Inflation
Markets
+2
Jan 31, 2026
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12 min read
Inflation, Markets, and Precarity in America
For a brief window, you could earn 5% on Treasury bills and actually build wealth after taxes and inflation. That's over. Now people are back to saying "there is no alternative to stocks"—but history tells a different story. In this piece: TIPS as an inflation hedge, what really happened to stocks in the 1970s (spoiler: down 50%+ in real terms), and my conversation with Mike Green on passive investing's endgame and why the poverty line might actually be $140,000, not $40,000.
Markets
+2
Aug 30, 2025
•
5 min read
History, Markets, and Civility with David Kotok
David Kotok has studied hundreds of years of economic history, and here's his big takeaway: we're transitioning from pandemic economics to war finance. Historically, that regime shift raises baseline interest rates and makes inflation more persistent. Defense-driven innovation might help later, but it's uncertain. The world we're used to investing in might be radically different now. Plus: why Churchill was right about learning from the past, and why people like David—who make time for others out of pure generosity and commitment to civility—remind me I'm the luckiest person alive.
