STUDY WEALTH CONCENTRATION

“A third of the world by countries that represent about a third of the world's population, they are all in declining mode. That's a fact. And if you look at the top ten first wave economies, they account for about 30% of the global population and about 70% of the world economy GDP; they are all declining. This is a slow moving train wreck that we have to be cognizant for.”

“Wealth concentration now exceeds even the Gilded Age, and when you bring in the lens of AI, the fog of war is so thick that it prevents us from being able to see into the future. I was inspired to seek truth by trying to anchor what you at least know for sure, because it gives me great peace when I can underwrite the things I know with certainty and reorient my entire investing mindset.”

“The value of labor is reaching zero because I think technology as a whole is deflationary. I think that's the punchline. If technology works the way that is allowing for productivity growth that resets the jump to universality in ways that is unimaginable, it's really deflationary. And so you should expect a lot of things to maybe go down in price.”

“What's happening though is that's not what we're seeing in actual price because we live also in a credit world, where credit inflation and credit creation is a big driver of our growth model. Technology as a whole is deflationary, but these compounding things like unprecedented levels of debt make the equation harder to reason about unless you anchor to the certain truths of demographics and labor.”

“In 1960, health care was only about 5% of US GDP, but we now know today it's over 20% of US GDP. That number alone kind of tells you people are living longer and health care is getting more expensive, which means that consumption actually has to be fulfilled. This will probably come from some kind of asset disposition that the older generation has acquired throughout their working years.”