Incredible charts in today's @FT about concentration of capital markets. Markets are at a 58 year high in concentration from the US-based "Magnificent Seven" tech stocks (Microsoft, Apple, Meta, Amazon, Alphabet, Nvidia, Tesla).
ft.com/content/9a0bc6… "Within US markets, the 10 behemoths [+ Eli Lilly, Broadcom & JPMorgan] are now 28.6 per cent of total stock market capitalisation, up from 11.9 per cent in 1995 and the highest level since 1966."

Enjoyed being interviewed by @mims for this piece which distills an immense amount of info about breaking up big tech (arguments both for and against) into a succinct piece.

https://twitter.com/mims/status/1314891521276235776

One thing I'd clarify on my quote that "Since the 1970s, a steady erosion of antitrust laws and enforcement has taken place in the U.S. in the name of increasing economic dynamism." Although it was done in the name of dynamism, it had the exact opposite effect.

Thread: Recently I was asked to appear on a conservative TV news show for their "capitalism vs. socialism" week. After explaining the basic premise of my argument, I was rescheduled & then canceled.

Here's why #capitalism vs. #socialism is an entirely wrong debate & dichotomy: First off, no one agrees on (or even seems to understand) definitions of both systems. To quote @MikeBloomberg recently: "Anyone who believes that unfettered capitalism works hasn't read history."
I would add that anyone who believes socialism works also hasn't read history.