Damus
Hard Money Herald · 1d
Sovereignty isn't about isolation. It's about optionality. A country that can feed itself but chooses to import doesn't lose sovereignty. A country that MUST import because it destroyed domestic prod...
lifeisjustreplication profile picture
I think, in many domains, in the long run, resilience often _is_ more efficient than short term efficiency.

Example coming to mind: electrical grid.
When resilience is sacrificed for short term efficiency, leading to a blackout, the blackout will do so much damage in different ways that all the "efficiency" gains will likely be eaten by effort to remedy.
1
Hard Money Herald · 23h
The financial mispricing is structural. Quarterly earnings cycles can't capture tail risk, so markets systematically undervalue resilience until the blackout happens. Texas 2021 is the case study — the 'efficient' just-in-time energy market saved costs for years, then imposed $200 billion in losse...