We just learned this morning that the Nobel Economics Prize Committee has awarded the prize in economics to three economists whose work has explored the role of innovations and technology, particularly the role of artificial intelligence, in how economies work and grow. Having just received this announcement this morning, along with the rest of the world, I will be studying the nature of their work more closely in the coming weeks. You can click this link to see an article in the Wall Street Journal about the Nobel Economics Prize Committee’s announcement.

October 6 2025 Lecture

20251006_091934Download

October 8 2025 Lecture

20251008_091557

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COMMENTARY October 11, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

NEW CROWDFUNDING INVESTMENT IDEAS ADDED

The Intrinsic Value Wealth Report Newsletter, as part of our goal to bring new and unique investment ideas to our subscribers, searches for crowdfunding and other early-stage company investment ideas. You can find these investment ideas in the Crowdfunding Research Report section of the newsletter.

We have added several new companies lately to our list of crowdfunding ideas. You can find them here.

Posted in Economic & Business Chart Room, Economic Outlook, Entrepreneurship, Focus List, Investment Recommendations, Investments, Special Situations, Uncategorized, VDI/REEP, Visionary Ideas | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off on COMMENTARY October 11, 2025

COMMENTARY October 8, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

GOLD SURPASSES A RECORD $4,000 A TROY OUNCE

Gold surpassed $4,000 a troy ounce for the first time on Tuesday. It was trading in excess of $4,000 today, as shown in the chart below. This is an indication that investors are rushing for safe haven investments in gold and other alternative assets during this time of economic uncertainty.

But, it’s important to keep a realistic perspective on the price of gold. Over time, gold has not been one of the best performing asset classes in which to invest. In fact, according to Jeremy Siegel’s Stocks for the Long Run Indices Chart (shown below), it has been near the bottom in terms of performance when ranked against other asset classes.

It is tempting to want to jump into an asset class when it has had good near-term performance, like gold has been having this year. But it is best to keep your perspective about any asset class; avoid the “Following-the-Herd Mentality”; keep your long-term investing goals in mind; and don’t succumb to FOMO (the “Fear of Missing Out”).

Posted in Economic & Business Chart Room, Economic Outlook, Entrepreneurship, Focus List, Investment Recommendations, Investments, Special Situations, Uncategorized, VDI/REEP, Visionary Ideas | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off on COMMENTARY October 8, 2025

COMMENTARY September 25, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

TRETHERA RECEIVES $1.8M NIH CROHN’S GRANT

Trethera has announced that the National Institutes of Health (NIH) has awarded a $1.8M grant to advance preclinical development of TRE-515 as a potential treatment for Crohn’s disease.

  • TRE-515 is a once-daily oral therapy targeting deoxycytidine kinase (dCK), a novel metabolic vulnerability driving autoimmune disease.
  • In preclinical studies, TRE-515 outperformed Johnson & Johnson’s Stelara, blocking IBD symptoms in mice by selectively limiting activated CD4 T-cell proliferation.
  • NIH peer review comments described TRE-515 as the only dCK inhibitor in development, noting its favorable safety profile and innovative approach.

This award builds on prior NIH funding and Trethera’s recent presentation at the Crohn’s & Colitis Congress. With this continued support, we are accelerating TRE-515 in development to address the high unmet needs of Crohn’s patients.

Read full press release: $1.8M NIH Grant for TRE-515 Crohn’s Research | Trethera

👉 Trethera’s Seed Series 5A Round is Open Through Sept 30 — Connect with Investor Relations: Investor Relations Contact | Trethera

Posted in Economic & Business Chart Room, Economic Outlook, Entrepreneurship, Focus List, Investment Recommendations, Investments, Special Situations, Uncategorized, VDI/REEP, Visionary Ideas | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off on COMMENTARY September 25, 2025

COMMENTARY September 21, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

This Is The ONE Economist I Listen To When I Want To Understand What Is Really Happening In the Economy!

As a professional economist, I am continuously listening to and reading what other economists have to say about current economic conditions, both domestically and globally. And I usually pick up a few good insights from all of them. But when I want to really understand what is going on in the economy, this is the ONE economist I listen to most closely. Click here for this ONE economist’s recent assessment of economic conditions. Be sure to listen to the entire 51 minute presentation/discussion. You will come away with the most complete understanding that anyone has, in my opinion, of the current economy.

Posted in Economic & Business Chart Room, Economic Outlook, Entrepreneurship, Focus List, Investment Recommendations, Investments, Special Situations, Uncategorized, VDI/REEP, Visionary Ideas | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off on COMMENTARY September 21, 2025

COMMENTARY September 17, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

OVERVALUED MARKETS AND THE PARABLE OF THE OIL PROSPECTORS

Benjamin Graham – mentor, friend, and teacher to Warren Buffett and Charlie Munger – passed this parable on to Buffett and Munger. The anecdote illustrates how crowd psychology and herd mentality can override logic in investing and lead to overvalued markets and other investment fallacies.

The parable of the oil prospectors

The story, which Buffett has retold many times, goes like this:

  1. At the pearly gates: An oil prospector arrives at heaven and is told by St. Peter that the section for oil men is already full.
  2. The message: Desperate, the prospector asks to deliver a four-word message to the men inside. St. Peter agrees. The prospector yells, “Oil discovered in hell!”
  3. The exodus: Immediately, all the oil men rush out of heaven to go to hell.
  4. The twist: St. Peter offers the prospector a place in heaven, but he declines, saying, “I think I’ll just go along with the rest of them. After all, there may be some truth to the rumor”.

Interpretation and meaning

The parable is a cautionary tale about succumbing to market speculation and herd behavior, even when it goes against rational judgment.

  • Rationality vs. rumor: The oil prospectors in heaven knew they were in a perfect place, yet the rumor of “easy money” in hell was so tempting that they abandoned a certainty for a wild goose chase.
  • Speculation vs. value: Graham and Buffett, proponents of value investing, use the story to warn against chasing speculative bubbles and trends. Even when an investment seems irrational, the fear of missing out (FOMO) can lead even disciplined people to follow the crowd.
  • Focus on fundamentals: The story reminds investors to ignore market noise and rumors, and instead focus on a company’s intrinsic value, or the solid, foundational facts of the business.

For our current estimate of the valuation of the markets, see our Markets section.

Posted in Economic & Business Chart Room, Economic Outlook, Entrepreneurship, Focus List, Investment Recommendations, Investments, Special Situations, Uncategorized, VDI/REEP, Visionary Ideas | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off on COMMENTARY September 17, 2025

COMMENTARY September 16, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

NEW CROWDFUNDING INVESTMENT IDEAS ADDED

The Intrinsic Value Wealth Report Newsletter, as part of our goal to bring new and unique investment ideas to our subscribers, searches for crowdfunding and other early-stage company investment ideas. You can find these investment ideas in the Crowdfunding Research Report section of the newsletter.

We have added several new companies lately to our list of crowdfunding ideas. You can find them here.

Posted in Economic & Business Chart Room, Economic Outlook, Entrepreneurship, Focus List, Investment Recommendations, Investments, Special Situations, Uncategorized, VDI/REEP, Visionary Ideas | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off on COMMENTARY September 16, 2025

COMMENTARY September 8, 2025

Un-Common Sense In An Irrational WorldWe Challenge the Conventional WisdomTM ~

📢 Final chance to join Trethera live: Don’t miss Trethera’s last investor webinar before the Seed Round closes Sept 30 — happening Tuesday, Sept 9 at 2 PM PT.

In case you missed it — Trethera recently secured $5.3M in non-dilutive NIH funding to advance their clinical-stage drug TRE-515 across two important programs:

$2.3M award supporting TRE-515 in combination with radiation therapy for prostate cancer ➡️ Read more: Trethera Awarded $2.3 Million NIH Grant to Study TRE-515 Combined with Radiation Therapy in Prostate Cancer Preclinical Models | Trethera

$3M award advancing TRE-515 as a potential treatment for lupus ➡️ Read more: Trethera Awarded $3 Million NIH Grant to Advance First-In-Class Drug, TRE-515, for the Treatment of Lupus | Trethera


These grants highlight the broad therapeutic potential of TRE-515, a single oral agent being advanced across both oncology and autoimmune indications.


📩 Receive an invitation here: Webinar Registration – Zoom

Posted in Economic & Business Chart Room, Economic Outlook, Entrepreneurship, Focus List, Investment Recommendations, Investments, Special Situations, Uncategorized, VDI/REEP, Visionary Ideas | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Comments Off on COMMENTARY September 8, 2025