On today's episode of "On the Margin", Grant Williams & Pippa Malmgren join the show for a discussion of "the end of magical thinking".

"The end of magical thinking", a term phrased by Grant to describe the illusion cheap money allowed for in 2020/21 as markets ignored fundamental valuations and speculation became rampant. Now with inflation, and the Fed tightening at their fastest rate in 40 years to fight inflation, reality has set back in for investors and now we must take a hard look in the mirror to understand what the best ways to protect our portfolios is in this environment.

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Referenced In The Show:

Why Software Is Eating the World: https://a16z.com/2011/08/20/why-software-is-eating-the-world/

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Timestamps:

(00:00) Introduction

(00:53) The End of Magical Thinking

(14:41) The End of Globalization

(17:05) Human Nature Never Changes

(26:43) Why Software Is Eating the World... Or Is It?

(38:56) Circle Ad

(40:16) The Fallout of The FTX Collapse

(52:01) The Rules of The Game Have Changed

(58:14) Navigating This New Environment

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Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Struck on One Side -- Emil Sands -- March 2023