As clients know, our assessment of go-forward general conditions, alas, jibes -- in a it's-different-this-time sense -- with the following from one of today's most thoughtful macro commentators, Grant Williams (the featured guest in the latest global macro addition of the Top Traders Unplugged podcast):
"Now, it's going to be a terrible, terrible, time for retail investors who are used to passive and are buying the Cathie Wood stories and are buying all these wonderful stories about progress and technology and 50% returns."
"...you're going to see things happen I suspect in the next 5 to 10 years that most people who've come late to markets over this last couple of years of kind of frenzied speculation think are either impossible or when they happen completely unfair. And they'll want someone to step in and fix it for them..."
While, indeed, we firmly believe that the next several years (if not decades) will produce a vastly different set of challenges and opportunities than folks have grown accustomed to, we do believe that the opportunities will be profound, just different and unexpected -- and I suspect grossly unexploited by the retail investor who's been lulled by what they've come to believe (ultimately ill-conceived) about how markets, and economies, work...