A thing I believe with medium confidence: One reason many institutions today are weaker than counterparts were generations ago was that allocation of smart people got more efficient for certain definitions of efficient, and institutions no longer benefit from so much free lunch.
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Government: "But if we had them *now*, we would do so much more!" Me: "Finance argues that it employs them teleporting value through time and space." Government: "That's an extremely optimistic reading of what they do for a living!" Me: "But they have existence proofs."
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I think the big place where I differ is I think the existing allocation is *also* wildly inefficient from a good societal outcome sense. But a better efficiency from a capital generation sense, which maybe just means we agree but I don’t value the latter efficiency much.
End of conversation
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Meanwhile private pharma industry put its best people on .. getting Americans hooked on heroin? Don't cherry pick the worst examples. Disdain for government is one part of why the institutions are hollowing out.
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