US: Household Net Worth: 1952-2015
What I’m listening to.
Had a two hour conversation yesterday with one of the world’s leading thinkers on asset management. I told him my story of a Uber ride on Saturday night where the driver told me he was buying his third semi-detached home in London after telling me has no other income, five kids, and is on a second marriage. He told me about the money illusion that has grossly distorted asset values. The article below helps explain.
Basically, it goes all the way back to 1952 to show just how out of whack household net worth has become. As you can see, the last two times there was a big trend divergence, a bust soon followed.
Thornton describes it as “monetary and fiscal policy insanity,” and predicts there’s more to come when the bubble bursts — which could be as soon as this year. Roberts says his “bearish spidey senses” are tingling, but “the problem is that markets can remain irrational far longer than logic would dictate.” He urges caution “while waiting for the market to finally declare itself either a ‘bull” or a ‘bear.’
Great article from the Spectator about ‘what the hell is going on’. Its not right or left, atheism or magical thinking, it’s global versus local. Thanks to David from London.
So Austria has a new leader. The radical leftist Alexander Van der Bellen, a former Green party leader running as an independent, has just edged out radical right-wing politician Norbert Hofer in one of the closest elections in European history. After postal votes were counted, Van der Bellen had 50.2 per cent and Hofer 49.8 per cent – a margin of just 0.4 percentage points.
Austria narrowly rejected an anti-Muslim president yesterday but the far right celebrated its biggest surge in Europe since the Second World War.
Meanwhile in America, angry white men.
Here is a rough recent accounting of the relationship between Donald Trump and the Republican Party.
I was born in 1980, the year China implemented the one-child policy: I don’t have siblings, and neither do my peers.
The final ceiling.
In this year of political rage, one aspect that baffles me somewhat is the absolute, electrified, apoplectic, blurred-vision hatred of Hillary Clinton. Nor do I get the similar outrage expressed about President Barack Obama, who in Comment Section World makes Donald Trump look like a lovable Disney character.
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