This week, I happened to finish the weekly digest early so I sent it out on Monday rather than Tuesday. But I should have waited because then I could have included this ludicrous video of Michael Saylor pumping Bitcoin -- telling ordinary people to YOLO everything into Bitcoin, even mortgaging their properties or a family business to do so. Unbelievable!
Howard Marks is a legend. So are his posts which I‘ve read for many years. What his bottom up analysis missed this time around ( recall as of mid ‘21 he wasn’t ringing bells like Druckenmiller was w/ emphasis on top down). Looking forward, IMHO it will be absolutely essential to combine BOTH as this past 6mn has established. Without a macro top down global perspective, looking at bottom up US focused asset classes is, going to be like giving a golfer the chance to play a great course with his/her Driver & putter.
I think it should be debated, but I suspect that means testing it would weaken the system in the long run by reducing political support. It would come to be perceived as a program for the poor or lower middle class rather than something universal. At a time when the country is badly fractured, social security is one of the few things that seems universally supported. Anyway, I think it should be debated rather than putting in the type of inflation gimmicks in that article I linked to by the former Senator...
This week, I happened to finish the weekly digest early so I sent it out on Monday rather than Tuesday. But I should have waited because then I could have included this ludicrous video of Michael Saylor pumping Bitcoin -- telling ordinary people to YOLO everything into Bitcoin, even mortgaging their properties or a family business to do so. Unbelievable!
h/t @dollarsanddata
https://twitter.com/dollarsanddata/status/1536432251180924930
Howard Marks is a legend. So are his posts which I‘ve read for many years. What his bottom up analysis missed this time around ( recall as of mid ‘21 he wasn’t ringing bells like Druckenmiller was w/ emphasis on top down). Looking forward, IMHO it will be absolutely essential to combine BOTH as this past 6mn has established. Without a macro top down global perspective, looking at bottom up US focused asset classes is, going to be like giving a golfer the chance to play a great course with his/her Driver & putter.
SS should probably be means tested. I paid the max into SS for many years, and while it would be nice to get when 70 or so, I don’t really *need* it.
I think it should be debated, but I suspect that means testing it would weaken the system in the long run by reducing political support. It would come to be perceived as a program for the poor or lower middle class rather than something universal. At a time when the country is badly fractured, social security is one of the few things that seems universally supported. Anyway, I think it should be debated rather than putting in the type of inflation gimmicks in that article I linked to by the former Senator...