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inequality is an intrinsic aspect of systems that compound. "fair" systems tend to be fair by eliminating the compounding and thus killing the system. (or being ridiculously uncompetitive to external systems that DO compound)

real "inequality" is access to different rates of growth. e.g. the rich getting access to lower fee funds and better financial products can have access to 15% growth vs 10% respect for time-advantage allows discernment of actual inequality.

in a K shaped recovery this is even worse. instead of getting a worse deal of 10% you get 0% or even NEGATIVE compounding as you take on debt to survive.

this is when high volatility but low expected return plays start to become rational.https://twitter.com/a_yawning_cat/status/1363742123443380225?s=20 …

"respect for elders" is a heuristic that respects the time advantage. the old master isn't challenged because anything that DOES "win" is considered a high volatility "hack" that kills the long term compounding.https://twitter.com/a_yawning_cat/status/1366533837010821120 …

the thing is systems don't compound forever. they eventually die. the old master IS eventually senile and self-contradictory and probably wrong about many things. especially with regards to new possibility in the world.

however, aside from lottery-ticket low-expected-return hacks there are also hacks that work by reducing the time horizon. e.g. something that returns 50% year over year for 5 years but then -10% for 99 years.