First, I don't think that "capital efficiency" is something that we absolutely need to optimise for regardless of any other concerns, and even if I would conced

First, I don't think that "capital efficiency" is something that we absolutely need to optimise for regardless of any other concerns, and even if I would concede that, there's an argument to be made that concentrating capital in the hands of more people leads to more diverse markets that cater to more, and more different, people's needs. The thesis that a few number of people are just naturally more efficient at everything seems questionable to me.