Wage Growth, Groucho Marx Edition

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Flat Arthur
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Flat Arthur

Thanks for sharing this Ben. As a “premium” subscriber considering the upgrade to “Pro”, you hit on my exact issue in your conclusion. I can’t bring myself to base my investment decisions on the momentum of what I consider to be false cartoons. I don’t think that I could ever get my heart into it.

Can we make money by betting against cartoons that are a) false b) driving prices in a meaningful way and c) running out of steam? In other words, objective reality as gravity and crumbling narrative as a catalyst. Presumably the inverse (new narrative that is “true to reality” and gaining momentum) could also work. I know that this approach would reduce the opportunity set, but at least I would be able to respect my process and “serve my pack” with “clear eyes and a full heart.”

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