Get Our Blog
  • Eric Hahn

Be good…just not too good

The number one rap song in the country right now, Kendrick Lamar’s Be Humble, was first introduced via a viral clip of LeBron jamming out to it on Instagram. LeBron was amazing in the post-season but in the NBA Finals earlier this month, he was most certainly humbled. The Jordan comparisons – not that he was the one making them – were probably not a great look, karmically speaking.

Be Humble is probably not a bad look right now in the tech world. We’ve been in the celebration phase all year as Microsoft, Google, Amazon, Apple, Netflix and Facebook take their place in the pantheon of classic American monopolists. These firms and a few others, it is now widely acknowledged, dominate everything. There is no day-part in which they do not dominate the battle for consumers’ attention. There is no business safe from their ambitions. There are no industries in which their influence and encroachment are not currently being felt.

And for now, users, consumers, technology journalists and shareholders are cheering.

But this mood can change very quickly. Additionally, it’s only a matter of time before government officials begin to hear ever more louder and insistent whispers in their ear to “do something!” from their adversaries and the incumbents they’re disrupting. Lastly, it’s important to remember that the incumbents don’t just lay down. They occasionally play offense instead of defense in the face of an existential threat.

Already we’re seeing essays about the “disinflationary” effects of these companies crossing over from the business section to the op-ed pages of major newspapers. The country has lost 22,000 coal jobs since 2001 but it’s lost half a million department store jobs in the same period of time. Retail workers aren’t predominantly white middle-aged men and they don’t wear hard hats, so Republicans and Trumpists haven’t taken up their cause. Yet.

The pace of this “disinflationary” effect seems to have begun to accelerate. Retail jobs are down 89,000 payrolls since October. It is expected that 8,600 retail stores will close their doors this year. Abandoned mall porn is making the rounds on social media once again this summer as JC Penney and Sears teeter on the brink of reorganization.

This is taking place as Amazon and the cloud computing / ecommerce / software companies that enable the trend add hundreds of billions to their market caps. Fighting to save the coal industry, which is small enough to fit into a thimble, is hilariously anachronistic in an era during which every kind of white collar worker is losing sleep over his or her own replaceability.

Betterment, Wealthfront and the early wave of robo-advice startups came out of the gates to a blitz of media attention and rapid growth in assets under management. They were really good at telling their story, showing off their abilities to scale and scaring the big asset management firms and online brokers.

They were too good.

It wasn’t long before here to keep reading

Portfolio &
Money Management


Contact Us

4 Landmark Square - Suite 315
Stamford, CT 06901





ADV Part 2 | ADV Part 3 (CRS) Privacy Policy | Cyber Security Policy | Business Continuity Plan Client Secure Upload


Check the background of this firm on FINRA’s BrokerCheck.           


NS Capital LLC is a Registered Investment Adviser. NS Capital and its representatives are in compliance with the current filing requirements imposed upon registered investment advisers by those states in which NS Capital maintains clients. NS Capital may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. NS Capital’s web site is limited to the dissemination of general information pertaining to its advisory services, and through the NS Blog access to additional investment-related information, publications, and links.  Accordingly,  NS Capital’s web site on the Internet should not be construed by any consumer and/or prospective client as NS Capital’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.  Any subsequent, direct communication by NS Capital with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of NS Capital, please contact the SEC or the state securities regulators for those states in which NS Capital maintains a notice filing.  A copy of NS Capital current written disclosure statement discussing NS Capital’s business operations, services, and fees is available from NS Capital upon written request. NS Capital does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to NS Capital’s web site or incorporated herein, and takes no responsibility such content.  All such information is provided solely for convenience purposes only and all users should be guided accordingly.


Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by NS Capital), will be profitable or equal any historical performance level(s).


Certain portions of NS Capital’s web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, NS Capital (and those of other investment professionals) positions and/or recommendations as of a specific prior date.  Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s).  Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from NS Capital, or from any other investment professional. NS Capital is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 


Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if NS Capital is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of NS Capital by any of its clients.  Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Each client and prospective client agrees, as a condition precedent to his/her/its access to NS Capital web site, to release and hold harmless , NS Capital’s officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from NS Capital.

© 2020-2025 NS Capital LLC. All Rights Reserved.