Unanchored - Epsilon Theory
epsilontheory.com
Saved by sari
Unanchored - Epsilon Theory
Like angel investments in the Bay Area, when you add social and experiential value to other asset classes like stocks, sneakers, and cryptocurrencies, price is divorced from hard math and becomes more emotional.
Packy McCormick • Software is Eating the Markets
In this framework, it becomes clear that the traditional 60/40 portfolio of stocks and bonds is no longer relevant. In that scenario, you’ve already failed, as you're holding 100% centrally planned assets whose custody and value is manipulated by cross-border flows that influence global liquidity, disconnected from real economic productivity.
Jeff Park • The Radical Portfolio Theory
There was a common view that while financial institutions had made large bets, key decision-makers had their own money on the line, previous crises had turned out okay, ergo things couldn’t get so bad. Most market players, including regulators, proceeded on some version of those assumptions. The course of history appeared to validate this excess tr
... See moreTyler Cowen • The Great Stagnation: How America Ate All The Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better: A Penguin eSpecial from Dutton
was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. The