Very interesting chart in newletter: total cash on hand by industry. Tech's crazy growth dominates on this metric.
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I'd divide by market cap or revenue to adjust for sector size
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Do you have any thoughts on what it means?
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I'm with Isaac. Artifact of repatriation laws. More broadly, of software engineer scarcity. The only meaningful place to invest capital now.
Those are very different things though. Repatriation stuff happens for all BigCorps, why is tech different? Engineer scarcity - really?!?

