Excess Returns Tariffs, Bear Markets and the Hidden Knowledge Worker Recession | Dave Nadig and Jason Buck
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Feb 5, 2025 In this lively discussion, hosts tackle trade wars and their unexpected parallels in personal relationships. They delve into the rise of home-based fabrication and how 3D printing is reshaping production. The conversation shifts to volatile experiences in the cryptocurrency market, reflecting on NFTs and investment absurdities. Additionally, they explore the disconnect between strong labor statistics and the real struggles of knowledge workers. The episode wraps up with insights on youth challenges in the music industry against a backdrop of economic uncertainty.
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Tariffs and Family Ledgers
- Jason Buck recounts growing up with a familial "accounting ledger," leading to an aversion to owing anyone anything.
- This upbringing instilled in him a wariness of escalating tariffs and their negative feedback loops.
Escalating Tariffs
- Tariffs, like other complex systems with feedback loops, often escalate negatively.
- They create countervailing forces, leading to unintended consequences.
South American Tariff Impacts
- Living in Brazil and Argentina, Jason Buck observed firsthand the impact of high import tariffs.
- This led to smuggling and market inefficiencies, highlighting the unintended consequences.
