As mortgage rates come down, more sellers holding off selling because they have low-rate mortgages, will sell, increasing housing inventory which will take pressure off house price increases which will deflate the last upward pressure on inflation. That’s the logic.

The attached study shows teaching kids the world is bad and dangerous produces less, not more success. The same is true with adults: telling them everything is bad, demoralizes & demotivates, whether things are actually bad or quite good (the case today). x.com/danielpink/s...

Why do the Europeans – in this case the German government in its refusal to help Unicredit take over Commerzbank – not see that the small ball they play with their balkanized banking system is one of the parochialisms choking their growth into a global player?

Is it perma-bearish temperaments? Intellectual limitations? Personal or professional agendas?... behind a former Treasury Secretary & a top bank CEO continuing their “Woe, inflation, recession, interest rates are coming back”? Instead of Whoa! We’ve been mistaken!

True story: I warn 2 men - backs to a car-park ramp up which my car is being returned - to step away. One scowls. Me: “I’m actually being a nice guy!” He:“I don’t trust people who say they’re nice guys!” Me: “Even when they keep you from being run over?” He smiles: ”Maybe then.”

What is the story not being told about the famous Fed cut? 1) Despite alarmism for 2+ years about the Fed letting assets roll monthly off its balance sheet (QT), nada has happened. 2) The more it cuts , the more the Fed will take a policy-impacting back seat to fiscal actions.

It’s not what the Fed will do. It’s the harm of what they do. Is a 25 or 50 bps cut more harmful? With the economy, inflation & market rates in such a good place (contrary to the Chicken Littles!) factually little harm either way, though to me 50 bps wins the least-harm prize.

Being as I am in the long-term compounding business, I like this one: “The short-term crowd is always too distracted to notice the long-term crowd slowly compounding.” (Shane Parrish)

Kirk Douglas knew: joining a culture is about understanding and being understood by that culture. It is not rejection of the old but connection to the new. So it is with learning a new language & taking on a new name. x.com/tetyanaukrai...

“Have fun, and don’t take it too seriously.” Advice to Jeff Bridges from his mother regarding his anxieties over acting. And a lot of value to all us serious folk, too.