1 Comment

Excellent - I am reminded reading your well-argued deconstruction of the other recent example of hyper-concentration and over-sizing which saw first one and then another Chinese super cargo carrier stuck in the Suez canal disrupting sensitive supply chains for months. The drive to size brings with it heightened fragility. We can safely assume that the fate of all the mastadons will be highly correlated when the cheap money meteor finally collides with reality.

Expand full comment