Return of the Meme
Retail Activity as % of Overall Market Shares Traded
Historically, market trends could take decades to resurface following the realization that they were driven by excessive risk taking, but the world now behaves like a podcast set to 3x speed. Retail activity hasn’t quite returned to where it was in 2021 prior to the collapse in 2022, suggesting there may be some room left to run here.
That said, the levels of speculative activity are increasing based on almost every metric we track, with the volume of meme stocks trading representing the funniest or most depressing of that group, depending on your perspective. This isn’t a massive sell signal in itself, but it represents an opportunity to be thankful for the wins and think broadly about how to manage risk in your asset allocation.
Maker’s Schedule, Managers Schedule
A classic 2009 post from Paul Graham that has become more relevant by the year. The concept is simple—making things requires substantial uninterrupted time to think and work. We have (without conscious intent) redesigned our entire business to create the maximum possible time to do the work rather than overfill the calendar. It is a constant struggle of saying “no” to things that we suspect most people in the business world wrestle with.
Most powerful people are on the manager’s schedule. It’s the schedule of command. But there’s another way of using time that’s common among people who make things, like programmers and writers. They generally prefer to use time in units of half a day at least. You can’t write or program well in units of an hour. That’s barely enough time to get started.
How to Design a Winnable Game
Graham Weaver, founder of Alpine Investors, delivers his final lecture to the Graduate School of Business Class at Stanford University. He delivers a framework on figuring out how to play the “game” of business and life.
The Question you need to ask is “are you playing the right game at all”…if you are playing the right game it is bringing you closer to the person you actually want to be.
The Stock Market’s Most Unserious Season Is Back and Dorkier Than Before
If, for some reason, you actually want to read more about the latest meme stock craze, you can click through. We probably wouldn’t.
This week’s trading has included a bit of nerdiness and braggadocio, with traders egging one another on with catchphrases such as “DNUT YOLO” and “HODLTHE($OPEN)DOOR.”
Peter Attia | Outlive: The Science & Art of Longevity | Talks at Google
Many of you have probably already read this book; if not, this conversation between Google and the author is a great summary. While a wide range of topics are covered, it really boils down to mitigating the risks from the diseases that most affect our lifespan and healthspan.
The data makes it pretty clear that exercise has a bigger impact on length and quality of life than any of the other metrics…
Gallant MacDonald is a Private Investment Office serving a select group of ultra-high net worth families who have made significant contributions to business, public service, and philanthropy.
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