The man in the arena earns my respect more with each passing year. He risks. He builds. He bleeds. The critic risks nothing but his opinion. Ben Franklin had a point. @elonmusk. Grok 4 is awesome.
"Only 2% of [public] companies [over the last century] were responsible for more than 90% of the aggregate net wealth creation." Long term public market investing = venture capital investing, whether you like it or not! HT @mjmauboussin
@PeterMallouk This reminds me of a classic Men in Black line:
Will Smith: Why the big secret? People are smart. They can handle it.
Tommy Lee Jones: A person is smart. People are dumb, panicky, dangerous animals, and you know it.
Always stuck with me.
@david_perell Interesting take! But if AI drives breakthroughs, will human stories still be compelling? Reading about how someone prompted an AI instead of pioneering a discovery or strategy feels far less interesting than the outlier ingenuity we admire today.
...Fixed-coupon bonds provide no protection against runaway currency".
The best protection for investors? Own equities, scarce & desirable assets like real estate, and non-inflatable currencies like #Bitcoin. Preserve wealth, outpace inflation.
Wise words from the great Warren Buffett: "Paper money can see its value evaporate if fiscal folly prevails. In some countries, this reckless practice has become habitual, and, in our countryโs short history, the U.S. has come close to the edge....
@donovanfinance@Rick_Ferri Exactly. Sophisticated advisors employ direct indexing to enhance tax loss harvesting. Could be what Fidelity is doing here...