Phil Trammell

So even without redistribution, a little bit of savings will save a lot of people.

But I mean, the messy middle could be wider in this case.

I mean, they're starting from such a lower level in terms of how much

They haven't and how much it's actually indexed to the global economy.

And I think it's important for them to get on it now.

And I don't have strong feelings about whether it should take the form of sovereign wealth funds that invest in the right supply chains or just subsidies to their own citizens to buy a little bit.

Yeah.

So just to...

get back to the question of like about whether to go with retraining or just trying to index i would prioritize trying to index but just given how fast i could you know hit the world but um i definitely wouldn't just rely on that because like it could the the sort of um

messy middle type cases or just the long timelines cases on which like you we don't get anything like agi all that soon um we'll still you'll just be like leaving a lot of value on the table if you could have like retrained to be a bit better you know

like educated to how, you know, how to use the latest wave of computing.

Maybe.

Just about the ease of indexing, can I just quickly say?

Yeah.

I think it's definitely something to worry about a bit and keep an eye on.

But as discussed in our own essay and as other people have pointed out, it's already not that hard to index.

So there's been a bit of an increase in the privatization of returns, but it's still like well under 20% of the total market cap of...

non-tiny companies in the US is private, and everyone thinks about OpenAI and Anthropic, and then if that's where all the wealth will accrue, then yeah, like all these questions about whether open models will stay only a little bit behind, those are important.

But even they look like they're going public before too long, probably.

And the frictions that have been keeping companies from going public might themselves be alleviated by AI a lot, right?