Universal Label Masks Healthcare Rationing, Not a Solution
“Pretending the rest of the world solved healthcare because they slapped the word “universal” on a rationing scheme is not analysis.”
Decades Mask Returns when Valuation Spreads Shift
I don’t explicitly do small cap value here (but rather value in general) but even “decades” can obscure true expected returns (for value, for the market, for anything) if there are big changes in valuation (not value, but the value...
Not a Budget Crisis—Just Overspending on Promises
True. But more generally, please don’t call it a ‘Budget Crisis’ even if he does. It’s not a budget crisis. It’s a crisis of “I can’t pay for all the massive NEW AND IDIOTIC spending I’ve promised.” https://t.co/OpdE81Q0qK
Leverage Hype: Bitcoin’s Hype Fueled by Clueless Hucksters
Bitcoin may or may not be a good thing, but I assure you it is not because Michael Saylor discovered a new thing called “leverage.” Idiocy spoken by idiots and hucksters to con idiots. https://t.co/hDnuS8eoRh
Illiquidity Becomes a Self‑Control Tool for Long‑Term Investors
Key quote: “long-term investors are shielded from the risks because they can lock up their capital to weather market cycles” The only risk being “shielded” is the risk of being dumb (selling in a panic). That’s not a trivial thing, we’re...
Aaron Brown's New Book Is a Must‑read
Having read an early copy I can tell you this book by my friend, co-author, and former colleague Aaron Brown is fabulous. You should order it. https://t.co/HPfjMoKc0N https://t.co/UayaXSOetF
California’s Energy Costs Driven by Policy, Not Consumption
Grok on California’s high price of energy: “It’s a regulated monopoly system layered with aggressive state climate, equity, and reliability mandates that socialize expensive fixed/policy costs onto volumetric rates. This creates high prices despite lower usage.” @tomsteyer, that kind of sounds...
Private Debt Is Risky—Stop the Compliance Spin
The one in which Cliffwater going full Schrodinger. The private debt isn’t risky or not until we look? WTF? Let me help. The right answer, the honest answer, the only answer, is yes it is risky. That this crap makes it...
Correlation Hype Ignores that Alternatives Are Just More Equity
One of the dumber things you hear lately, from a lot of supposedly non-dumb people, is “stocks and bonds are now trading positively correlated so you now desperately need this other investment that’s way way more correlated with stocks than...
Kagan, Sotomayor Follow Constitution; Jackson Favors Policy Preferences
The two other liberals justices, Kagan and Sotomayor, seemed to be able to rule based on the Constitution this time (not that I have any expertise as to who is right). But Jackson, again, only seems to cite what she...
Pre‑existing Conditions Aren't Covered—It's Not Insurance
Ignoring preexisting conditions is not insurance and people shouldn’t pretend it is. Myth #3 https://t.co/vlKp7E5lKj
Both Parties Sabotage Housing: Policies Hurt More Than Help
Has there been a housing market, federal, state, municipal, that the government has not screwed up? Get everyone in a house many couldn’t afford pre GFC then “let’s roll the dice.” Don’t ever allow building in anyone’s backyard (a key...