We just rented one on a trip and it was horrible! The giant screen is unintelligible and not at all intuitive. Felt like a golf cart on steroids.

Jimmy Carter. His about face when he got the governor's mansion in GA was pretty impressive.

And what are the societal changes? Is it as generalized as the low simmering rage knock-on effects from people's frustration with prices going up under full employment? Or are you thinking of other societal changes specifically?

The only major change I see re: FE is people lose their "servants".

Is the recklessness of the individual who has faith they'll have a job no matter what to pay for current consumption so they can YOLO bet with their savings? Or in this theory is it political actors who come to believe nothing they do will break the engine that's humming along?

Yeah, but COVID and the subsequent wfh showed everyone how bad the norm was for family life. It’s like everyone got out of an abusive relationship and got some perspective. Not going to be jumping at a return to the old ways.

What is the port in the storm here? It feels like you can’t go from equities to bonds because rising bond yields are going to tank existing bond values. Gold? Cash?

Recognizing I come from a much less experienced position than everyone who went through the tech bubble, this really does feel like the tremors before the storm.

For state and local gov't budgets, is the worry the COVID stimulus running out, or that with the legacy costs of pensions, healthcare, etc., they won't be able to withstand an economic downturn w/o cutting services and entering a death spiral?

That directional risk being that a slump in residential construction drags other sectors of the economy down with it?

Conor: Long time listener, first time caller, etc. So what is the play for people who believe AI is overhyped, a big downturn is coming, but can't figure out the timing? Just stay on the sidelines till the dip? Or is there a hedge out there?