"The only PHD that counted in the pits was 'Papa has Dough." - Mark Spitznagel / The Dao of Capital: Austrian Investing in a Distorted World
“When you’re a trader, you view the world very cynically—there’s no nonsense. You have to be very quick, land on your feet, find a decision—you train to be in a fire.” - Nassim Nicholas Taleb
"Nowadays people know the price of everything and the value of nothing."
- Oscar Wilde
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Mathematical formulas require a constant.
Gold was removed as an anchor to all currencies in 1933.
Price discovery of capital - interest rates - were eliminated for a historic decade following the 2008 crash.
Leverage - Probability
What happens when the Y Axis [denominator] is a moving target?
How do you store your energy?
Mining Majors - "Assets are Ephemeral" - Robert Friedland
Revenge of the Miners -
Most Brokers think a ham sandwich comes from the refrigerator.
From 1882 to 1933, the United States used gold certificates as paper currency. You could convert them into gold coins. The US, during that period, had a backed currency – backed by gold.
Specie or collateral currency ensures discipline. We have none today.
A decade of zero interest rate policy ended in a crescendo of Greed & Fear.
Rotation from Ponzi Growth Promise to Pay > Value
ARCC & FTX
30 + Years since an exploration bull market
Goals transitioning out to the world was learn about manufacturing, supply & international capital markets.
M16A2 Rifle Instructor - Change life Path - Supply Officer - Asia
Tolstoy:
“The most difficult subjects can be explained to the most slow-witted man if he has not formed any idea of them already; but the simplest thing cannot be made clear to the most intelligent man if he is firmly persuaded that he knows already what is laid before him.”
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