The larger your economy, the more of a financial cushion you should create and the longer your investment horizon needs to become. If you want to have a resilient society anyway. Political pressures though count against it and demagoguery can make it extremely appealing to reap short term benefits at the cost of long term investment in your own society.

It’s why I was really sad to see the Canadian government give up on its Crown corporations. Sure, they got tens of billions of dollars for it. But that wealth took a really long time to acquire in the first place and the market cap of having a complete monopoly can’t have been priced in correctly (otherwise the private market wouldn’t have been all lathered up at the opportunity to take over).