This is a bit out of left field but this really resonated with me:
If you’ve been reading me for awhile, you’ll know that I’m a relentless, unapologetic and deliberate optimist. I think it’s the only way to make money in markets.
But I can’t shake the nagging feeling that we’re very late in the bull market market. Now everyone knows that the big gains come at the end of a bull market and no one wants to miss that but there is also a sense that at some point there will be a reckoning.
Either AI doesn’t work and the megacaps get slaughtered or AI does work and millions of people lose their jobs. Maybe there is some space between those things but it’s a fine line.
In politics, the center has completely broken and more turmoil is coming. Either the US Supreme Court will take away tariffs and incur the wrath of Trump or they will endorse tariffs and show that they’re a rubber stamp for whatever Trump wants to do. I don’t like that dynamic and believe that all capital markets can prosper only on a firm footing of law.
But more than anything I can pointpoint, I just sense a generational anger that’s stewing right now around housing, wages, employment and prosperity that’s not going away
