the real innovation of LLMs is suddenly opening up a few trillion of mainstreet paperwork businesses that were traditionally too small and too weird for private equity, that can suddenly transact at 2/20 on some nebulous ai labor arbitrage trade. never bet against aum growth

“asset management” has already absorbed everything that can be rerated through changing the liabilities, cost of capital, duration, or scale. it has been unable to absorb relationship and toil businesses, those are the final frontier of technocapital, and by god are we there