An intriguing Chinese proverb;
盛世古董乱世黄金 - In prosperous times, antiques. In troubled times, gold.
Liberal Democrat.
The newspaper published an anonymous letter, allegedly from a 'well-known American Scientist and Anthropologist."
www.thetimes.com/article/94cb...
www.thetimes.com/article/94cb...
BUT.
There is a bond market (or more generally a macro) constraint to borrowing, as there was in the 2010s - we just weren't near it then. Dodging the issue/pretending it doesn't exist isn't a policy.
Zack is, without doubt, a great communicator. And on him talking about democracy & the bond markets I'm reminded of Eddie Dempsey at the Durham Miners Gala when he asked "who elected the bond market?"
BUT.
There is a bond market (or more generally a macro) constraint to borrowing, as there was in the 2010s - we just weren't near it then. Dodging the issue/pretending it doesn't exist isn't a policy.
www.newyorker.com/culture/the-...
www.newyorker.com/culture/the-...
(Proverb of the Dakota people)
(Proverb of the Dakota people)
Finance Minister under Angela Merkel and during the eurozone debt crisis.
podcasts.apple.com/gb/podcast/t...
Finance Minister under Angela Merkel and during the eurozone debt crisis.
podcasts.apple.com/gb/podcast/t...
Could it be major insurers with stacks of private credit in their balance sheet who go under if the crisis in private credit deepens?
A great pod from McAlvany financial.
www.youtube.com/watch?v=BLES...
Could it be major insurers with stacks of private credit in their balance sheet who go under if the crisis in private credit deepens?
A great pod from McAlvany financial.
www.youtube.com/watch?v=BLES...
My favourite two lines:
“Kindness is costless but also priceless”
“Keep in mind that the cleaning lady is as much a human being as the Chairman.”
Warren we salute you 🫡 🇺🇸
A true giant among men.
berkshirehathaway.com/news/nov1025...
My favourite two lines:
“Kindness is costless but also priceless”
“Keep in mind that the cleaning lady is as much a human being as the Chairman.”
Warren we salute you 🫡 🇺🇸
A true giant among men.
berkshirehathaway.com/news/nov1025...
#lestweforget
#lestweforget
www.barrons.com/articles/iee...
www.barrons.com/articles/iee...
A fund manager should weigh up an investment prospect on its individual merit.
A fund manager should weigh up an investment prospect on its individual merit.
“Besides conveying his overarching economic perspective — a mix of classical economics and skeptical views of human nature— Art schooled me in the principles of contrarian investing.
“Besides conveying his overarching economic perspective — a mix of classical economics and skeptical views of human nature— Art schooled me in the principles of contrarian investing.
“I would rather have questions that cannot be answered, than answers that cannot be questioned.”
- Unknown
“I would rather have questions that cannot be answered, than answers that cannot be questioned.”
- Unknown
youtu.be/TJYqvK_oVN8?...
youtu.be/TJYqvK_oVN8?...
I think it’s much more interesting to live not knowing than to have answers which might be wrong.” 
Richard Feynman - Theoretical Physicist - Winner of the 1965 Nobel Prize in Physics.
I think it’s much more interesting to live not knowing than to have answers which might be wrong.” 
Richard Feynman - Theoretical Physicist - Winner of the 1965 Nobel Prize in Physics.