This article is so brutal. In 2 months we have gone from WeWork being the worlds most valuable company by private investment to:
“WeWork’s bankers are pitching investors on what would be one of the riskiest junk-debt offerings in recent years”
Food is one of the few places where capitalism actually does what it says on the tin. Many producers making undifferentiated products (wheat is wheat is wheat) for basically no economic profit. And I don’t think it’s a coincidence that agriculture is one of the most heavily subsidized (and trade protected) industries. Exposure to the full brunt of market forces is basically unsurvivable.
This is the last one I’m making.
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