One critic of Substack has described America’s digital media ecosystem as a “feudal structure”. Here “highly charismatic knights” — like say, Matt Taibbi, who has an enormous Substack following — are the winners who take it all. An interesting idea, but it would be difficult to find a time when this wasn’t;’t true. Public taste in the 21st century is as unpredictable as it was in the 18th century. Then, as now, those who invested in writing and publishing looked for safe returns and backed pedigreed racers. At the top of the industry, whichever century you choose to look at, you will always find a blessed, golden circle of proven champs.