When Great Businesses Go on Sale When Great Businesses Go on Sale Every market cycle develops its own irresistible story. Today that story is artificial intelligence. There is little doubt that AI will change industries and create enormous value over the coming decade. But markets have a habit of taking good stories and pricing them…
The Concentration Conundrum There is a dangerous illusion developing in today’s markets. A remarkably small part of the market has generated a disproportionate share of recent returns. Over the past several months, performance has become increasingly concentrated in a handful of AI-related companies, semiconductor stocks, and more recently precious metals such as gold and platinum.…
Reality Does Not Care What You Believe We do not experience reality directly. We experience stories about reality. The stories we consume shape what we believe, how we interpret the world, and ultimately how we act. Entire societies function because of shared stories. Money itself is one example. As Seth Godin recently observed: “84% of…