Interesting snippets from this piece,
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One of the best letters from Howard Marks –
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Decades ago, Bob Dylan asked, “How many times can a man turn his head and pretend that he just doesn’t see?”
The answer, my friend, isn’t just blowin’ in the wind. The answer is that when there’s no limit to how much money professional investors can get paid to do so, there’s no limit to how many times they can turn their heads.
Just as macroeconomic factors outside of tech companies’ control made them superstars at the start of COVID, macroeconomic factors outside their control arguably present their biggest threat now.
The tech-cession isn’t likely to have as big an impact as people on big tech platforms make it out to be—but just because companies are headquartered in Silicon Valley doesn’t keep them in a walled garden separate from the rest of the economy.
“The real world is pretty simple: build useful stuff that makes money. So far, crypto has been a series of increasingly more elaborate ways to move the same money between different people, with an ever-increasing chance that your cash gets Thanos-snapped.”
https://www.youngmoney.co/p/magic-internet-money
Still bullish
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