Circle of Competence Issue #35

Thoughts on networking, Will Thorndike's 'The Outsiders', cannabis industry bubble, China's economy, technology stock invest

Circle of Competence Issue #34

Icahn's Dell merger activism, Sears bankruptcy, lessons from Annie Duke, timber market crash, Bezos on leaving earth, podcasts, startups

Circle of Competence Issue #33

Current market cycle thoughts, China's stimulus, Yale invests in crypto, oil surges, Bruce Flatt talk at Google, Stripe profile, startup

Thoughts on The Market Cycle

Last week, I listened to several interviews with Howard Marks and read his latest memo, and it got me thinking about several of the points he raised in his letter to clients. I re-read it this week and wanted to try to write a few observations on where we are currently in the market cycle from my reading: - interest rates are low historically but starting to rise. This artificially "low for long" period has allowed most asset prices to be inflated and bid up with cheap financing. - we are just beginning to feel the effects of quantitative tightening as fed funds rates continue to rise and quantitative tightening begins to show its effects - mortgage rates are rising, which may put more stres

Circle of Competence Issue #32

Psychology of buying a house, investor letter, private credit explained, quantum computing, China hack, Masa Son's fund, pod


Thanks for your interest in Circle of Competence. For more information, drop me a line and let's connect.

©2018 by Impressions. Proudly created with