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This was a useful reminder to NOT ‘be a tourist in macro-narratives.’ Especially if you’re an operator. Even though it feels smarter to do so.

neckar.substack.com

When to listen to markets? Druckenmiller, Diversity, and the Debate over 1987

"The only good economist I have found is the stock market. People say it has predicted seven out of the last four recessions. That’s still better than any economist I know.” Stanley Druckenmiller

4:00 AM · Apr 28, 2022Twitter Web App

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I think we're wired for narratives & so indulging in them is inevitable. Even Frederik's piece itself puts forth a set of narratives. IMO the trick is to accept that you're susceptible to narrative infection & restrict how much you allow any one narrative to shape your worldview