Youre assuming owners can accept less than optimal outcomes ever. Once they get a 10% return literally anywhere, they just will not fuck with 9.999% ever again for any reason even if they gave the excess capital laying around doing nothing. Its just not Sexy, doesn’t feel like winning.
There’s a great “well there’s your problem” episode on freight rail and the fucking ratio.
Youre assuming owners can accept less than optimal outcomes ever. Once they get a 10% return literally anywhere, they just will not fuck with 9.999% ever again for any reason even if they gave the excess capital laying around doing nothing. Its just not Sexy, doesn’t feel like winning.
There’s a great “well there’s your problem” episode on freight rail and the fucking ratio.