@kentwillard i don’t think that’s right. the loans that will never be repaid, yes. but in steel for example, it’s been decades with no collapse to one or two champions. IT is riddled with network effects, and there are some obvious champions (eg Tencent/WeChat), but i think China maintains a lot more centrifugal structure and willingness to crush firms that become threateningly dominant than in the West. overall the outcomes are quite meaningfully different.