The problem isn’t that we derive too much of our worth and value from work. The problem is that our jobs are becoming increasingly abstracted from work. Friends: Your work is holy.
Lots of Blockchain, UK house prices subdued, trade talks weigh, idol worship perilous, a rich kid buys gold and why Nintendo goes back to Pokemon.
Now that Jay Powell’s semi-annual Congressional testimony has finished up, it’s time for a brief walk down Memory Lane.
As with everything else in our Washington clown show, nothing really changes. This has all happened before.
A World Full of Elons, the unrevolutionary foldable era, the fastest strike in history and more arbitrary causal links in financial media.
Markets ‘seek clarity’ on China/US trade, fire engine manufacturers, drug price hearings, and lowball hostile bids.
The hobbyist farmer can afford to spread wildflower seeds to the wind and the elements. The professional farmer, on the other hand, doesn’t have this luxury. Neither do any of us as investors.
Whether it’s ITT and Hal Geneen, or Teledyne and Henry Singleton, or GE and Jeff Immelt, or Berkshire Hathaway and Warren Buffett … at some point these companies get too big to continue growing through acquisition. There’s no more step-function P/E growth to be had on the E side of the equation. So they ALWAYS start focusing on the P side – the multiple – which is entirely a creature of Narrative.
Home improvement, midstream energy, travel and leisure, and the heart attack that wasn’t caused by energy drinks.
A tariff three-fer, subsidizing orphans like it’s a bad thing, Buffett buffetted, and MMT/GND propaganda shifts into a new gear.
What killing active investment management? It’s not some monster hiding behind the rabbit. No, it IS the little white bunny. It’s the Zeitgeist of capital markets transformed into a political utility, innocuous on the surface … but with killer teeth.
How do you defeat the Zeitgeist? You don’t. The smart move, in fact, is to help the killer rabbit.
But there IS another way.