An important statement in the field of investing is the Psychology of the Investor.
This was brought out well by Morgan Housel in "The Psychology of Money":
"There are also multiple sides to room for error. Can
you survive your assets declining by 30%? On a spreadsheet, maybe yes – in
terms of actually paying your bills and staying cash-flow positive. But what
about mentally? It is easy to underestimate what a 30% decline does to your
psyche. Your confidence may become shot at the very moment opportunity is at
its highest. You – or your spouse – may decide it’s time for a new plan, or new
career. I know several investors who quit after losses because they were exhausted.
Physically exhausted. Spreadsheets can model the historic frequency of big
declines. But they cannot model the feeling of coming home, looking at your
kids, and wondering if you’ve made a huge mistake that will impact their
lives."
Public Sector Unit (PSU - India) Banks
are the back bone for financial inclusion of people in rural areas of India.
Thanks to Vijay Mallaya, Nirav Modi etc. PSU banks are under strain and stress.
Article by B Yerram Raju on
Lessons learnt from bank nationalization (Business Line newspaper) touches some
points which are worth noting:
Current generation of bankers
“The current generation of bankers working more on systems than on
knowledge hardly seem to realise the rough patch Indian banking is going
through today.”
The above is also true because
many executives joining the work force use Software (ERP) and do not know the effect
of a transaction. They believe System does that automatically and is well
taken care of during the sign offs. Hence, System completely overtakes the
knowledge of the user.
In the context of System many believe the Enterprise Resource Planning (ERP) System is the beast running the operations of the institutions. As usual human beings do not talk / interact with beast they do what it states.
Below quote rightly summarizes it (replace “animals” with “System”):
“One thing to remember is to talk to the animals. If you do, they will talk back to you. But if you don’t talk to the animals, they won’t talk back to you, then you won’t understand, and when you don’t understand you will fear and when you fear you will destroy the animals, and if you destroy the animals, you will destroy yourself.” Chef Dan George
Demonetisation
“Demonetisation exposed the infrastructural inadequacies in the banking
system. Banks, to retain profits, started fleecing the customers with high
service charges.”
Banking focus
“Today, banks do more non-banking business with hefty commissions.”
Excellent recommendation
“Make sure banks focus on their core activities and not sell insurance
policies, mutual funds and other third party products that could also include
laddus and medallions at pilgrim centres.”
Thanks to
Bibek Debroy for introducing Manmatha Nath Dutt vide article in Open Magazine
(17 July 2018).
Truly
as the title suggests Manmatha Nath Dutt is "The Lost Hero".
For
the sake of creating eagerness in the readers to know about Manmatha Nath Dutt
i will reproduce a section from the biographical article:
"Chronologically, he translated
the Valmiki Ramayana (sequentially from 1892 to 1894), Markandeya Purana
(1896), Bhagavata Purana (1896), Vishnu Purana (1896), Hari Vamsha (1897),
Mahanirvana Tantra (1900), Agni Purana (1903-04), Mahabharata (1895-1905),
Kamandakiya Nitisara (1896), several samhitas anddharmashastra texts (1906, 1908-09),
Garuda Purana (1908) and Rig Veda Samhita (1906-1912)."
"Apart from this remarkable
body of translation work, Dutt wrote a biography of the Buddha (1901), retold
stories from the Puranas (1893-94, the four volumes titled Gleanings from the Indian Classics),
retold stories about famous women in Hinduism (1897), wrote a book on Hindu
metaphysics (1904) and wrote another book on the dharma of householders
(1905)."
It is
unimaginable that a human being can relentlessly be contributing for such a
long period for writing. Undeniably he piloted his time effectively. “The bad
news is time flies. The good news is you’re the pilot.” - Anonymous
An Honest interview by Ms Reham Khan, ex wife of Cricketer
Imran Khan opens up subject which many Asians (cricket playing) ignore.Asians (cricket playing) believe cricketers are
Demi gods / great role models. Ms Reham Khan breaks that false image held by
the fans.
I will share here some of the answers which should be an eye
opener for many especially Indians:
Reham: Whoever it is — be it Nawaz Sharif, Modi, Imran or
Rahul Gandhi. But we don’t think about all this. We just think Imran is a
cricketer- politician and an honest man. How do you know he is an honest man?
In cricket, there is a record of his performance. There is no record of his
performance in politics.
Blog writier: How many Indians know about the performance of
Indian cricketers / actors in matters other than cricket. We believe they i.e.
Cricketers / Actors behave in the same way we see them on field. Which is
incorrect as in cricket field / acting their cricketing talent comes into play not their personal human character.
Reham: Maybe I said that when I was still married. Wahi to
mein kehti hun, pyar andha hot hai. (After all, love is blind.) Actually, that
is his problem. He can never be compassionate. Imran was a celebrity when he
was 21. So much fame, so many girls and so much money at such a young age.
Pakistan is not like India. In India, you have so many celebrities. But in
Pakistan, there is only one celebrity. So he can never be normal. He never
lived a normal life, never had to go to the bank, to an ATM or power supply office.
He does not know what daily chores are. He does not know how to raise children,
his wife did it.
My first meeting with him was when I had gone to interview
him. I was told that he would be the next Prime Minister. But, all through the
interview, he kept asking me my age. I did not want to be rude, but I did not
like it. I told him about the Nirbhaya rape case. He did not know about it.
While I was talking about it, he kept asking me for my address in London. I
paid no heed to his enquiries and kept asking him about the Delhi rape. And he
said he did not have any idea. I explained the gravity of the crime and the
global outrage. He replied: ‘Really?’ And he then said it was all because in
Bollywood films they make girls wear skimpy skirts and because of that, these
crimes happen. I was shocked. What a thing to say!
Blog writier: How many of the Indian celebrities like Sachin
/ Virat / Kapil / Gavaskar / Amitabh / Shah Rukh/ Aamir/ Salman etc. we have seen
them standing in an ATM line or Bank or any other institutions. Many still hold
them as role models without realizing that our fathers / mothers are standing
in queues to ensure basicservices are
received i.e. Daily Chores. How many of this celebrities have read a book on a subject
like philosophy / human issues? I think none because you never hear any such
references from any of them about books or daily issues in any of their
interviews.
Reham: He uses multiple drugs. It is an old and
entrenched habit. He never remembers in the morning what he said the previous
night. He even used banned drugs. It is brought to him in a thaili (bag), like
the ones in which you carry sandwiches.
Blog writer: I will refrain speaking about actors as it is
well known (thanks to sanju movie). For cricketers I will not speak for as the
statement from BCCI (Cricket body in India) speaks for itself:
BCCI rejects National Anti Doping Agency's demand to conduct
tests on Indian cricketers. ( https://firstpost.com)
BCCI rejects NADA demand of testing Indian cricketers (https://timesofindia.indiatimes.com)
BCCI claims it has robust anti doping mechanism.
Questions:
Why BCCI is opposing outside agency? Whether its
internal anti doping mechanism was audited by outside agency?
Or is there matters with BCCI / Cricketers which should
never be brought outside.
Better read article on Cricketers and Drugs in Outlook
India. I appreciate Indian Cricketers as a family managed to maintain a stoic
silence on Drug abuse. May be time will play a role and a prominent
cricketer will open up on drug use by cricketers sometimes in future.
Reham: On the possibility of Imran being elected Pakistan’s
prime minister in this month’s elections, Reham said it was a scary thought.
Referring to his alleged use of drugs, she said: “He does not remember in the
morning what he said the previous night. So,
it is possible that he will press the nuclear button in the
night, and say in the morning that he did not order the nuke strike.”
Blog writer: Thank God Indian cricketers never became Chief
Ministers / Prime Ministers. But Actors I think we better look down south we
get the answer.
Learning:
Consider cricketers and actors (in India) as paid performers
and never consider them role models.
Is there any more Reham amongst Indian Cricketers (besides Hasin Jahan)?
Thanks to Grant Williams (Real Vision) I managed to hear
some new / lost words:
·Intergenerational means of preserving capital
·Permanent , irreplaceable capital
·Investment counselor
·Endurance (in investment )
·Difference between American and European
investor
The above words were brought during an interview with Anthony
Deden (Chairman of Edelweiss Holdings) is one of those guys who falls in the
tradition of participating in business and not investing in stocks. For a change
I and the world was introduced to an European Value Investor.
I can surely say that I can add one more name along with Warren
Buffet , Charlie Munger i.e. Anthony Deden.
What I liked about the interview:
The Interviewer (Grant Williams) was not rushing
with questions
The interview was done in two days ( not the
usual few hours in a studio)
Interviewee (Anthony Deden) possessed clarity in
thoughts, ease in presenting / articulating
Interviewee shared some examples which are irreplaceable
/ will be etched in memory
The interview is worth watching despite its length (i.e. 02:25:39).
We have to remember that this interview was edited from a footage of 4 hours.
I was shocked to hear that men like Anthony Deden were
common in Europe but they were reclusive and not interested in participating in
Twitter, Face book etc
My learnings / valuable insights from the interview is shared below:
Investment Counselor
and his approach
(05:20) – But when you are an investment counselor to a family, and in
essence, you are asked to provide guidance for the entire wherewithal this
family has, you come to the inevitable observation, to start with that, this is
all the wealth this family possesses and no one is ever going to give them any
more. Yeah. And there's a sense of irreplaceability to this capital. So you
have to start respecting it, respect the fact that it is really irreplaceable. It
represents a lifetime's worth of savings. That is, that you must avoid the kind
of error that would put this family out of business. And you also learn fairly
early on, something that takes men far longer to do-- that is, it's easier to
actually make money than to keep it.
Separation of Securities prices from economic results / activity
(18:10) But then came the period of 1995, '96, '97, where-- monetary
policy has always played a role in financial matters, but all of a sudden the
monetary policy became the driver and industrial activity took a backseat to
financial activity. That was the beginning, I think. Maybe I will disagree on
that about the timing, but prices of securities were going up, independent of
economic results or economic activity. And that's mostly in the United States,
but the rest of the world followed along with the American policy. At some
point, prices became untethered from the reality of the situation. And I saw
this in, possibly, in 1998, and I became certain that there must be an error,
and the error must be either outside or it could be mine. I couldn't see the
fact that the world had changed. And I went through a period of soul searching
because, I felt, perhaps, I was too old-fashioned. I had too many rigid ideas
and the world was changing. Remember, those were the days of Mr. Greenspan, who
advocated a complete revolution in productivity, and other such factors. And I
asked myself, perhaps I'm wrong. Perhaps what I believe is wrong, and perhaps
everyone else is right. And now, it seems insignificant, but back then, it was
an enormous burden on me, because if I were wrong, that means my actions, or
inactions, would have an effect on other people's savings. So I had to do
something about it. What you do in this case is sort of like when you get lost
on the road and you don't know where you are. You might have a map. The map
doesn't help you unless you know where you are.
Focus of investment
(22:34) Now, if you are merely in front of a Bloomberg machine and you
think that you can anticipate these matters and you can anticipate interest
rates and foreign exchange rates, you're deluding yourself, because no one
really knows when the next boom or bust will take place or where. But the
problem comes in not trying to impress your customers, but trying to protect
what you have spent years accumulating.
Impact of QE (Quantitative Easing)
(27:42) In the beginning of the QE period, the global QE period, I
became convinced that the world, the system, was going to destroy the nature of
money itself. I became convinced that the rules of the game had changed
completely. When the rules change, the basic framework with which you make a
decision needs to change.
How to stay away from herd
(43:29) The only thing I have is that I have purposefully extracted
myself and our team and our organization from the financial world. That's all
I've done. So when you extract yourself from it, your vocabulary changes. Your
practice changes. Your philosophy changes. Everything changes.
On Forward Guidance
(50:26) Now, you asked me about this nonsense about earnings estimates
and forecasts, and what do they call them? Forward guidance. Forward guidance. Yeah.
I mean, I think that every CEO that I know personally would tell you in person
that they have no clue. And first of all, even if they did have a clue, why
would they give you forward guidance? There's nothing in it for them. No, no,
there's something for them, if they have the options involved. Well, you're
exactly right. We're talking business owners here, not CEOs. I mean, what is
the purpose for having forward guidance? The only purpose is the price of the
stock. And then therefore, the price of the stock becomes a product, so then it
becomes a game. So the focus is not on making something, the focus is on how to
make money. So the idea behind the business is money is made as a result of
doing something well. I mean, that's the principle foundational aspect of it,
is you do well financially as an individual because you contribute something
worth-- someone else is willing to pay what you contribute. So to the extent
that the only objective is to make money, or to acquire something of a purpose,
or reselling it, or what have you, you lose track of those essential
components, of this idea of independence and endurance that I spoke to you
about. It becomes a game.
On understanding business
(55:23) But what do you do is you learn about business. Not about
stocks, but about business. You learn the food business, the fertilizer
business, engineering. You learn about specific endeavors, and you acquire an
understanding-- a businessman who grows, say, carrots. I'm using this example. Yeah.
He's completely uninterested in spending time learning about semiconductors. Because
no matter how much he knows, he will not ever know what could go wrong. He
knows carrots. He knows what can go wrong in the carrot business. He knows the
components that contribute to successful carrot business. So you can never tell
me that there's a young man 25 years old, however many degrees he may have from
Harvard, who can sit in New York and know what can go wrong in some biotech business
in Japan or some machinery business in Spain. He sees things superficially on
financial information, on a superficial-- look at what it looks like, or what
it has looked like. When you buy for the purpose of selling, you don't really
need to understand what can go wrong.
Scarcity, Endurance and Independence
(61:51) And we defined it by the word scarcity, and that scarcity is
the most important law in economics, in that no one can have all that they
want. Scarcity is a natural law. It's just part of life. There's scarcity in
material goods, in resources- - everywhere you look at the scarcity, in real
savings, in terms of money, other than, perhaps, credit is being created. But there's
not just scarcity only in visible, tangible resources, there's also scarcity and
skill sets. There's also scarcity among the kind of characteristics and
character in men that you and I would consider to be attractive. So scarcity,
in all of its permutations, is an important ingredient in any action that deploys
capital for the future. What makes a Van Gogh painting valuable is not the
canvas or the paint, but the fact there is only one. By the same token, there's
a second component, which we call permanence. I sometimes think we should have
called it endurance, but nonetheless. It's the idea of creating a framework not
only within your collection of investments, but by extension within each
investment, the nature of the investment itself, and the people, the
participation that it represents, in the kind of policies and the kind of
practice and the kind of purposeful behavior that is designed to endure, rather
than merely grow. You can grow but become fragile and then die. That's not
interesting to me. So if my mandate is to protect capital from both inflation,
taxation, and bad decisions, then the idea of seeking to find endurance is very
important. It's really important. And the third part was the idea of
independence. So it was scarcity permanency. And independence is even of
significant value as well in the sense that much of what we see today in our
world is interdependent today. We depend on so many external factors. We depend
on suppliers. We depend on the light coming on when we turn on the switch. We
take it for granted that the light will come on. We depend on the water
company. But more so, in a business sense, we depend on, perhaps, key
suppliers, that often, perhaps, their situation is not as strong as we think it
is. We have competitive pressures that come as a result of competition that
would not have been there had there not been credit. So credit creation. The
debasement of money has created an environment in which there is falsity within
the competitive arena in which companies operate. And in order to survive, they
have to, more or less, adapt to the conditions. So there's dependence on
government for subsidies, or for tax abatements, or other such things. Sometimes
there's dependence on one customer. So dependence makes a system fragile. So
the more independent an organism is from external weaknesses, the more likely
is to add to its endurance, or its strength. So independence is very valuable,
and is actually costly. There's an element of freedom.
Quote on wisdom
(66:34) The ancient Greeks said that the revisiting of definitions is
the beginning of wisdom.
View of savings due to debasement of money
(69:44) It's hardly anyone who works to provide for another generation.
People want to consume what they have. They see their investments as an
extension of their current account. It isn't always true, but this debasement
of money has changed. It has had a moral impact on man's view of his savings or
his world.
Participating in business and buying shares
(76:17) The story is a real story about this man who often did this
sort of thing. But one day, he came to me, and he says, I need your help. He
says, there's going to be a dry-cleaning store in our neighborhood and I have a
chance to invest money. And I said, well, that's wonderful. He says, well, but
I've got to do some research. So he says, I went around, found out that the
nearest dry cleaners is only 2 and ½ miles and they're very busy. So there's
likely to be demand for this cleaning shop. I also went to industry to find out
what the operating margins are for cleaning stores and what is the nominal
labor component versus the amortization, and equipment, and on and on. And so
this man was a dentist, actually, he was a educated man by nominal standard. The
moment he had an opportunity to invest in something that was not quoted, and he
didn't really know what he would like to do, he became fascinated with the idea
of being an owner in a dry cleaners. But he saw the necessity of understanding
those ingredients that would otherwise contribute to the success or failure of
this investment. Whereas on the other hand, because throwing money on a tip is
the kind of thing that allows you, well, the next day to sell it, or buy more,
et cetera. That liquidity gives you an excuse not to want to know anything, not
to understand anything.
About inter-generational wealth
(81:32)This date farmer I met is Arab. And he had inherited an orchard,
right? It's called an orchard? Yes. --of roughly about 1,000 trees. He showed
me around. And he showed me something like 100 trees that were recently
planted. And I said to him out of curiosity, I have this curiosity about, I
said, how long will it take for this to bear fruit? And he says, well, this
particular variety, it will bear fruit in about 20 years. But that's not good
enough for the market. It may be about 40 years before we can actually sell it.
I've never heard of this. I did not know this. Now, there are other date trees
that could produce faster. But anyway, so I said-- so all of a sudden, it
became odd. Because I looked at all these trees that were being harvested. And
you realize that he couldn't have possibly planted them. Yes. He said, oh, yes,
yes, yes, that was my grandfather, and my father, great grandfather. It was
fascinating. Why would a man do something today for which he will receive no
reward in his lifetime? The only reason he would do this if his time preference
is so low that he's concerned about his family's wealth a generation or two
from now. Because he receives no reward by planting a tree that will have no—
You know, in your world, they would call it an economic loss, a loss of
opportunity, or god knows what they would call it. But he saw the world
differently. I'm in a supermarket and I see dates, I think about this story
now. And I'm sure there are other, similar kind of situations. Everyone has
heard me tell the story about Antoine Fievet, the chairman of Bel—Fromagerie Bel.
And the first time I met him, something had happened in the company that was
notable. Anyway, so I said, I want to congratulate you for something. I don't
remember what it was. And he says, oh, Tony, you don't need to congratulate me.
I found myself in this family that several generations built this wall. And I'm
adding one or two bricks. And I'm going to pass it on to someone else. Think
about what this man said. I mean, I was instantly in love with this man. It
made no difference if he made cheese or made furniture. He had a perspective of
what his role was, a perspective of what his task was, that his mission was to
protect, to preserve, and to enhance what he was handed. It was not the
business of quickly selling it, and making money, and doing things. They do
make a great deal of money. But they do make money as a result of making great
products. So how many people in the world can I find that I can buy 2%, 3%, 4%,
5% of their business that think like that? Because that way I can sleep very
well at night. And I can assure you the capital that I command and is deployed
is going to be around 50 years.
On watching stock price frequently
(86:45) Yesterday, we have one holding in which someone sold 14 shares.
Right. The prior closing price was 505 euro. Yes? Yes. The new bid was 480,
asking 540. Ask 540, bid 480. Somebody sold 14 shares at 540. The last price
came down 2 and 1/2%. And I calculated that for the family that owns the
company that translates to something like 400 million euro worth of change. Right.
Now imagine they were watching it. It is immaterial. For us, it was something
like 600,000 of dollars or euros, or I don't know what. But the fact is that
the more often, the more frequently you look at something, the more frequently
you'll second guess why you own it and what else you could own instead.
On Responsibility and Accountability
(96:37) Today, you're suffering from a culture of unaccountability. Look
how many times you've heard recently the word transparency. Everybody says this,
huh? When I was a young man, no one really knew the word transparency. When a
company is owned by an owner, there is no need for transparency. Right? Yes. When
a company is owned by someone who is responsible to the owner, that's all we
need is a responsibility. We used to have this word. No? Now we have
manufactured all this bureaucracy to satisfy our nominal need that things are being
reported, et cetera, et cetera. Every fraud in the world had an audited,
financial account. Yes. Everyone. So that doesn't mean anything either, does
it? Nope. No, it doesn't. It doesn't.
On Two stock ideas
(141:16) A year and half ago, they asked me to speak in New York-- I
told you-- in this forum. And they told me, he said, look, you have to say whatever
you say, but then you give us two good investment ideas. People are used to
this sort of thing and they want them. So I said to the organizer, I said,
imagine you ask a doctor, can you give me the names of two good drugs? It's the
same question. Yes. First of all, an investment idea is worthless unless you
understand whether it's suitable to someone, appropriate. So the fact that you
take particular medicine and it's useful for you, you don't say, Tony, you need
to take that too. Try this stuff. --really good for me. Yes, right. Well, maybe
I don't need it.
Article “The Velocity of Money… and Revolution" by David
Brin has made some very good observations about money.
On what is Velocity of Money?
“You may be asking, what exactly is the velocity of money?
Essentially, it’s the frequency with which the same dollar changes hands
because the holders of the dollar use it to buy something. Higher velocity
means more economic activity, which usually means higher growth. So it is
somewhat disturbing to see velocity now at its lowest point since 1949, and at
levels associated with the Great Depression.”
Money during feudal period
“We have known - ever since Adam Smith gazed across the last
4000 years - that a feudal oligarchy does not invest in productive
capacity. Nor does it spend much on goods or services that have
large multiplier effects (that give middle class wage earners a chance to keep
money moving). Instead, aristocrats have alwaystended to put their
extra wealth into rentier (or passive rent-seeking) property, or else
parasitic-crony-vampiric cheating through abuse of state power.”
The best on Corporate debt back then and today
“Um…. Duh? Once upon a time, the purpose of corporate debt
was to gather capital to invest in new productive capacity (factories, stores,
infrastructure and worker training), with an aim to sell more/better goods and
services that would then produce healthy margins that pay off the debt, across
a reasonable ROI (Return on Investment) horizon.
This would then actually decrease the net ratio of
debt to company value, across a sapient period of a decade or
so. This approach still holds, in a few tech industries, but not wherever
companies have been taken over by an MBA-CEO caste devoted to Milton Friedman’s
devastating cult of the quarterly stock-price statement.
Today, companies borrow in order to finance stock buybacks,
market-cornering mergers and other tricks that our ancestors (again, in the
Greatest Generation or “GGs”) wisely outlawed. Tricks that GOP deregulatory
"reforms" restored to the armory of cheaters. Tricks that enable the
CEO caste to inflate stock prices and meet their golden incentive parachutes,
with the added plum of pumping rewards for their Wall Street pals who arrange
the debt.”
We are very happy to observe increase in
House Prices when we are an house owner (debt free).
Article, Most
‘Wealth’ Isn’t the Result of Hard Work. It Has Been Accumulated by Being Idle
and Unproductive, by Laurie Macfarlane stated an interesting note on increase
in house prices:
"When the value
of a house goes up, the total productive capacity of the economy is unchanged
because nothing new has been produced: it merely constitutes an increase in the
value of the land underneath. We have known since the days of Adam Smith and
David Ricardo that land is not a source of wealth but of economic rent — a
means of extracting wealth from others. Or as Joseph Stiglitz puts
it “getting a larger share of the pie rather than increasing the size of
the pie”. The truth is that much of the wealth accumulated in recent decades
has been gained at the expense of those who will see more of their incomes
eaten up by higher rents and larger mortgage payments. This wealth hasn’t been
‘created’ – it has been stolen from future generations."
Mike Maples Jr. posed a very valid
question in his article “Crypto Commons”:
“Would you have wanted stock in a railroad?
Investing in
stocks is obvious today, but imagine you were a blacksmith or fur trader in
1870, and someone offers a share of stock in a railroad. It wasn’t “valuable”
like money because you couldn’t go to the store and buy things with it. And you
couldn’t say to a train conductor “I want to use my share of stock to take a
ride on this train.”
Imagine you’re a
British aristocrat in 1870, and your primary assets are in European land. Do
you invest some of your “old money” wealth into the New World stock markets in
search of better growth prospects? Land is tangible and known. Stock in a
railroad is a walk on the wild side. Do you feel lucky?”
Obviously, thanks to the lack of
knowledge / information (stock value compounding over a period of time) / then
ecosystem prevailing, I would not have invested in early / mid 20th
century.
As Nick Maggiulli (Of Dollars and
Data) correctly stated:
“While it might seem shocking to you how ignorant many of our ancestors
were, it’s only surprising because we have something they don’t have—the
privilege of knowledge.”
“However, though buy and hold might seem obvious now, that’s only because we have the benefit of hindsight, ubiquitous
data, and modern computational resources. A century ago, who had access to anything remotely this
useful? No one. People didn’t have the documented market history
and technological capabilities we have today, so why should we have expected
them to “buy and hold” back then? If anything, their history was riddled
with banking panics and far more instability, so I can’t blame them.”
May be we today have to think
something completely different to stay ahead of the curve. Since current knowledge
is already factored in the prices of the stocks or assets. What is required is
a leap of faith in supporting i.e. Crypto Currency / Space tourism / Mars
Housing etc.
It is worth reading below two
articles which takes us on a new journey:
