If you’re worried about the economy, watch this.

10 May 2024 · 1 min

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1:00

In this monologue, the speaker addresses concerns about an imminent recession, referencing a recent George Gammon prediction that a recession would begin by June 2024. He dismisses short‑term anxiety, arguing that meaningful wealth is built through long‑term patience, echoing Charlie Munger’s belief that “the big money is made in the waiting.” Emphasizing a three‑year horizon, he confidently forecasts a roughly 50 % rise in home prices, suggesting that short‑term market fluctuations are less relevant than sustained, strategic positioning. The speaker advises listeners to focus their time and energy on endeavors that generate lasting value rather than chasing short‑term trades.

Chapters

Do you think anything drastic will happen in the next 6 to 9 months? Because I was watching actually a George Gammon video. This is months ago. He's like, by June of 2024, this is when the recession happens, right? So like, what is your take on it? Or is it just we're just going to continue to crash up, which I feel like we've been doing for the last couple of years? So we don't have a crystal ball. And I'm going to answer that question. But I'm going to first going to say, who cares? And what do I mean by that? Nothing good in your life comes from short-term thinking. All growth comes from long-term thinking. Charlie Munger, who just passed away this week, RIP Charlie Munger, he said that the big money is not made in the buying and the selling. The The big money is made in the waiting. Okay, so all good things come from taking time. So who cares what happens in the next 6 months? I want to know what's gonna happen in 3 years from now, or decades from now, right? So it depends on your timeframe. So for me, I'm pretty confident homes will be up 50% in 3 years from now. What happens in the next 6 months to homes? I don't really know. Now, some people want to be this trader and, well, but if I just wait 6 more months, I get a better deal in 3 years. Does that matter? Right? Charlie Munger says it doesn't. I would rather take that time, effort, energy and put it into something that can make me more money.