Signals & Switches · Apr 14, 2026

2.5% a Year. Twenty Years. Part Three: The Size of the Gap

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The diagnosis is complete. Now — who the actual customers are, why the railroad’s defense doesn’t hold, and the three structural paths back.

(This article was written with the help of AI, but all editing, analysis, commentary, & opinion are mine.)

Signals & Switches | Channel Strategy & Infrastructure

by Paul Tonsager

This is the third of four parts. Part One introduced the mechanism: every business that routes through an intermediary for convenience eventually discovers the intermediary owns t…

Read on aet1998.substack.com ↗

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