Spooky

Great book and post. Very wise.

Agree with this. No one knows what will actually happen. Better to focus on the micro and individual companies and ignore the politics / noise.

Then they are focused on the wrong thing.

Interesting article by Martin Wolf in the FT about Europe: https://on.ft.com/4gDLw3D Shows that the expansion of the EU to poorer countries has lead to increasing GDP per capita in those countries. Contrasts it with Mexico and Nafta where GDP per capita has gone backwards despite the opportunities supposedly afforded by its free trade agreements.

Yea but who cares about beating a bond index.

One thing has nothing to do with the other. Trudeau was dead politically a long time ago.

Agreed, such hipocrisy at the end for Biden. First order of business should be restricting insider trading from members of congress.

You're missing my point - you believe the prior administration is corrupt while appointing a corrupt grifter several orders of magnitude larger to the presidency. The reality is that your political system has been corrupted by money and lobbyists and is bought and paid for. Citizens United allowed unlimited money in politics. Members of the supreme court like Clarence Thomas are bought and paid for. There are dark money super pacs. Most media is for profit and essentially propaganda. Trump talks about draining the swamp but he will just enrich himself, his friends and family at the expense of the American people like he did in his first administration. Where are the wise people that will put their country over personal or party gain? I agree with Druckenmiller's view that Trump lacks the appropriate character to be president (he also was not supporting Kamala). Bringing this back to investing, at a point in time the erosion of sensible and wise regulation will have a negative impact on the country and the stock market. We need a strong SEC to protect small investors etc. Washington's inability to help the common person is driving people to the extremes of the right and left. Just look at the popular support for Luigi Mangione arising out of an inability to fix a broken system.

I'm not an American but this is just too funny. You're living in an alternate reality.

The right's obsession with Hunter Biden is astonishing and hypocritical. Trump and his family are just grifters out to make money for themselves. Jared Kushner was actually part of the administration unlike Hunter - remember he was in charge of Middle East peace? After services rendered received a $2B "investment" in his private equity fund from the Saudis (the fund which most professionals consider a joke). Just the type of revolving door in government that people despise. Trump himself has so many conflicts of interest - he should have placed his business interests in a blind trust. Remember he opened the hotel in Washington where foreign governments could bribe him? He is now appointing family members to head the RNC and ambassadorial positions (Kushner senior actually was a criminal and in jail and is now ambassador to France). Trump crypto, shoes, bibles, watches? We will also now never know who he was selling American's most sensitive intelligence too either.

Not much compared to the $2 billion Jared Kushner got from the Saudis.

Agree. The amount of capital spending by these companies with respect to AI is huge. There is a good question on if they make a return on this investment. This Sequoia piece was pretty interesting: https://www.sequoiacap.com/article/ais-600b-question/ My view is that it is impossible now to predict who will be the individual winners in AI. It is like the Buffett example on the automobile sector - would have been better to short horses. However, if the technology is able to boost productivity then a wide range of companies and industries will benefit which is why I am putting more funds into broad based global equity ETFs.

Good thing I don't follow them or even know who they are!

Thanks for the post Dealraker. I generally agree that the pendulum is swinging too far towards euphoria. One of the signs to watch out for will be a wave of new IPOs which is always a good counter indicator. Time to be more cautious / selective.