'Big Short' investor says white-collar jobs bubble is 'bursting'
Really solid reasoning and we should listen to Burry.WFH will reduce middle management and "prestige" employees as more efficient workflows evolve from the old "filing cabinets and typewriters" methods that some companies are still using to this day.Automation is coming, and it is definitely coming for the white collar workers who act as human CRUD apps.The ability to collate, search, and analyze data used to require labor power, it does not anymore.I watch my partner's experience in accounting and the difference are stark.There are many many bs steps in accounting with paper that disappear when digital tools are used.Having physical pieces of paper as a fungible business tool is still something used by a lot of firms but they are simply behind the times, there are relatively simple software solutions for most paperwork needs and this reduces labor power required."We've always done it this way" is an excuse for firms that will fall behind other digitally empowered firms.What does this mean for investors? Don't invest in companies that insist on using filing cabinets.