At one point, something like 70% of GDP was consumption. It's less now. This is fine so long as investments move. We have such a high degree of aggregation of

At one point, something like 70% of GDP was consumption. It's less now. This is fine so long as investments move. We have such a high degree of aggregation of capital now that it sort of doesn't. It's sort of ... pinned down in the light cast by the public markets. Even mutual finds are just now coming of age, much less the things that were innovations on them.