the essential function of the post-war global consensus is to make US equities go up. every government, big or small, has the same job: generating liquidity to financialize or finding places to put US dollars into the ground the business of the entire world is american business.

until the trumpet blows and the sky rolls up like a scroll: “stocks go up” is a much more concrete and universal rule of the universal than gravity. I don’t think you all understand: as long as there’s a new capex trade that’s bigger than the last, this machine must continue

it’s easy to laugh at a venture platform putting a billion dollars into the ground behind some asinine software, but this is no different than when Apollo originates another trillion of float. every piece of human activity is now downstream of the origination of feeable dollars

the fundamental drum beat is simple: a boutique high fee asset class emerges, and then the long march begins to expand from UHNW, to endowments, to soviergns, and finally to retail. along the way we go from simple equity to complex derivatives of the thing. then it restarts.