Yeah, I'm generalizing that observation which several people have made, most recently Rushkoff. I think you can draw interesting conclusions if you generalize idea of a "bank" to any institution that creates rents out of long-lasting assets that can survive institutional churn
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Harvard is a hedge fund
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Btw, I mean in the sense that legacy students hedge against regression toward the mean. They also manage a whole lot of money.
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Case in point: IBM’s most profitable segment is selling legacy hw/sw stack to financial institutions.
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That is actually an interesting idea. I can apply the same principle to the American auto industry in the 1970s, the fall of Rome, and even the current political turmoil. This concept may be useful.
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proverbial buggy whip maker navigates the automobile https://en.wikipedia.org/wiki/Herm%C3%A8s#History …
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The weirding: today's banks that survive creative destruction become crowdfunding platforms.
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