one of the most important things we discovered along the way is it's extremely difficult to iterate with outside suppliers, particularly outside suppliers in aerospace, which are let's just say I have no kind words for them. So we chose to build our own machine shop. And now we can go from a digitally designed engine part to a prototype part in about 24 hours.
As with self driving cars, most of the early players in humanoid robots, will quietly shut up shop and disappear. Those that remain will pivot and redefine what they are doing, without renaming it, to something more achievable and with, finally, plausible business cases.
So, I think it'll be the same thing that that we'll see an increase in the scope that we're giving that we're willing to give to the robots as they get better and better where initially the scope might be like there is a particular thing you do like you're making the coffee or something. Uh whereas as they get more capable, as their ability to have common sense and a broader repertoire of tasks increases, then we'll give them greater scope. Now you're running the whole coffee shop.
I’ve rarely seen a more capitalist society than China, from the pure economic side. I’ve rarely seen companies that are as competitive as Chinese companies. People as ambitious and obsessed with making money as Chinese people. Kind of ruthless actually. And look, consumers shop, firms invest. If you invest well financially, you’ll get great returns. What is not capitalistic about the Chinese economy? At the same time, the social fabric is highly socialist.
For most of my investing life, Vanguard was THE one-stop shop for index funds of all types. They have the lowest expense ratio and the utmost respect for their customers.
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