The Ledger, every show

“We're in a bubble today, and so there's a lot of these flows that are going to be unproductive ultimately”

“And now goods is accelerating again because the rest of the world is recovering.”

“I would say that it's a bad time for beta because we've Really pulled forward a lot of market returns this way, at least in real terms, because we sort of have to inflate the economy into these asset levels. But it's a great time for alpha because since so muc…”

“Initially there was a lot of inflation when you, when you're running hot like we are today, and you're financing a huge fiscal deficit like we are today with printed money like we are today, you get into this self-reinforcing inflationary cycle like we had in …”

“The thing that causes that is always an economically inappropriate amount of central bank printing, and what started in the nineties was, this was really the first time any foreign banks had been materially involved in U.S. Debt purchases.”

“The Fed has been a huge contributor to inequality already, and by virtue of juicing the assets that wealthy people own by definition, you know and so that's created a lot of the populist backlash that we've seen politically, not just in the US, but around the …”

“Productivity is income saved by companies that use AI and income lost by the workers that they no longer have to hire. You know, it's a force that redistributes income within the economy”

“Macro has been a challenged environment for 10 years because volatility has been suppressed by the central banks. They smooth everything out. They've printed a bunch of money, created a lot of dislocations. So if they're not able to do that anymore because the…”

“On the tech side, there's really nowhere else in the world that has the same set of technological innovation that the U S has the same sort of drivers that create that.”

“So from my perspective, you know, we've had a very long period of almost unconstrained balance sheet growth the world over, right? Debt, money, asset prices spending associated with that.”

“We've gotten to this point where we have the highest debt to GDP globally, in the U.S., pretty much everywhere, secularly, that the world has ever seen, including those worlds.”

“Set in motion globalization, all of the trade deals we saw since then, the wave of essentially bringing three billion people into the global labor market that depressed wages and provided a bunch of cheap outsourced supply for things. So yes, you have Western …”

“The rest of the world, their debt is floating rate. So these rate hikes pass right through.”

“Typically a new one takes over or you start to get some sort of decay in the existing order when there's a lack of technological innovation. So the US and also to some degree when you're overstretched from military perspective, because then all your sort of op…”