As an investor, I usually am buying two things: either 1) investment optionality (management teams making capex bets, usually multiple bets) on the future or 2) companies with pricing power (cash printing machines with an attractive combination of free cash yield and free cash growth.)

@conorsen.bsky.social the younger generations are the canary in the coal mine. Not making predictions (because accurate predictions are impossible), but employment statistics always deserve the closest analysis and greatest attention.

The art of politics at its most fundamental is the art of creating and using leverage. Politics is not about honesty. Honesty is usually antithetical to the use of leverage.

To understand risk, you need to understand resilience. You cannot accurately judge the risks involved without considering the factors that make those risks less impactful.