The Degenerate Economy Meets The Capex Boom/Bubble
Happy Sunday Just a reminder that Stocktoberfest - in New York - is coming up October 5-7. Detailshere. I will be leading discussions about The Degenerate Economy, The Capex Boom (with Michael Parekh and Ted. . .
Happy SundayJust a reminder that Stocktoberfest - in New York - is coming up October 5-7. Detailshere. I will be leading discussions about The Degenerate Economy, The Capex Boom (withMichael ParekhandTed Seides), brokerage 2. 0, the prediction markets and much more. Come join us. Onward…One of my favorite funny movies is ‘Let it Ride’ which covers degenerate gambler Jay Trott at the race track for one hell of a day of gambling and this hilarious climax scene…One could argue that we are on a path of ‘pissing it all away’ as betting, leverage and degeneracy, explodes along with our debt. We could argue over when the ‘degenerate economy’ really began, but no matter what day you choosewe have come a long way sinceMarch, 2021the day the world thought Robinhood’s confetti ‘gamified’ investing too much…How far?This week ‘Hockey’ ETF’s were blessed by the SEC…Today, we have the government, silicon valley, the exchanges and real estate people all working together to get us more compute and more degeneracy while the government spends like a lunatic keeping rates rising. Not a cocktail that leads to the best decisions for the people. I imagine that the SEC which has probably had it’s staff cut to three people by Trump and is soon to be sponsored by Budweiser, Kalshi and the NFL has a long list of fun degenerate etf’s in the pipeline at 4 times leverage. I kid the SEC…but do not kid yourself. It iseveryman for himselfin 2026. The piece of ‘art’ hangs above my desk at home. I bought it a few years ago because it felt so on point culturally for this era. Not too long ago, in March 2025, Michael Saylor told his disciples to sell a kidney before they sell their Bitcoin. Today, Michael has both his kidney’s but has been selling his Bitcoin. Jensen, Goldman and JP Morgan will not be telling you to sell your photonoic and memory stocks and your compute real estate and energy holdings at the top. Stay alert…