WSJ: “Parents have been steering their children into science and technology fields for so long that some of those kids are grown with little ones of their own. Their advice? Careers in the humanities, arts or skilled trades might be safer bets for the next generation. If the people who work on tech’s cutting edge think their children should reverse course, then maybe the rest of us ought to reconsider our parental guidance.”
Howard Marks: “This is a very unusual cycle because it’s even hard to know when to date the cycle from. We haven’t had an economic-based recession since 2009. This is the longest recovery in history, if you ignore the 2020 recession. We’ve seen very unusual events in the last 16 years, mostly stemming from or in reaction to exogenous events. The US economy, for one, and I think that the whole world has not had a boom in that period. The 2009 to 2019 period was the longest, or the 2009 to 2020 period was the longest economic recovery in US history, but also the slowest. So, we didn’t have a booming economy, and when you don’t have a boom, you don’t necessarily have to have a bust. I think that’s still where we are. The US economy is still performing well with the exception of that one quarter, but not booming and not busting. When I travel around the world, taking the temperature, one of the things I do is I look for excesses. It’s excesses that necessitate corrections and give rise to corrections. So I go to cities, and in most places, I don’t see an excess of construction cranes up in the sky. And I conclude that no boom, no bust. So, that’s where we are, and I think the US economy is performing quite well, maybe, arguably in its 15th or 16th year of expansion. So much of this is a matter of semantics, but without excesses, we are backing off from stimulative monetary policy and the economy is still doing okay. So it seems like a healthy situation. That has never happened in the past to this extent.”
Tyler Cowen (in an interview with David Perell): “Don’t let AI smooth out your idiosyncrasies. Let your writing stay weird and uniquely yours. Generic content is dying and the burden is on you as the writer to be distinctive. The more personal your writing becomes, the more future-proof it is. Nobody wants to read memoirs from AI, even if they’re technically “better.” Use AI as your secondary literature when you read — not just for quick answers, but as a thinking companion. As Tyler puts it, “I’ll keep on asking the AI: ‘What do you think of chapter two? What happened there? What are some puzzles?’ It just gets me thinking… and I’m smarter about the thing in the final analysis.”” More on how Tyler uses AI.
Pete Boettke: “The three Ps–property, prices, and profits and loss. Property incentivizes us. Prices guide us. Profits lure us to new changes and losses discipline us.” [via Alex Tabarrok]
