It Sounds Crazy
It Sounds Crazy
Oct 14, 2021 by Collaborative Team
It’s a rare person who wants to hear what he doesn’t want to hear. —Richard Cavett
Abig part of almost every story in history is that expectations move slower than facts. People become vested in their views of how the world works. But the world can work one way for a long time and then … boom … abruptly lurch in a new direction. Opinions crawl while events leap. It’s a tricky little thing.
In the 1960s, before he was old, Warren Buffett joked of taking advice from old investors. “They know too many things that are no longer true,” he said.
The strongest opinions form when a trend persists for years or decades, and a narrative of “this is just how things work” is the path of least resistance. It gets reinforced when that narrative becomes part of your identity – where you work, or how you invest your money, or who you hang out with and discuss what’s true.
But things change. Technologies become obsolete and markets exploit opportunities and people get bored with what used to excite them. Regulations change. Generations evolve. Accidents and chance push the world in ways that are impossible to predict. One damned thing after another. Sometimes those changes happen literally overnight.
So what happens when the world lurches but opinions lag?
You get situations where what’s true sounds crazy because people’s beliefs haven’t caught up with reality.
A few examples:
The S&P 500 gained 27% in 2009 – a fantastic return. Yet when asked in early 2010, 66% of investors thought it fell that year, according to a survey by Franklin Templeton. The idea that the market was surging sounded crazy because “the market crashed” was such a powerful narrative after 2008. People just clung to it.
The lowest-income workers have seen some of the largest recent wage gains in percentage terms. And that’s not just a pandemic quirk – it’s been like that since 2018. “Recent growth for workers with low wages has outpaced that for high-wage workers by the widest margin in at least 20 years,” the New York Times wrote last year. That sounds crazy because it’s so counter to the long-held narrative that high-wage workers are booming while the bottom stagnates and declines.
China’s demographics are so poor it’s going to face labor shortages in the coming years like few other countries have ever dealt with. Its total population is already falling. That sounds crazy because it’s the most populated country on earth and synonymous with rapid growth and endless pools of cheap labor. But its working-age population will decline by more than 20% over the next 30 years.
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TNT:
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No drama. No intrigue. No songs and dances. Just straight, factual news that I read and interpret to the best of my ability after being an avid Dinar investor and insanely obsessed Dinarian for over 15 years.
Follow MM on X == https://x.com/Slashn
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Welcome everybody to the big call tonight. It is Thursday, September 3rd and you're listening to the big call. Thanks everybody for tuning in. We appreciate you, and we are still reaching over 20 million listeners in 160 or more countries. So that's good news, and so we're getting the. the call out there, and I'm excited about that. I'm excited about where we are, really. Believe it or not, and I'll have some good information to give you guys in my segment.
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Follow MM on X == https://x.com/Slashn
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