Way back in the 1990’s when I was managing capital for a corporate pension department, I used to enjoy reading the annual reports that companies, whose stock was held by our firm, would mail to us as a hard copy. One particular report that stood out to me was from the Microsoft company (MSFT) whose products, especially Office, have been central to my desktop organization to this day. What captured my attention though, had to do with the customary picture of the top executives and board members, that appeared in all annual reports. This particular picture had two differences that stood out. The first was the number of executives that weren’t wearing a tie, and the second was one executive holding a basketball. My takeaway, was that picture was an oracle into the future of technology, focused on skill over style and organization over fraternity. Now we come to 2023 and the narrative is to attack the major tech firms even as they have done more to enrich this country than at any time since the industrial revolution enriched the middle class in the 20th century. I bring this up, because those same major tech firms are beginning to layoff employees for the first time in recent memory, is this a good thing?