This is just being sent to my “free subscribers.”
I had sent this yesterday to my millions of paid subscribers (feel free to join the club), but I think it’s so important for people to know that I’ll throw it in here in this brief note:
Here’s Raoul Pal calling for “emergency rate cuts as fast as you can”:
I also, which is very controversial, am very bullish equities, because more cowbell. If you debase the currency, equities go up. So I’m very bullish crypto, very bullish bonds, very bullish technology stocks in particular.
This is who owns corporate equities and mutual funds, by wealth percentile group, according to the Federal Reserve, as of Q3 2022 (latest data):
The top 0.1% (e.g., Leon Black) own 21.8%. That’s one-tenth of one percent.
The next 0.9% (e.g., Raphael Bostic) own 31.2%.
i.e., The top 1% own 53% of all equities.The next 9% (Fintwit) own 35.6%.
i.e., The top 10% own 88.6% of all equities.The 50th-90th percentile (e.g., people who watch Jim Cramer, my proxy for “middle-class”) own 10.8%.
The bottom 50% (i.e., the poor) own 0.6% (zero-point-six percent). The stock market is a fairy tale to them, like private jets.