Perspective – Ep 80

Here is what changed my mind. Not something about gold, but many things about the dollar. The US dollar is the world's reserve currency. It has had a well-deserved place since WWII, and that rested on three things: the largest, steadiest, most diverse economy; a politically stable democracy; the best military.

Narrative change is a reversal of mass behavior. Economics and stock market valuation are governed by soft laws, but the reality bent by human behavior can disagree with these soft laws for much longer than rational actors would expect, or stay solvent. The change, going from euphoria to despair, is a change in narrative.

As an entrepreneur, you always want to grow your business. Your current revenue and profit are never enough; they just set the bar higher for next year. We always want more. But this “more” has a hidden cost.

I have vague first memories of playing chess with my grandfather when my family visited my father's parents in Moscow. I was five years old.