You're absolutely right about all those issues with dilution run amuck. I was thinking about McMansions and LBOs when I mentioned the tragedy of the commons. M

You're absolutely right about all those issues with dilution run amuck. I was thinking about McMansions and LBOs when I mentioned the tragedy of the commons. My major disagreement is with 8. 0% dilution would be bad for the reasons I mentioned before. Some small rate of dilution would probably be the sweet spot, but better people than me need to figure out whether it's 2-3% or something else. More tentatively and subjectively, I think you're mischaracterizing regulation in 7. There's been bad regulation, yes, but the response isn't lack of regulation.