I think we usually see two distinct failure modes; either a company rots from the inside and loses a significant portion of its peak value before finally succumbing to an acquisition, at which point the single acquirer picks their bones dry. Or a massive company fails in a spectacular fashion, like we might see with some airlines in the next few months, but isn’t it also true that either they will restructure in bankruptcy or a large single competitor will come and sweep them up?

I guess the difference is that there’s nothing in the ocean that can devour a whale in one bite, the only option is for many very smaller creatures to feast on it over a long time period. TFA also mentions a crucial factor is the whale needs to fall in the deep sea, coastal water falls don’t result in the same effect. What would be the analogy for the deep sea effect — to preserve the company over time to allow the smaller entities to “feed” on it?

If there was a way to better emulate the natural effect I think it would be hugely beneficial to market diversity and competition. I think markets continue to evolve in ways that support and encourage monoliths. This long-term trend has just been massively accelerated over the last couple months.