Neverland

Disney is making a play to return to Neverland, a land where valuations are based on establishing market share and dominance of an emerging industry, where the moment you start worrying about how much money you’re making is the moment the narrative breaks. For students of markets and narratives alike, it will be worth watching.

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Good Luck!

Ben has already talked about the biggest and most important thing we can do in the face of the admissions bribery scandal.

But many remain convinced that this scandal is an inflection point, a change in the Zeitgeist. It isn’t. But that doesn’t mean we can’t be watching for our opportunity to weaken the influence of the Church of Credential.

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The Ministry of Rites and the Compassionate Man

“Oh, little Jimmy is going to 20-Years-Ago-This-Was-A-Second-Rate-University? I hear really good things about that school. Congratulations!”

“Thanks! We’re all very pleased. Everyone except my bank account, that is. Hahaha!”

It’s true, everyone is VERY pleased by the current system. Prestige university credentialing is a steam valve … \whispers\ just like elections.

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In the Trenches: Command and Control

It all started with the Maestro, Alan Greenspan, and his determination to create a Great Moderation. And it was all going so swimmingly, too, until the Great Disaster of 2008.

Now that there’s so little central banks can do, they are dead set on preventing another downturn before it even starts. So how does risk ‘price’ in capital markets when the cost of capital is constantly set too low? It doesn’t.

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