The Education of New Speculators
Don’t confuse healthy speculation with desperation
Think back to the world before 2016. A world before Covid-19. A world where Donald Trump had yet to enter his first primary. Non-fungible tokens (NFTs) were in their infancy and special purpose acquisition companies (SPACs) seemed boring. GameStop wasn’t an investment vehicle but instead just a crappy little store selling video games. Can you picture it? I can’t.
That’s because the whirlwind of the past five years has changed everything. We’ve been stretched so far and dizzied so profoundly that we don’t remember how to appreciate a little calm, a little downtime, a little slack.
But now the noise of politics is abating. In some ways, the 24-7 news cycle is becoming boring....
