"Good for business" and "bad for business" look VERY different depending on your current scale and cash position.
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1/ I want to sketch out a difference between two kinds of 'good for business' environments that people usually don't appreciate
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2/ A central fact of free-market capitalism is that capital does not care HOW it gains a return, and has no natural "time horizon"
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3/ Like evolution, capital-seeking-returns is a blind and means-agnostic process. The sole justification for what works is that it works
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4/ It takes a human investor to care about a) how a return is generated b) over what time period it is generated
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5/ There are two kinds of "good for business" environments, which I think of as "stacked for profiteering" and "stacked for innovation"
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6/ In stacked-for-profiteering environment, main asset you need to do business is large pile of concentrated capital. Bigger is better. Why?
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7/ To jumpstart very rapid economic performance you need BIG numbers quickly. It takes a big bump to create growth on a $13 trillion base.
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