The slow wave that has moved America’s largest asset owners from direct positions in American companies to indirect pools of passive ownership has been a good thing for costs and diversification. It has, however, contributed to our present breakdown in corporate governance.
The past revolutions to fix this have failed for predictable reasons. Future revolutions don’t have to.
It is time to take back your ownership.
Our leaders have botched the Covid-19 war, and we are defenseless against a now endemic disease.
15,000 to 20,000 Americans officially sick. 500 to 1,000 Americans officially dead.
The free world does not easily survive a globally endemic Covid-19.
A Gilded Age isn’t an age of prosperity. It is an age of the narrative of prosperity, and narratives of prosperity are always top-down political narratives.
There is but one way to tear down top-down political narratives: action.
ET In Full
Want to get hours of your week as a professional investor back? Want to reduce pointless portfolio activity and bad use of time with clients? Stop predicting games of chicken.
I’m with you in Rockland where we are great writers on the same dreadful typewriter. – Allen Ginsberg, “Howl” (1956) Give me a long enough lever and a fulcrum on which to place it, and I will move the world. – Archimedes (287 – 212 BC) Play-offs?!? Don’t talk about…Play-offs?!? You kidding me? Play-offs?!? – …
Neurosis is the inability to tolerate ambiguity. – Sigmund Freud (1886 – 1939) To learn which questions are unanswerable, and not to answer them: this skill is most useful in times of stress and darkness. – Ursula K. Le Guin, “The Left Hand of Darkness” (1969) Is everything connected, so that events create resonances like …
The only thing that I ask from this group today and the American people is to judge me from this day forward. That’s all I can ask for. – Alex Rodriguez press conference, February 17, 2009, regarding his steroid use from 2001 – 2003. I’m ready to put this chapter behind me and play some ball. …
The more I practice, the luckier I get.– Gary Player (b. 1935) Luck is the residue of design. – Branch Rickey (1881 – 1965) I’ve found that you don’t need to wear a necktie if you can hit. – Ted Williams (1918 – 2002) They say that nobody is perfect. Then they say that practice makes …
Reader reaction to the March 31 Epsilon Theory note, “It’s Not About the Nail”, was probably the strongest and most positive for any note to date. The message in a nutshell: financial advisors of all stripes and sizes would be well-served to do more than serve up old-school diversification platitudes in this Brave New World …
Don’t get me wrong. I’m thoroughly despondent about the calcification, mendacity, and venal corruption that I think four years of Clinton™ will impose. Trump, on the other hand … I think he breaks us. Maybe he already has. He breaks us because he transforms every game we play as a country — from our domestic social games to our international security games — from a Coordination Game to a Competition Game.
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