The System Gambit

Hosted by Ritavan

The most dangerous competitor is not the one beating you on current metrics. It is the one building the structural condition you are not building: unopposed, compounding, invisible to every benchmark you currently use. thesystemgambit.substack.com

  1. -3 j

    The System Gambit x Breakpoint

    The System Anti-Gambit When paradigms break, the biggest threat to an investor or operator is their own most sensible instinct. How to tell a real structural move from a panic reflex? When India liberalised in 1991, it made the sensible bet. Decades of Nehruvian investment had left the country with graduates, so India sold their brainpower to the world through IT and knowledge services: hire a young graduate for a couple of thousand dollars a year, give him a month of standardised training on a campus in Mysore or Chennai, bill his time to a Fortune 500 company, and keep a twenty to twenty-five per cent operating margin. It worked for three decades and earned three or four hundred billion dollars of foreign exchange. It was a system gambit, and it paid off for a generation. AI is close to purpose-built to take it apart. When Saurabh Mukherjea came on my podcast to discuss his book Breakpoint, this was the case he kept returning to. The Fortune 500 client no longer cares how many people you deploy. It names a fixed price for a CRM system and leaves the method to you, and the method that wins now is two senior people and AI rather than a floor of graduates billed by the hour. Smaller Indian IT firms have already started to shut down. The move that built the industry is now the move dismantling it. In The System Gambit I call the winning move a system gambit and its shadow the system anti-gambit. The system anti-gambit is what you do when the ground shifts and you answer by doing more of what used to work. It is the most rational-feeling response available, and that is what makes it dangerous. Subscribe for free to receive new posts The party most exposed to the system anti-gambit is the one currently winning. Sit at the top of a paradigm and your entire apparatus, your training, your hiring, your metrics, your instinct for what good looks like, is tuned to that paradigm, so when it shifts your immune response is to intensify the very thing that put you on top. Germany won the World Cup in 2014 by doing the classical things well. Find the children early. Drill them. Make them fit and disciplined. Then Germany kept doing exactly that while France, Spain and Morocco moved to fluid roles, fluid formations, and, in Morocco’s case, a platform model that pulled world-class players from its diaspora toward one clear mission. Watching Germany play France today, Saurabh said, is like watching teams from different planets. The 2014 title was the setup for the decline that followed. India produces eight to nine million graduates a year, close to the population of Germany every decade. Graduate unemployment runs between thirty and forty per cent, while the rate for non-graduates is around three. The degree now predicts unemployment. The old script, study hard, earn the degree, work hard, land the job, arrive at a middle-class life, has inverted. And the sensible-sounding instruction, send more young people to university, is the system anti-gambit at national scale. Arguing against university feels wrong. That feeling is the trap. AI sharpens all of this through one property. The transforming technologies of the past forced a firm to change how it operated before it could use them at all, and that friction is exactly what made them worth capturing. AI runs the other way. It bolts onto whatever you already do, which means the gains from bolting it on are available to anyone with a credit card and an API key, and anything available to everyone earns nothing that lasts. This is why the most common reaction I meet, the senior executive who asks me how to learn prompting, is the system anti-gambit in a new form. It carries an industrial-era instinct, learn a defined new skill, tick the box, feel safe, into a situation where the field itself has changed. Sangeet Paul Choudary makes the point in Reshuffle: the game has changed underneath you, and learning to dribble faster is no help once the court has become a rink. If the standardised skill is losing its value, where the value flows next depends on what a system actually does. In the book I separate four modes of controlling any system, and they stack into a ladder. The lowest is regulation, the thermostat that holds a variable inside a band. Above it is coordination, the traffic light that keeps the flows from colliding without telling anyone where to go. Above that is orchestration, the conductor who plays no instrument yet makes a written score sound like music. At the top is governance, the captain of a ship who, with a storm ahead and no way to know the outcome, decides whether to stop, turn, reroute, or sail straight through. AI is already good at the thermostat, and it is climbing into the traffic light and the scored parts of the orchestra. What it cannot do is the captain’s judgement under genuine uncertainty. So value drains out of the lower rungs and pools at governance. That ladder explains the value migrations Saurabh tracks as an investor. Index funds turned asset management, the discretionary stock-picking that Saurabh and I both do for a living, into something close to a regulated utility, and the market answered by paying far higher multiples for wealth managers, whose real job is the ungovernable part, sitting with a frightened client and talking them out of selling at the bottom. The same logic is draining broadcast and print into YouTube and OTT, where what survives is the customised and the emotionally specific rather than the templated segment. Anything that is cut, paste, and repeat is being repriced towards zero, while anything that turns on reading a particular person in a particular moment is gaining. Saurabh reframes it as three fluidities: whether a person’s skills are fluid or fixed, whether their role is fluid or fixed, and whether the organisation around them is rigid or fluid. The industrial revolution, from Adam Smith’s pin factory to Ford’s line at River Rouge, made all three as static as it could, deliberately. The coming years will hurt mainly because most firms are still built that way while the world has started paying for the opposite. None of this tells you which specific move to make, and it should not, because there is no formula that guarantees the result. But you can test a candidate move before the market passes its verdict. There are three checks. The first check is whether the move builds a self-improving loop. If each turn of the wheel makes the next turn better, you own something that compounds. If it does not, you have swapped an old asset for a newer one, and a newer asset is not a position. The second check is path dependence. A real structural position cannot be reached by a richer competitor writing a cheque, because that competitor would have to run the loop from the start rather than buy their way to your thousandth iteration. This is what makes Bajaj Finance so hard to copy. Bajaj has collected granular data on Indian borrowers at the point of sale, down to whether a doctor is a cardiologist or a dentist, trained at AIIMS or an ordinary college, practising in an elite Mumbai suburb or the boondocks, and that data lets it price risk for doctors better than anyone and hold the largest medical loan book in the country. If Saurabh and I raised money tomorrow to rebuild that dataset, we could not, because the signal was gathered over years at the core bottleneck by an agent standing at the checkout. That is a moat. A skill anyone can buy with an API key never becomes one. The third check is the one people skip, and the one I rate highest. I call it management-logic antagonism. It means doing the new thing in a way that runs against the logic of the old system, so the incumbent cannot copy you without dismantling itself. Ukraine is the best illustration. On paper, a country attacked by a neighbour with ten times its economy and the largest nuclear arsenal in the world should fold in days. Ukraine survived by refusing to fight the industrial war Russia had prepared for, the war of feeding more recruits into the line, and inverting it. Cheap drones improved through fast learning loops. A cost asymmetry in which a few hundred dollars destroys a tank. Strikes aimed at the binding constraint, the oil refineries deep inside Russia that fund the state, rather than at the trench. For Russia to answer in kind, it would have to abandon a doctrine it has run on since Stalingrad, and institutions do not abandon the thing that once made them win. That reluctance is the antagonism, and the antagonism is the moat. This essay is based on my new book The System Gambit: For an investor, the three checks are how you improve the odds without pretending to certainty. You are hunting for operators who have rethought their own system gambit again and again as the ground moved, and who keep their skills, their roles, and their structures fluid on purpose. Bajaj Finance rotates its people through departments so that nobody’s thinking calcifies, and that habit tells you more about the next decade than any single product. The question Saurabh frames is worth taking into every strategy meeting: is this the France of corporate life, reinventing after every cycle, or the Germany, superb at a game the world has stopped playing? The discipline is unglamorous. See the system for what it is rather than what the last decade trained you to see. Notice the reflex to double down before you act on it. Think two or three levels below the surface story. Durable value compounds in the places money cannot buy its way into and judgement cannot be standardised out of. And the one thing standing between an operator and those places is, almost always, their own most sensible instinct. Paperback: https://www.amazon.com/System-Gambit-Leverage-Unlock-Compounding/dp/3982897211/ Kindle: https://www.amazon.com/System-Gambit-Leverage-Unlock-Compounding-ebook/dp/B0GY8J23SK/ Hardcover: https://www.amazon.com/System-Gambit-Leverage-Unlock-Compounding/dp/398289722X Sub

    55 min

  2. 12 juin

    Impact Banker Alexander Hoare: The Wide Gate and the Narrow One

    In 2008, as the world’s largest banks collapsed or were nationalised, one smaller bank on Fleet Street had the opposite problem: too much money was arriving at its door. C. Hoare & Co., founded in 1672 and older than both the Bank of England and the United States, came through the crisis with barely a scratch, its deposits swelling as frightened money looked for somewhere run by prudent people with a clean balance sheet. For decades the bank had been doing the very things every consultant and textbook had told its eleventh-generation partner not to do. As Alexander Hoare recalls in Impact Banker, “many people told me we were mad to carry on in the modern litigious world with unlimited liability, but in 2008 when the Great Financial Crash hit, people looked around for honest bankers with a clean and conservative balance sheet, and the deposits piled up.” In the year conventional wisdom was put to the ultimate test, the man who had ignored it for decades was suddenly the most sought after. Alexander Hoare is a nonconformist, and a cheerful one. “It has pleased me,” he writes, “to do many things wrong from a conventional point of view.” He kept unlimited liability when the whole City fled to limited liability. He keeps his bank deliberately small while everyone worships scale. He turns away profitable customers, has “never aimed to maximize profits,” and once sold a good, growing business in order to become smaller. He quips that his job “is to keep the family poor.” And he states his conviction clearly: “I see maximizing short term profits as the wide gate to failure.” The word nonconformist is apt. In England a nonconformist was someone who declined to worship at the established church, not from revolt but from conviction, and many of Britain’s most durable enterprises were built by people of that temperament. Alexander calmly declines the established church of contemporary finance: scale at all costs, short-term shareholder-value maximisation, limited liability, and the eternal myopia about the next quarter. It would be easy to dismiss this as nostalgia. But examined closely, nearly every one of his tenets is the same structural principle: he re-couples a feedback loop the industry has, for short-term greed, deliberately decoupled. * Action to consequence. * Price to value. * The firm to its community and society. * The present to the future. Decoupling those reinforcing feedback loops window-dresses the numbers in the short-term but re-coupling them is better for the business, and over three and a half centuries, have shown it is also what better-for-the-world looks like. 1st tenet: actions have consequences Begin with the nonconformity that sounds most reckless. Every partner of C. Hoare & Co. stands to lose everything they own if the bank fails: homes, savings, including their children’s inheritance. To most financiers this is complete lunacy; the entire architecture of the limited-liability corporation exists to prevent it. Alexander inverts the frame. The natural order is for actions to have consequences; it is in fact the contemporary arrangement that is the aberration from historical pattern. Until Big Bang in the late 1980s nearly every City firm traded on unlimited liability, and “my word is my bond” was an enforcement mechanism, not just a slogan. What followed its abolition was an era in which executives could half-bankrupt a country and walk away unscathed. Unlimited liability, by contrast, “focusses the family on a culture of excellence, not scale.” Through a first principles systems thinking lens the argument is obvious. Any successful system needs feedback: consequences must return to the actor and shape the next action. Limited liability severs that loop, capping the decision-maker’s downside at zero while leaving the upside unbounded. A diversified shareholder optimises the ensemble average across many companies; while a partner with unlimited liability and a more than 350-year time horizon must optimise the time average, the single path of history where ruin is permanent. A bet with a glorious expected value and a small chance of ruin is excellent for the ensemble and fatal for whoever gets ruined. This is why the book’s risk philosophy is so unfashionably simple: “banking is quite straight-forward if you merely avoid the mad and the bad.” 2nd tenet: perpetuate, do not maximise The mission statement the older partners first mocked is seven words long: “to perpetuate a profitable family business.” It “does not say anything about conquering or winning,” and its ambition is bounded: “we want to survive as a family business for perpetuity. This means being just big enough, not vast.” To the modern mind this is a category error: surely the purpose of an enterprise is to grow? Here Alexander deploys the most counterintuitive finding of his forty years, borrowed from John Kay’s notion of obliquity: “We have never aimed to maximize profits or to grow dramatically, and it turned out that not aiming at these things can be very effective at delivering them.” Kay’s cautionary tale is ICI, which adopted shareholder-value maximisation as its explicit goal and destroyed itself pursuing it. Aim at excellent banking and profit arrives as a by-product; aim at profit directly and you strip the institution that produces it. Donella Meadows identified the goal of a system as one of its highest leverage points: change the goal and everything downstream follows. Set it to maximise short-term profits and the system rationally destroys its future to grow the current quarter; set it to perpetuate and any gain that imperils survival is no gain, because the future is the whole point. Extraction generates large early terms in a series that is then truncated. This is best illustrated by the average lifespan of an S&P 250 company falling from 60 years in the past to just 15 years now. The perpetuator generates decent terms forever, and a series that never terminates beats any short burst that does. Eric Ries, in Incorruptible, names the force this resists: financial gravity, the pull on every company exposed to the capital markets toward short-term extraction at the expense of mission and survival. 3rd tenet: small is beautiful, & KISS principle Early on, Alexander adopted “two handy mantras: first, ‘small is beautiful’, and secondly ‘KISS’ (Keep It Simple Stupid).” He concedes the apparent absurdity: “Academically this is faintly ridiculous – a small bank should not out-compete, or even survive, against much larger competitors.” Yet it does, because the textbooks model only half the phenomenon, “the diseconomies of scale: the back-stabbing as executives climb the greasy ladder... and many, many other dysfunctions of large organisations.” Complexity behaves like entropy: generated spontaneously, bottom-up, by every well-meaning patch and product, and never decreasing on its own. The ideas Alexander refused “would have made us more money, but they would have built in a complexity premium further down the line.” Because complexity is born decentralised, only the top-down can reduce it, by someone with the authority and the stake to overrule a thousand local optimisers. That is what “stick to the knitting” really is: top-down work against organisational entropy. Here the tenets interlock. Keep the bank small enough for an owner to truly understand, and they can hold it in their head, take responsibility for it, and hand it on intact. Let it outgrow comprehension and two failures follow: the next generation sells the incomprehensible behemoth, and the owners demand limited liability, because no one accepts unlimited responsibility for something they cannot even fathom. Scale destroys comprehension; lost comprehension severs feedback loops; severed feedback ensures the eventual blow-up. Smallness is not an aesthetic preference but the load-bearing condition that keeps every other loop closed with high signal quality. The clearest proof is that a decade ago the bank sold its profitable, growing wealth-management arm and shrank headcount by roughly a fifth, concentrating IT, compliance and the partners’ scarce attention on the one business they understand best. And then former rivals, no longer threatened, began referring their banking clients to it again. A short-term subtraction created a permanent, self-reinforcing inflow, a deliberate sacrifice of present performance to buy a structural condition that compounds. Alexander calls it common sense, which honestly goes to show how rare common sense is becoming. Subscribe for free to receive new posts. 4th tenet: relationships, not transactions One of the most powerful sentences in Impact Banker is this: “We embody a culture whereby we reject profitable transactions – we want relationships not transactions.” A bank that declines profit, on purpose, as a matter of identity. The asymmetry is stated with perfect symmetry: “We do not aim to compete with larger banks on transactions, but they cannot compete with us on humanity and empathy.” A big bank can copy any product Hoare’s bank offers; what it cannot do is serve deep relationships at industrial scale, because the economics that make it big are the very economics that block the depth. The market polarises, as Alexander puts it, into fine dining and McDonald’s, and the giants are structurally barred from the fine-dining side of their own industry. This is counter-positioning in its purest form: a position rivals will not take because taking it would destroy their model. What the relationship is made of is trust: “our success is built on our reputation, and the trust customers place in us, both of which are developed over generations, but can be lost in a matter of days.” In an age when anything copyable is copied at near-zero cost by anyone with a large language model, the slow, un-copyable, compounding

    2 h 24 min

  3. 24 avr.

    Quentin Gallea - The Causal Mindset Handbook: Rigorous Causal Decision Making

    Explore the science of causality with Quentin Gallea, Ph.D, as he discusses how understanding causal inference can improve decision-making in business, personal life, and policy. Learn practical frameworks, common pitfalls, and the importance of humility in causal reasoning.Takeaways:The importance of causality in decision-makingFrameworks for causal inference and analysisCommon pitfalls and biases in causal reasoningThe role of humility and uncertainty in sciencePractical applications of causal thinking in AI and businessResources:The Causal Mindset App: https://thecausalmindset.com/app The Causal Mindset Handbook: https://www.amazon.com/Causal-Mindset-Handbook-practical-evidence-based/dp/1806117851/ Subscribe to be the first to know. Subscribe on YouTube for early access to future episodes. Get my book award-winning book Data Impact for a pragmatic take on data-driven value creation. For more of my thoughts, follow me on LinkedIn. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thesystemgambit.substack.com

    1 h 14 min

  4. 10 avr.

    John Brandon Elam - The Decision Factory: Business Decisions Under Uncertainty

    https://www.youtube.com/watch?v=hJ1YdDep3kY In this insightful interview, John Brandon Elam discusses the importance of decision-making in organizations, the limitations of traditional planning, and how to leverage decision systems and policies for better business outcomes. Drawing from his book and influences like Warren Powell and the Phoenix Project, he offers practical frameworks for understanding and improving decision quality.Takeaways:Decisions as the core of enterprise controlLimitations of traditional planning and forecastingDecision systems and policies in organizationsMeasuring decision quality and trade-offsInfluences from Warren Powell and the Phoenix Project Subscribe to be the first to know. Subscribe on YouTube for early access to future episodes. Get my book award-winning book Data Impact for a pragmatic take on data-driven value creation. For more of my thoughts, follow me on LinkedIn. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thesystemgambit.substack.com

    44 min

  5. 5 avr.

    Ratul Ahmed - Head of Risk: Skydiving and Thoughts on AI Risk Management

    Ratul Ahmed shares her extraordinary journey from jumping out of airplanes over 4,000 times to leading risk management at global financial institutions. Discover how extreme sports taught her invaluable lessons about risk, resilience, and leadership that he applies daily in his professional life.Takeaways:The parallels between skydiving and risk management: building muscle memory and mental modelsHow visualization techniques enhance performance in both flying and professional decision-makingThe importance of embracing risk and pushing boundaries for growth and innovationLessons learned from unexpected skydiving malfunctions and the value of preparednessNavigating cultural transitions in banking: Germany, Scandinavia, and beyondChallenging barriers: overcoming personal limitations and societal expectationsThe role of community—skydiving, squash, and beyond—in building confidence and perspectiveRethinking AI governance: balancing innovation with regulation through collaborative approachThe circular impact of models on reality and the importance of challenger frameworksPreparing the next generation: cultivating curiosity, adaptability, and practical skills in children Subscribe to be the first to know. Subscribe on YouTube for early access to future episodes. Get my book award-winning book Data Impact for a pragmatic take on data-driven value creation. For more of my thoughts, follow me on LinkedIn. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thesystemgambit.substack.com

    50 min

  6. 3 avr.

    Saurabh Mukherjea — Breakpoint: The Crisis of the Middle Class and the Future of Work

    This appeared originally on Part-Maven Part-Maverick: India’s Growth: A Complex System of Opportunities and Challenges for Investors India’s economic and social landscape presents a compelling case for investors and business leaders, where rapid growth coexists with deep-seated challenges. The country’s trajectory offers a unique lens through which to examine the dynamics of development, innovation, and societal change. The Dual Nature of India’s Development India’s growth is not a straightforward narrative of progress. It is characterized by stark regional disparities, with the southern states like Tamil Nadu and Kerala experiencing unprecedented economic expansion. Remarkably, the fastest growing region in the world over the last 10 years is not China, but southern India. This growth is fueled by factors such as coastal trade, social reforms, and educational advancements, making these regions engines of economic dynamism, particularly for women who are increasingly participating in the workforce and entrepreneurship. However, this growth is juxtaposed with significant challenges in the northern regions, where social ossification and caste-based divisions persist. The interdependence between the North and South, particularly in terms of labor and political dynamics, creates a fragile equilibrium that could destabilize if not carefully managed. The Role of Technology and Education India’s educational system produces eight million graduates annually, yet the country faces a paradox of high unemployment and underemployment. The rise of artificial intelligence and automation exacerbates this issue, displacing traditional jobs while creating demand for new skills in technology-driven sectors. The challenge lies in transitioning the workforce to embrace gig work and entrepreneurship, leveraging India’s robust tech infrastructure. This shift is crucial for maintaining the momentum of India’s economic growth and offers a fertile ground for investment in tech-driven solutions. Global Implications and Lessons India’s experience is a microcosm of global trends. Countries like Germany face similar disruptions in manufacturing, while Europe grapples with labor shortages. India’s approach to AI and its potential to bridge global labor gaps without mass migration offers a model for other nations. The key is rapid adaptation and innovation, driven by both policy and entrepreneurial spirit. For investors, this represents an opportunity to engage with a market that is not only growing but also innovating at a rapid pace. The Systemic Nature of India’s Growth India’s development is not merely the result of individual or technological advancements. It is a systemic phenomenon, where multiple factors—social, economic, and technological—interact to create a complex tapestry of growth and challenges. Understanding this system requires a holistic view, recognizing that progress in one area can be offset by setbacks in another. For business leaders, this means that strategic investments must consider the broader socio-economic context to be successful. Conclusion India’s growth story is a testament to the power of systemic change. It highlights the importance of coordinated efforts across regions and sectors to achieve sustainable development. As the world watches India’s journey, the lessons learned here could inform global strategies for navigating the complexities of modern economic and social landscapes. For investors and business leaders, India offers not just a market, but a blueprint for future growth and innovation. Thanks for reading SLASOG: Leaders are Readers! Subscribe for free to receive new posts and support my work. Resources & Links Breakpoint by Saurabh Mukherjea: https://www.amazon.com/Breakpoint-Saurabh-Mukherjea-ebook/dp/B0GS97FBL7/ Behold the Leviathan by Saurabh Mukherjea: https://www.amazon.com/-/en/Behold-Leviathan-Unusual-Modern-India/dp/0143469495 Share the post with someone who will benefit from it. Subscribe here to to be first to know when the next episode drops: https://www.youtube.com/@SLASOG For more of my thoughts, follow me on LinkedIn. Get my book Data Impact for a pragmatic take on data-driven value creation for business. Thanks for reading SLASOG: Leaders are Readers! Subscribe for free to receive new posts and support my work. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thesystemgambit.substack.com

    1 h 6 min

  7. 18 mars

    Christian Barte - Chief Financial Officer: Dangers of Hype for Traditional Businesses

    In this conversation, Christian Barte emphasizes the importance of understanding the foundational aspects of a business, including its assets and values, when undergoing transformation. He warns against the pitfalls of rushing into change driven by hype and buzzwords, advocating for a thoughtful approach that leverages past successes to inform future strategies. Takeaways:It’s important to understand where you’re coming from.Identify the assets and business models you have.Leverage past values for future success.Avoid getting lost in buzzwords and hype.Ensure business models are sustainable for the future.Transformation should not be rushed.Recognize the reasons behind your current position.Modern technologies should complement existing assets.Focus on the benefits you’ve had in the past.A successful transformation is rooted in understanding. Subscribe to be the first to know. Subscribe on YouTube for early access to future episodes. Get my book award-winning book Data Impact for a pragmatic take on data-driven value creation. For more of my thoughts, follow me on LinkedIn. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thesystemgambit.substack.com

    39 min

  8. 23 févr.

    Special: Winning with Anomalies

    The pace of new technology seems unrelenting. Vendors are on a PR war to sell their products before their massive valuations and low revenue and profitability catch up. The narrative around AI is polarized: there are those that want to burn everything in hype, and those that want to freeze everything in doom. Reality is always more nuanced. My flagship keynote focuses on first principles systems thinking to answer the question: What does it take to win with anomalies? Doomers kill your sense of agency, while even in the hype and slop there are real durable opportunities. The key is to avoid the vendor pitch of “AI adoption”. No one ever “adopted” their way to success with a generic tech tool, no matter how impressive its capabilities. You can’t control when, how, or where an anomaly appears. But you can decide if you want to be naive about it like the herd, or if you want to be smart and win big. Subscribe to be the first to know. Subscribe on YouTube for early access to future episodes. Get my book award-winning book Data Impact for a pragmatic take on data-driven value creation. For more of my thoughts, follow me on LinkedIn. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thesystemgambit.substack.com

    3 min
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À propos

The most dangerous competitor is not the one beating you on current metrics. It is the one building the structural condition you are not building: unopposed, compounding, invisible to every benchmark you currently use. thesystemgambit.substack.com

Informations

  • Création
    Hosted by Ritavan
  • Années d’activité
    2025 - 2026
  • Épisodes
    16
  • Classification
    Tous publics
  • Copyright
    © Bavarian Tiger Ventures Gmbh
  • Site web de l’émission
    The System Gambit