"As humans we abhor uncertainty, and there are few things more uncertain than short-term financial market fluctuations. Engaging with what is happening and listening to people who confidently explain it is incredibly comforting. The sense of security it gives us is entirely false, but it feels real."
“I would summarize the weirdness of this whole cycle like this: On the one hand, it seems odd to be cutting at all, with growth as robust as it is, and unemployment as low as it is. On the other hand, the Fed is clearly trying to do something ahistorical, which is start the cutting cycle ahead of the curve, and not wait until a downturn is obvious before going into easing mode.”
“As a scarce commodity, supply is capped. What differentiates gold from most commodities is that it lasts forever. All the gold that has ever been mined below ground still exists above ground. That fundamentally affects the supply potential.”
“Much of China’s economic success is attributable to a vibrant private sector.”