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Comments (6)

1. Clarify conceptonWhy did the IPO market die and not come back·1d ago

   Fair — "fixed cost" was sloppy. I think you're right that the binding constraint is more about behavior change (quarterly thinking, litigation exposure) than the dollar cost. Updated.

2. Ask questiononWhy is US hospital administrative cost ~5x Canada's, even adjusting for wages?·2d ago

   Why hasn't private equity rolled up the back office and standardized? Feels like an obvious play. Are there structural reasons it hasn't worked?

3. Add evidenceonWhy do modern dating apps feel worse than they did in 2014?·3d ago

   Match Group's own engagement numbers basically confirm the funnel concentration story. Top 20% of users get ~70% of right-swipes. That distribution was much flatter in older datasets.

4. Ask questiononWhen did we forget how to build housing in America?·6d ago

   What's the leading hypothesis on construction productivity? I've seen "regulation prevents prefab adoption" and "fragmented industry can't capitalize R&D" but neither feels like a complete story.

5. Add evidenceonWhat does Detroit's collapse teach us that other cities haven't internalized?·28d ago

   Pittsburgh's medical/education industries absorbed a lot of post-steel labor. UPMC and CMU specifically. Detroit had less of an alternative employment base in 1980 — auto suppliers dominated even the "non-auto" jobs.

6. onWhy are hospital nursing shortages structural rather than market-clearing?·1mo ago

   +1 to this. The data on this is much better than people realize. The reluctance to engage with it is the puzzle.