An Unconventional Economic Genius

Where has he been hiding all these years?

Author

Tim Vollans
December 06, 2023 • Estimated Reading Time: 4 minutes

💡 The Lightbulb
An Unconventional Economic Genius

Where has he been hiding all these years?

Yep. Talking about this guy:

Argentina’s new president. Explaining the difference between monopolies and monopolies.

Obviously he’s taken on a poisoned chalice, and he’ll probably fail to deliver on many fronts, but that’s not really the point for today.

His ability to explain economic concepts in simple terms is astounding. 

That’s the genius. Understanding incentives & explaining things in terms that make sense to the man on the street.

Yes, his libertarian leanings are clear and obvious. Not everyone will share them.

However, his election victory shows just how fed up the population is with the socialist approach & government officials leeching from a shrinking system.

Here he explains the road to serfdom:

It’s hard not to see the parallels with our own governments and their constant interventions to ‘fix’ things (help to buy, austerity, the NHS’ black hole).

Sure, we’re not in as deep trouble as Argentina, but maybe, and I’m just throwing it out there, what we really need is less government involvement in the economy, rather than more…

🧠 The Big Brain
China's Liquidity Crisis

"We don't want dollars, we NEED them"

We always have great fun with the semi-regular think pieces about de-dollarisation.

BRICS will take over as global reserve currency and all the rest.

Great fun. Complete bullsh*t.

If you actually dig into it, China uses a lot of dollars, needs a lot of dollars, and has to regularly roll over a lot of dollar debt.

If we see a dollar liquidity crisis next year, as some analysts fear, could the spark (ironically) come from China?

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âš¡ The Spark
Are You Intense Enough?

The true meaning of intensity

Brent Donnelly shared this Phil Galfond piece yesterday.

(Phil’s a pretty successful poker player, and there’s an undeniable crossover between trading & poker)

He talks about ‘intensity’. 

When you hear that word, you probably think of something like this…

That’s not the type of intensity Phil’s focusing on…

Intensity has nothing to do with a player’s general level of aggression or their knowledge of the game, at least by definition.

Intensity is, simply put, being observant and reactive.

A high-intensity player pays attention, processes and remembers information well, and persistently makes reads based on that information.

Sherlock Holmes is the epitome of high-intensity.

In other words, intensity = focus.

Putting things quickly into context, and being prepared to take action when opportunity arises…

A high-intensity player must also have the confidence and bravery to act on those deductions.

That’s trading in a nutshell. Focus, prepare, react.

Love the Sherlock Holmes analogy too. Approaching markets like a detective is a massive help.

Pretty sure this kind of intensity applies across every industry.

Actively paying attention is a superpower.