MACRO

I've never used valuation to time the market. It's a good tool for knowing what you own, but a terrible tool for knowing when to buy or sell.

Liquidity matters more than earnings in the short run. The Fed is the most important variable in markets. Always.

The market is going to do what it is going to do. Your job is to position correctly before it does it, then get out of the way.

The Federal Reserve is the most important institution in the world for investors to understand. They set the price of money. Everything else follows.

We are all living in a debt supercycle that has one inevitable conclusion. The question is what you hold when it resolves.

The Exponential Age is not a prediction. It is already happening. Most people just have not noticed yet.

Bitcoin is a fiscal and monetary Swiss Army knife.

Most monetary systems fail not from a single event but from the slow accumulation of bad incentives.