Check out Cliff Asness (AQR) early 2000 paper about bubbles if you haven't. If power naturally consolidates (which I agree), it's byproduct is entropy, which eventually redistributes the consolidated power. ad infinitum - Keep writing Doug. appreciate you taking on such a heavy topic
Check out Cliff Asness (AQR) early 2000 paper about bubbles if you haven't. If power naturally consolidates (which I agree), it's byproduct is entropy, which eventually redistributes the consolidated power. ad infinitum - Keep writing Doug. appreciate you taking on such a heavy topic