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Discovering the Lack of Innovation in the Mortgage Industry
The narrator applied for a mortgage with multiple banks and realized that they were all doing the same thing. They spoke to people in the hedge fund and private equity businesses who confirmed that there were too many commissions and processes involved. The narrator was worried about what they were missing, but then realized that everyone in the industry was making so much money that they had no incentive to innovate. This discovery made the narrator more confident moving forward.
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