Brett Harrison: evaluation

Transcript context

…I'm only asking more about this because this is really interesting to me. There are some level of resources where we would say that at this point it's not worth it, right? Let's say $5 trillion a year was spent on getting it down from like, two nanoseconds to like, 1. Know that's probably not a realistic number, but just like there is some margin at which for some weird reason that there's society or just spend so many resources on it, would you say that we haven't reached that margin yet where it's not socially useful? The amount of brain power and resources that are spent on getting these tight. Spreads I don't know how large a percentage of GDP prop trading is. I suspect it's not that large. So I don't think we're close to that theoretical limit of where I would start to feel that it's a waste. But I also think there's a reason why they're willing to spend the money on this kind of technology because they're obviously profiting from doing so and it has to come from somewhere. So somehow the market is subsidizing the creation of this technology, which means that there's still ability for value capture, which means there's still a service that's being provided in exchange for some kind of profit. I think we wouldn't spend $5 trillion in a microwave network because there isn't $5 trillion of extra value to be created in doing so. Got it. Has being a market maker change your views about civilizational tail risk because you're worried about personally getting run over, right, by some sort of weird event and adverse selection? Does that change how we think about societies getting run over by a similar thing, or are the mental models isolated?…

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