The New Economy became real after all, part 3

“All told, listed technology firms make up more than a quarter of the value of America’s stockmarkets. The last time tech companies were so important was back in 2000, when they were briefly worth a third of the value of all listed equities in America.”

Tech companies

https://www.economist.com/graphic-detail/2019/08/10/silicon-valleys-giants-look-more-entrenched-than-ever-before

The New Economy became real after all, part 2

“That is the bad news. The good news is that the economy may be less volatile. A third of America’s 20th-century recessions were caused by industrial slumps or oil-price shocks, according to Goldman Sachs. Today manufacturing is just 11% of GDP and each dollar of output requires a quarter less energy than in 1999.”

New economy

https://www.economist.com/leaders/2019/07/11/americas-expansion-is-now-the-longest-on-record

 

Three is the magic number

“On why The Economist always lists solutions in sets of three, a wise colleague once said:

One point? Don’t be political. It is never about just one thing.

Two points? You’ve not thought enough about the problem. Do more research.

Four points or more? Summarise and cut the waffle.

Yup, three points in a list is just about right.”

Via The Economist https://www.economist.com/letters/2020/06/04/letters-to-the-editor

3

Never use a credit card for credit

“Never use a credit card for credit. The only kind of credit, or debt, that is acceptable is debt to acquire something whose exchange value is extremely likely to increase, like in a home. The exchange value of most things diminishes or vanishes the moment you purchase them. Don’t be in debt to losers.”

credit card

Via the great Kevin Kelly https://kk.org/thetechnium/68-bits-of-unsolicited-advice/

 

Crisis Means a New Business Era

I didn’t see it at the time, but he was dead right. Eras change, sometimes overnight. Over the next decade, the stock market shifted from junk-bond-fueled buyouts, a dominant Japan and the Cold War to highly valued emerging technology companies, ending with the dot-com blowout.

The current market turmoil tells me a new era is breaking, so question everything. Will cable, energy, mobile and social media ever come back? And if not, what’s next?

via Andy Kessler Crisis Means a New Business Era – WSJ

Speak like you’re right and listen like you’re wrong

How can you be narcissistic and humble at the same time? The two qualities sound like opposites, but they can go hand in hand. Narcissists believe they’re special and superior; humble leaders know they’re fallible and flawed. Humble narcissists bring the best of both worlds: they have bold visions, but they’re also willing to acknowledge their weaknesses and learn from their mistakes.

Via https://getpocket.com/explore/item/tapping-into-the-power-of-humble-narcissismhumble narcissism