Happy Sunday

Today I mailed out a “subscriber-only” letter where I shared my asset allocation. This piece was the final part of a four-part series I called “The Lull.” If you’d like to read it, please become a paid subscriber.

• Podcast

A Diabolical Challenge

Money is both a constant in human life and constantly unstable, like the ocean.  Sometimes money lurches from one market to another, like a stock market crash. Sometimes prices begin to rise, like now. Eggs cost 12% more than a year ago. An egg is an egg, you just pay more for it. If your wealth is fixed and eggs cost more, effectively you are now poorer.

• Investing

The Cost of Invading

For those new to Things I Didn’t Learn in School, a brief explanation. We air a podcast twice a month and a weekly written note. The two are different, but inter-relate. The weekly note is usually about a macro-economic or investment topic, very broadly defined. The podcasts are micro, individual life stories. Our next episode airs October 27. Each helps illustrate the other. More about what we (and it is a team) are up to, is here. If you are less familiar with investing, The Lull, which includes editions #32, #33 and #36 is a good place to start.

• Geopolitics

Ray Dalio, Unplugged

It’s hard enough to know ourselves, let alone others. We are contradictions, moods and degrees of disclosure and so are those we try to understand. Observer and observed are in motion. Those familiar to us also remain elusive.

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My Bets

“I never had a long-term plan. I plan six months ahead. A series of six months plans is a long-term plan.”

• Investing

The Art of Not Destroying Wealth

If someone forwarded this to you, you can sign up here.

• Investing

Volunteerism In The Time of Covid

Alexander Vanyukov is a heart surgeon in Moscow, husband and father of two. Like all of us, Covid turned his life upside down. Only, he wasn’t hiding out in a country house making as needed dashes for groceries. He was at ground zero in a hazmat suit and goggles trying to prevent some of Russia’s 200,000 reported Covid deaths. Excess mortality suggests the actual figure is closer to 600,000.

• Podcast

The Outlook and Ms. Eilish

This is Part 2 of my answer to a subscriber who asked what the big picture “take-away” is, the outlook. If someone forwarded this to you, you can sign up here.

• Investing

Dear Readers…

Today was the first time I mailed out a “subscriber-only” letter. I shared my logic for paid subscriptions a few weeks ago here. From now one, I will make certain letters subscribers only, typically those more closely tied to the investment outlook. If you want to read The Outlook and Ms. Eilish, sign up. If not, we will re-connect next week!

Religion in the Modern World

If someone forwarded this to you, you can sign up here.

• Podcast