Why this cycle is different:
In the 1980s/90s/00s household assets grew in-line w/liabilites
Since the GFC household assets have grown faster than debt
Household balance sheets are in a much better place today than basically any previous cycle
https://t.co/eNdk3CDV8W
The reason why so many rich people don't feel rich is because they know people even richer than themselves.
And they continue to meet these people as they become wealthier.
The end result is that no one feels rich, even when they are.
Minimum levels of stress:
As the world improves, our threshold for complaining drops. In the absence of big problems, people shift their worries to smaller ones. In the absence of small problems, they focus on petty or even imaginary ones.
https://t.co/nOa0l5iSb7
The 15 most popular quotes of the day from 2024!
"More fiction has been written in Excel than in Word." - @morganhousel
"Buybacks are divisive. They divide people who understand finance from those who don't." - Ken French
"Never, ever tell anyone about your problems, 90% of the people really don't care. The other 10% are glad you have them." - Charlie Munger
"All past declines look like an opportunity, all future declines look like a risk." - @morganhousel
"I put two children through Harvard by trading options. Unfortunately, they are my broker's children." -@jasonzweigwsj
"Speculation is a name given to a failed investment and... investment is the name given to a successful speculation." - Edward Chancellor
"The broker said the stock was poised to move. Silly me, I thought he meant up." - Randy Thurman
"Bulls make more than bears, so if anything, being an optimist about life and about things in general is a great attribute as an investor. You just can’t be starry-eyed and naive." - Stanley Druckenmiller
"It turns out the better you are with numbers, the better you are at spinning those numbers to conform to and support your beliefs.' - @AnnieDuke
"We don't have inflation because the people are living too well. We have inflation because the government is living too well." - Ronald Reagan
"Markets don't respect anything but truth." - Jim Haskel
"The function of economic forecasting is to make astrology look respectable." - John Kenneth Galbraith
"We are in the business of making mistakes. Winners make small mistakes; losers make big mistakes." - Ned Davis
"In a rising market, enough of your bad ideas will pay off so that you’ll never learn that you should have fewer ideas." - Daniel Kahneman
"If you ever have the misfortune to have an investment that goes down for any amount of time... severity is bad, but duration is underrated when it comes to pain." -@CliffordAsness
"Stocks rarely perform in the time frames we predict, and it’s why the market only works for investors that have more patience than they thought they would ever need." - @iancassel
This weekend I asked this question... and now it's time to reveal the poll results and provide the answer.
(I don't think you're going to want to miss this thread 👇)