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"The truth is that the Luddites were the skilled, middle-class workers of their time. After centuries on more-or-less good terms with merchants who sold their goods, their lives were upended by machines replacing them with low-skilled, low-wage laborers in dismal factories. To ease the transition, the Luddites sought to negotiate conditions similar to those underlying capitalist democracies today: taxes to fund workers' pensions, a minimum wage, and adherence to minimum labor standards."

Speaking of unicorns, the author says ..." Their eventual (and unavoidable) collapse may prove to be systemic, dragging down the market, not because of their size (which is insignificant), but because investors will reprice the market, taking the promise of an infinitely more efficient tomorrow out of the equation. Ray Dalio's dark prophecy may just be right: When the "dream companies" fail to deliver on their promise, and the only way for pension funds to make good on the obligations is to chase debt, there might be a moment when investors say "enough" and began pulling their money out of the system, causing massive repricing and a surge in rates."