Financial Nihilism
Attaining wealth is harder these days, but in some ways, it is easier. I would not worry too much about it. Think about the future, or the future will think about you.
Windfalls
I have a rule about windfalls. Money is a tool, and it can be used for good or for ill. Don’t be a knucklehead—the money won’t last forever.
Gold and Personal Finance
You own gold to smooth out the ups and downs in your portfolio. This works because gold has a low or negative correlation to stocks, bonds, and other stuff.
A Matter of Perspective
Things are pretty good right now. But I think most experienced market practitioners know that pain could be just around the corner.
How Much Pain Can You Take?
The market is not going to go straight up and to the right. You will experience drawdowns. Prepare accordingly.
It Might Be a Bad Year
2024 might be a bad year. We might get a recession. We might get a bear market. We might get a housing collapse. We might get a war. We might get political turmoil. Actually, that is definitely going to happen.