The Wisdom Wall
9 quotable lessons, heuristics and mental models. Every one is playable at the moment it was said. No fortune cookies allowed.
“the profit system alone does not direct resources adequately.”
“In either case, you don't want to hold that debt, because either there's a debt service problem, or there's a depreciation, you get paid back with a greater supply and cheaper Money, and that is the dynamics, and that's the mechanism”
“a great company that gets expensive is much worse than a bad company that's really cheap.”
“you can't lose the technology war because you'll lose the military war.”
“As you can see, they transpired in overlapping cycles that lasted about 250 years, with 10 to 20 year transition periods between them.”
“Typically, these transitions have been periods of great conflict, because leading powers don't decline without a fight.”
“if you didn't know what gold was likely to do, and you had no view on gold, one should have between five and 15% of their portfolio in gold because of the fact of how it works with the other components.”
“people don't think of taxes as inflation, but taxes are inflation.”
“Uh, the, the key spot is when the debt service becomes large, and then, like, the real red flag, the biggest red flag, is when there's then the selling of the debt beyond the new supply, but the holders of it sell it, and then you can see it in the market action, because you can see that long-term interest rates rise,…”