Depreciation schedules are known to the market. Already a matter of intense investor debate.

I have a weakly held hypothesis that it's the former, DASH/UBER a staple disintermediating pricier restaurant chains, etc.

Need to earn those 130bp/year

Fair enough. I'm a fan of the objective weight-of-the-evidence market analysis they produce free of narrative or slant. Can take or leave the rest.

As I sort of get into in the piece, an active manager who ended up with the S&P portfolio would be both incredibly ballsy and sort of irresponsible. An under-discussed benefit of passive indexing, blindly letting winners ride. Who would have let NVDA to hit 8.5% of assets without selling a share?

The top of the zone is what's somewhat expanded in recent years, almost literally unhittable at close to 100mph.

Do Tommy John surgeons offer lifetime subscriptions?

Not that I think there needs to be a "fix" for offense, but I continue to think the strike zone should be tightened a bit when it goes robo. Forces pitchers to do more in the actual hitting zone and probably has them throttling back a bit.

Todd Marinovich vibes

This LA Times piece from 1998 is just one reminder that mature companies in constant job-paring/restructuring mode was a core feature of the '90s "boom," not incompatible with growing GDP/high stock prices...

Not spinning the current wave of layoffs as a plus. But many forget that the '90s - seen in retrospect as the ultimate humming economy - started in "jobless recovery," was denigrated for its reliance on "McJobs," and had a constant undertow of layoffs from corporate restructurings/outsourcing.

Also just hand over the editing Oscar right now for that sequence alone.

Now, NYC real estate did suffer badly in the early ‘90s, but mainly due to office overbuilding of in the 1980s and an ongoing retrenchment by Wall Street in the years after the ‘87 crash. This 1993 City Journal piece shows automation in finance has always been a perceived threat to office property.

Textbook "gap and nap" pattern