The standard business school answer is that the most money lives in the largest companies. Bigger capital, bigger spend, bigger headcount, bigger moat. That answer has been right for two centuries. I think it has about five years left, ten if it gets lucky. The shift is already starting. Small teams, sometimes one person, are running operations that used to require a few hundred. Not "doing the work of a few hundred people" in the slide-deck sense. Actually shipping product, serving customers, compounding. The reason this is happening is simple. Operations have been the moat for a long time, and operations are the first thing that gets commoditized when you can hire an agent the way you used to hire a junior. This isn't a "AI changes everything" post. Capital-intensive things still require capital. Regulated things still require regulators. If you're trying to fab a chip or run a bank in your garage, the next ten years will not save you.…