I could have been writing that distribution was about to be disintermediated since the late 1990s. Direct sales, e-commerce, the cloud, marketplaces — the argument has always been there. And yet distribution didn’t disappear. It evolved, repeatedly. In this solo episode, I work through why the “this finally kills distribution” prediction keeps failing, what distribution actually does that’s harder to replace than it looks, and why the next chapter might be the most ambitious one yet.