The Only Life Raft Left
When the pace of change in growth, inflation, and liquidity accelerates, the stability of returns erodes. What once could be managed with passive positioning now requires deliberate, active decisions. In a faster-moving environment, maintaining the same level of returns demands more frequent adjustments because the underlying drivers of asset
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The only durable edge comes from becoming the kind of person who can actively make decisions in real time, adapt as conditions evolve, and surround yourself with others who operate at that same level. Looking ahead, this reality also means that human capital will matter more than ever. The largest companies of the future will be built and run by
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What are the tangible actions to take? 1. Build a durable base of specialized knowledge to understand and consistently interpret the world 2. Have the highest quality of information flow from the clearest thinkers 3. Identify all of the ways people don’t want to embrace uncertainty, chaos, imperfect knowledge, and risk. Take the bets no one else
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This accelerated pace of change is converging with the attention economy and the rise of social media, where complex problems are increasingly reduced to simple, all- in-one solutions. We see it in the way people sell Bitcoin, an altcoin, a tactical asset allocation strategy, or a trend-following system as the universal answer to every challenge in
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