Following People, AI’s Market Abilities, and the Fed’s Unhinging

On this week’s episode Tom, Jacob, and Noah talk about success and how deep convictions lead to massive gains, AI’s nondominance in market performance, US bank outperformance, the Fed minutes, and de-dollarization.

Email us at laminatemoneypodcast@fjellcapital.com for questions or suggestions for future topics.

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Suggestion

Follow NO ONE

• I was home sick last week and spent way too much rummaging the vast hallways of Youtube.
• One conversation that stuck out to me was how Warren Buffett had no Warren Buffett to follow. There was no one before him who had built a fortune as big or in the way he built it. He dreamt it and built it.
• Warren Buffet knows what he believes, he has deep convictions.
• Convictions enable people to do hard things, to weather storms, to understand when to move, to put ourselves in situations to grow and to keep building. Without conviction, people get tired, weak, and lost.
• I’ve had both weak convictions and strong convictions and when I look back at my life, the strong convictions, those that I would do anything to uphold, have propelled me forward.
• When it comes to investing, and your career, your convictions are everything, they enable you to stay invested, take shots that can lead to huge gains, and will help avoid the damaging mistakes.
• You must love what you are building, not necessarily, like, but love. I don’t always like running Fjell Capital, or dealing with down markets or client tragedy, but overall, I love what I do. It fills me with excitement, and I look forward to going to work each Monday.

What Went On

• What is the ultimate level of wealth?
• AI is meant to mimic humans, and that makes it have the same emotional biases we have. It won’t beat the market… inverse AI ETF here we come.
• Rising rates? Good for some but not for others
• The Fed is unhinged… talks about how there will be a recession in there rate decision meeting and doesn’t pause rates
• Let’s talk about de-dollarization… it’s a joke who’s going to provide the world with assets if not the US government *for the time being

Quote of the Week

“but it feels like that’s moving in the right direction.” - Chicago Fed President Goolsbee on inflation