Hope everyone is having a great weekend; enjoy the content below… summer was ‘quiet', but volatility is picking up - in both the world and the markets.
“Those who cannot remember the past are condemned to repeat it” - George Santayana
Translation: If you don’t learn from yours and others past failures/mistakes, you’ll likely repeat them. This quote has been paraphrased and reworded throughout history, but it retains its power and meaning, and highlights why everything is cyclical - human nature.
Recap: Best article we’ve come across on financial history, particularly on the potency of monetary and fiscal policy at different times in the cycle (ST/LT debt cycle).
Comment: This article ties neatly into our other highly recommended demographic work, The Fourth Turning. It’s fairly clear: 1.) we are in the midst of the 4th turning, 2.) monetary policy is pushing on a string, and 3.) we need fiscal policy and a strong leader for positive change.
Recap: Fun conversation w/ Pomp & Portnoy on how Barstool was built, the growth of content (most recently financial-related content with Davey Day Trader), and the simplistic case for Bitcoin.
Comment: Highlights the world today, and the power of technology-enabled, direct-to-consumer communities with common interests. We think this is just the beginning - technology, demographics, and incentive alignment allow for a new, (finally) mutually beneficial frontier in media.
Recap: Excellent Stratechery piece on the power of bundling/unbundling - ‘only two ways to make money in business, bundling and unbundling.’ Ben delves into the tech giants - Amazon, Apple, Microsoft, etc. - and how each is looking to create and capture value via bundling and unbundling.
Comment: Just like the economy, trends are cyclical - we move from peak aggregation (there’s one gatekeeper to everything you do), to peak disaggregation (there’s many fragmented players and it becomes difficult for a customer to keep track). Highly recommend this article as it provides insight on recent history + where we are today...
CrowdCent Thoughts & Predictions
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Look forward to more updates soon - the future is here...