"AI bulls and bears agree that existing capital deployment is unprecedented as a share of gross domestic product. Bears see a bubble. Bulls see an industrial revolution."
"The driver of higher rates today is not inflation. It is the term premium - the supply of and demand for capital. Once that is understood, the entire picture reorganises around a simple imbalance."
"When share prices rise by a couple of hundred percent in a year or less, it provokes a question: could the value of these companies really have tripled over the past year? Are we all, as Oscar Wilde put it, people who know the price of everything and the value of nothing?"
"What I am really looking for is a consensus the market is not confirming. I like to know that there are a lot of people who are going to be wrong."
"The driver of higher rates today is not inflation. It is the term premium - the supply of and demand for capital. Once that is understood, the entire picture reorganises around a simple imbalance."
"When share prices rise by a couple of hundred percent in a year or less, it provokes a question: could the value of these companies really have tripled over the past year? Are we all, as Oscar Wilde put it, people who know the price of everything and the value of nothing?"
"What I am really looking for is a consensus the market is not confirming. I like to know that there are a lot of people who are going to be wrong."