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“Self-reflection is the school of wisdom.”
While China weathered the Covid crisis better than anyone, the new year presents its own challenges. The way ahead will be more difficult, less predictable, and highly contingent on complex policy choices.
The insight from financial history is that we’ve endured the “displacement” and are only now entering the “boom.” The “mania” phase lies well ahead.
While the world balks at America’s failed response to a pandemic, their economic management may yet prove to be superior.
The rotation from value to growth over the past decade is the start of a secular trend that will persist over many decades.
Weakness of breath underpins weakness of mind and body. Strength in breathing carries strength to both. Know that breath must be exercised.
Five major themes will underpin the “twenties”: balanced multipolarity, generational conflict, China’s introspection, atoms over bits, and climate change as an investment thesis.
We believe Square, Shopify, and PayPal will collectively be worth more than the ten largest US banks combined.
The boom in day trading, the birth of rolling funds, and the rise of blank check companies all point to one thing: the greed tide is beginning.
American civilization like any other is a transitory thing. But the effort to meet the challenge of the rising East may yet reinvigorate it.