I don't entirely buy this.
In-house SaaS replacements compress margins and cut headcount but don't kill most companies, and survivors likely exist just leaner.
Agents are too inconsistent right now to meaningfully replace travel, insurance, real estate, and are already being baked into incumbents.
Real estate value risk is real but (probably?) localized to tech-heavy metros.
The real risk IMO is one way or another government policy lagging behind, the deficit widening quickly, and historical parallels of enough middle class people losing jobs simultaneously that leads to political/social chaos...
What do y'all think?
https://x.com/Citrini7/status/2025668400396349476