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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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.
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