While I am still an active investor hooked on the investing game, at this stage in my life, I am also a teacher trying to pass along what I’ve learned about how reality works and the principles that helped me deal with it well. Since I have been a global macro investor for over 50 years, and learned a lot of lessons from history, naturally a lot of what I pass along is about that.
This article is about the important difference between wealth and money, how that drives bubbles and busts, and how that dynamic, accompanied by big wealth gaps, could prick the bubble and lead to a bust that is socially and politically disruptive as well as financially disruptive.