8 Comments
User's avatar
ESteen's avatar

Paul Johnson’s “Modern Times” is a great read. He has a chapter on the crash and subsequent depression. I highly recommend it.

Expand full comment
ESteen's avatar

The picture of Federer and Nadal is priceless.

Expand full comment
Melody Wright's avatar

Thank you so much as always. I listened to the Whalen interview as well. He is still very much an insider and also loves the notoriety a little too much. He skirts on the edge, but still buys into many mainstream (especially industry) narratives. If he came with me on one of these trips though I think he would change his mind. So much good stuff in this post. Thank you.

Expand full comment
Tess's avatar

Does the “Welcome new paid subscribers!” line indicate that people can read up to that point without a paid subscription if I share this post?

Expand full comment
Rudy Havenstein's avatar

Yes. I generally give some general stories first for all (I have almost 18k "subscribers," but maybe 3%-4% paid) and then the stuff I spend time on is just for paid. I've been told by smart people not to give anything free, but I waver back and forth on that. I put a lot of time into these posts, and I think $8.33 a month isn't egregious, but times are tough.

Expand full comment
Tess's avatar

Understood - nice to be able to share posts where people can read a chunk for free that might encourage them to get a paid subscription, thanks.

Expand full comment
Joshua Hughes's avatar

Good stuff. Melanie is onto something. Real estate unknowns plus Private Equity unknowns plus the passive bid mindlessly pushing pensions into both and a handful of overvalued mega-stocks... what could go wrong?

Expand full comment
RAD's avatar

"Why you fool, it's the educated reader who CAN be gulled. All our difficulty comes with the others. When did you meet a workman who believes the papers? He takes it for granted that they're all propaganda and skips the leading articles. He buys his paper for the football results and the little paragraphs about girls falling out of windows and corpses found in Mayfair flats. He is our problem. We have to recondition him. But the educated public, the people who read the high-brow weeklies, don't need reconditioning. They're all right already. They'll believe anything."

-C.S. Lewis, That Hideous Strength

Expand full comment