"What did we get for this $30 trillion of debt?"
“It worked until it didn’t.”
This is a buffet. You don’t have to eat everything.
“I don’t know that anyone really knows if our economy is booming or
if we’re in a recession right now and it’s a very strange time.”
Though the Nasdaq 100 sits only 6% south of its November 2021 peak following the index’s 42% year-to-date leap, a mere 14% of the IPO bumper crop from that year traded above their respective offering price as of Tuesday, Fortune reports, citing data from Renaissance Capital.
“Investors are no longer willing to pay gigantic multiples against future cash flows,” Joseph Endeso, president of private investment platform Linqto, tells Bloomberg. “Those things happened in the last bull market, but I think hard lessons have been learned.”
Where’s our Hoover Dam?
“We've just loaded $30 trillion in debt over the past generation - where's the Hoover Dam that we've built? What did we get for this $30 trillion of debt?...When you pile on debt, it has to be for productive stuff."
“Unwavering Support”
“If you look the highest education people, they’re reading the FT and everything that says, “Oh no, there shouldn’t be any inflation, that doesn’t exist anymore.” And so, they all believe it.”
And there is, there’s always uncertainty about these things. And the masses, who are seeing people make decisions that affect them, that these people are disconnected from, are getting really upset about them. That’s what’s driving all of this.
Meanwhile, it’s creating this circular bubble among the elites that’s almost reactionary. “Oh my gosh, they hate experts. Let’s tighten our ranks and further consolidate our control as experts, and revert to our models, and we believe in science and models.” And it’s like, “Yeah, of course we believe in science, but come on, have some humility. Accept that sometimes you’re wrong.”
That I think is a big part of the difference you see in that inflation. It’s just a microcosm of that. If you look the highest education people, they’re reading the FT and everything that says, “Oh no, there shouldn’t be any inflation, that doesn’t exist anymore.” And so, they all believe it.
Whereas to your point, the person on the street who’s like, “The price of bread just went up, I have to deal with this.” They notice it.
Marvin Barth with Grant Williams
“I dont know how people are buying all these new cars”
"What I found was arguably the shadiest, sketchiest outfit in the history of the hedge fund business, and that is not a phrase I throw around lightly."
- JG_Nuke (intriguing video about Nvidia, Coreweave, Magnetar, Blackstone and other black boxes)
See also: The Magnetar Trade: How One Hedge Fund Helped Keep the Bubble Going
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