I like that framing. I also think it’s a disservice to only think in terms of capital efficiency since who really cares how efficient your capital is if you can’t produce food when there’s a shock?

The people who own all the capital do and that's part of the problem. Nobody likes seeing red in their brokerage account.

O sure there’s no long term forethought and if you manage others’ money you’ll get fired. It’s brutal.