October 2019

Tell Me What You See

The Dow opened the 20th century trading at 68. It closed at 11,497, a 16,875% increase, which explodes to 1.8 million percent with dividends. But of course nobody got these returns, and the ones that achieved even a fraction of them had to endure unthinkable pain along the way. Consider that: The low in 1932…

Animal Spirits: Winners of the Financial Crisis

On this week’s show we discuss how private equity came out so well from the financial crisis, what’s changed in the private tech markets, algos controlling trading, how allowance to give your kids, why anecdotes don’t tell the story about the economy, why Fidelity is the Microsoft of the asset management industry and more.

Unified American Discourse

Besides the NBA China story, the Joker hot takes, Trump tweeting about the #donothingdemocrats, the outrage over a #cancelWWEnetwork match, and the venture capitalists butting heads with Scott Galloway, it was a fairly quiet weekend. How did this happen? When I first joined Twitter in November, 2009, it was mostly to follow Knicks and Giants…

These Are the Goods

Articles Every current event – big or small – has parents, grandparents, great grandparents, siblings, and cousins. By Morgan Housel  When you trade for free, you still pay—at a different tollbooth. By Jason Zweig The public markets are a lot different than the private markets. By Fred Wilson Technology and materials firms sell more outside…