The core of the firm’s bearish thesis centers on a massive pool of routine, low-complexity insurance policies. The BofA analysts, Joshua Shanker, Joseph Tumillo, Cyril Onyango, and Fatima Keita, looked at just six major carriers catering to small businesses and personal lines: Travelers, Hartford, Progressive, Cincinnati Financial, Hanover, and Selective. From these six companies alone, BofA identified over $15 billion in commissions paid to independent agents in 2025 that largely skew toward low-complexity risks.
开拓者之旅：每个学生都将获得一个冷门且没有人做过的研究方向。这意味着我们没有师兄/师姐/小导帮助，自己负责从产生 idea、文献调研到实验、写作、投稿的一切工作，切切实实体验从新建文件夹开始到发出论文的英雄之旅。
，详情可参考体育直播
In the 250-plus years between the invention of the water-powered spinning jenny and artificial intelligence, we have developed technology and technique with the primary aim of reducing the number of people necessary to employ for a given amount of output. On a finite planet, the amount of output must eventually stabilise. We cannot maintain for ever the notion that everyone must have a job in order to be allowed to have a life.
一座小山村，藏着发展的大逻辑。
，这一点在体育直播中也有详细论述
Lex: FT's flagship investment column
Фото: Lehtikuva / Heikki Saukkomaa via Reuters，这一点在体育直播中也有详细论述