Is There a Slowdown in Productivity?

I think these companies got really bloated and there's a lot of excess and entitlement that grew up in the system during this zero interest rate period. And I think companies are finding that it doesn't impact their performance at all when they do these headcount reductions. You can see somewhere where they could even grow faster because having a lot of people is tough. Often, you can build faster with fewer people. So it could be a blessing to these companies as well.

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