Big Macro Thought: As the economy has become more financialized and a larger slice of the pie is eaten by the centralized banking cabal, a lot of the frontier innovation in private markets does not flow thru to the middle class. We all know the public market structure incentivizes either massively scalable monopolies or story stocks/SPACs/long duration stocks. The middle ground of "value" or "the middle class" has been cannibalized by monetary dilution/fiscal spend that lowers the cost of capital for the larger caps relative to smaller caps. There has been no point investing in a good value stock, because most of the value funds have lost so many assets, there are no buyers for value without a secular growth turnaround. Most value stocks EPS has not been able to outrun the monetary dilution anyway. So to stay ahead of the monetary dilution the retail investor has been forced against their will (& own self-interest) to invest in the centralized tech oligarchs that are now basically a tax on global GDP. Every dollar that gets printed by easing or fiscal inevitably gets clipped by large cap tech first. Congrats to them, but it makes our whole economy less dynamic and hollows out the middle class. The other alternative for retail is to go out to the Frontier/high volatility stocks which have long duration and are massively affected by the forward guidance of centralized policy (Monetary & Fiscal). Peter Thiel once said, “Finance epitomizes indefinite thinking because it's the only way to make money when you have no idea how to create wealth". He also wrote, "If you are afraid to fail, then you should go and become a banker." We are watching the endgame for this psychosis that epitomizes sclerotic 4th Turning American incentives. At the National Conservatism Conference in July 2019, Peter Thiel also said, "Anyone on Wall Street will fight tooth and nail against sensible trade, and we need to keep them away from the negotiating table". He made this statement while discussing the U.S. trade and current account deficits and the role of financial institutions. I think we are watching the inevitable blowoff top of centralization here- it's what I refer to as Weimerica. Bankers/politicians don't want to swallow the pill to reverse globalization and reinstall our manufacturing base/middle class, so they will resort to the only other thing they can do. Our only way out now is to try to blow a bubble in the frontiers to create self-reinforcing growth and allow some of the private innovative companies to go public so that our middle class gets a taste of the returns to stay ahead of the inflation. That is why Hassett will be the new Fed Governor/ This is the new game. When the market has been set on a crash course of centralization, the only way out is to blow a bubble. ...