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A Wild Ride
Oil’s precipitous decline was one of many wild market gyrations over the last month. The move was more technical in nature rather than a reflection of true pricing, but it is representative of the unprecedented environment we currently face.
We remain in the early innings of the COVID crisis, as the long-term shifts in behaviour (and markets) will long outlive the virus itself. For investors with resolve, the coming months will almost certainly present opportunities worth capitalizing on.
We remain at your disposal for any financial, or more importantly, personal needs during these trying times.
A piece from Marc Andreessen, Netscape pioneer and well-regarded venture capitalist, that inspired a bit of controversy. In this essay, Marc goes on to suggest that the future belongs to those who “build” – for someone who spent his entire career stimulating the software economy, it was certainly a ready target for criticism. We would encourage you to read the full piece - its message is inspiring and worth reflecting upon.
In fact, I think building is how we reboot the American dream. The things we build in huge quantities, like computers and TVs, drop rapidly in price. The things we don’t, like housing, schools, and hospitals, skyrocket in price. What’s the American dream? The opportunity to have a home of your own, and a family you can provide for. We need to break the rapidly escalating price curves for housing, education, and healthcare, to make sure that every American can realize the dream, and the only way to do that is to build.
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A classic piece from Farnam on innovation and the value of “borrowing” from those who have come before:
What’s this about? Why can’t people come up with their own ideas? Why do so many people come up with a brilliant idea but never profit from it? The answer lies in what scientist Stuart Kauffman calls “the adjacent possible.” Quite simply, each new innovation or idea opens up the possibility of additional innovations and ideas. At any time, there are limits to what is possible, yet those limits are constantly expanding.
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A deep analysis of past and current monopolies in the tech sector which challenges the perception of why large companies (think Microsoft in the 90’s) lost their dominance. As Keynes says:
In the long term, we’re all dead
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An insightful interview (work from home style) with Ray Dalio. Bridgewater certainly has its share of critics, particularly after their last quarter, but we always find Dalio’s perspective thought provoking. This interview is less about the disease itself and more focused on historical lessons and the prospective state of the world.
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