What I Learned This Week

Market participants still don't understand the power of the cycle that turns from wealth accumulation to wealth distribution. But they will.

We have been warning about this cycle since last summer and every day brings some fresh proposal that meets with a favorable response by those who feel left behind in the boom of the last 39 years. Market participants are failing to understand the significance of image. Amazon’s proposal to build a new center in NYC was good economics for the city and would have established it as one of the world’s greatest tech centers. In a different time and place, the investment would have proceeded with little resistance. The reasons for it failing are complicated, emotional and we don’t want to get involved in it. What we do want to point out is some of the image issues around it, all of which are ti…

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