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This is Recode Media with Peter Kafka. That's me. I'm part of the Vox Media Podcast Network. I am here with Rich Greenfield. If you listen to this podcast, you have almost certainly encountered Rich Greenfield before somewhere on CNBC, tweeting, maybe quoted in one of the many stories about this business.

I talk to Rich periodically. I see Rich all the time. Rich say hi. Hi. Rich, what's your actual job besides being a tweeter?

Our job is to put buy, sell, holds on media and technology stocks.

So we have to figure out whether stocks are going to go up or down.

But you work for?

BTIG, which is a global financial services firm, broker-dealer in New York.

And we have 500-plus employees, and the firm is trying to help clients make money. You're a media analyst. Correct. Media and tech analyst. Media and tech. A lot of media. Well, what's the difference between media and tech now? That's the premise of this, of this very podcast in my job for the last 20 years. Worlds are kind of colliding. Rich, I was Googling you earlier this morning. I found your LinkedIn. It comes up right away. Describes you, so this is your choice, as a media futurist. That sends off alarm bells for me. In a good way or a bad way? Not the good alarm bells. I think people who describe themselves as futurists usually don't have a day job. But you do have a day job, so I can verify you're getting paid. You're not getting paid to attend this thing. No. You are, like we said, one of the most sort of prominent voices in that media tech intersection. So that's a good thing for you, right? That's kind of your job, right? It is to be out there. We're supposed to, look, I think the best way to learn is to talk and meet with people.

And I think the more we talk to people, whether it's you or industry executives or investors in the space, the more we learn, the more we think.

The more people we meet, the bigger our network.

And so for us, it's all about trying to build that network and trying to build around a set of thesis,

because I think the thesis is what drives good ideas on the long and the short side of stocks.

Do you have a big overarching thesis about media and tech, other than that they're combining?

Well, obviously, they've been combining. It's funny. I started – the building we're broadcasting from is 85 Broad where I had my first job at Goldman Sachs. And my first week at Goldman Sachs, you know, it was the Comunicopia. Hey, you know, had just been created the year before, the whole concept of Cominicopia, which I don't know how many years it's been, but I think I started at Goldman and or did this sort of thing. You'll know the communicopia, which is the big Goldman Sachs media conference.

Sure.

Which was built around the concept of convergence.

So, you know, look, there's obviously that convergence continues to play out every single day.

But I think what's changing now so fundamentally is how mobile is changing people's perceptions of what has sustainability

and media. And by that, I mean, you know, it used to be that you created great content,

you've, you know, launched a cable network, you know, you got to 40 or 50 million subs and you

had really good content,

and you were really successful. There's like no rulebook for mobile. Everything is being rewritten. There is no kind of, you know, we've seen multiple cycles you think about in, you know,

...