If competition is for losers
And VCs have funded every category five times over
Which will compress the margins and profitability of every category
Yet the VCs were just following their incentives to maximize AUM mgmt fees and deploy and raise the next fund as quickly as possible
And ZIRP made all this makes sense
Since LPs wanted to deploy and earn more than 0% in terms real terms (interest return higher than inflation)
Which money managers like Tiger happily obliged
And if capitalism is the opposite of competition (in a Thiel sense, not a traditional semantics sense)
And monopolies lead to capital accrual
Then who is the winner?
Tech, money, military, and network monopolies
A Stream of Consciousness