The End of US Dominance

“The top three investing skills are patience, temperament, and having your career coincide with a 30-year uninterrupted decline in interest rates.”

– Morgan Housel


A thorough analysis and deep dive through factor, geographic, and industry lenses to gain an understanding of the drivers that underpin the world’s outperformers. He wrote a long Twitter thread on the paper, and was also interviewed on the Value Hive Podcast.

Source: Jenga Investment Partners

.>50% of Disney+ subscribers are adults without kidsLink

17% of the world’s gold is held by Indian retail consumers. Link

Worldwide, sales of electric vehicles in 2022 passed 10% market share for the first time; 11% of total car sales in Europe (Plug-in hybrid vehicles were another >9%), EVs were 19% in China, and 5.8% in U.S. (up from 3.2% in 2021)​. Link

Berkshire Hathaway has grown its book value per share by 14,123x since 1955. Link


The Energy Sector has an earnings weighting ~2x the size of its market cap weighting.



AcreTrader, the farmland investing platform that makes it easy for investors to diversify with farm and timberland assets online, is holding a live Annual Business Update webinar on Wednesday, February 1 at 11 AM Central.  Join this free, online event to hear in-depth about:

  • 2022 investment performance, including recent distributions and dispositions

  • Major milestones in AcreTrader’s business growth over the past year

  • Upcoming product launches and new features on both the AcreTrader platform and Acres, the geospatial land research platform

Hosted by AcreTrader CEO Carter Malloy and COO Garrott McClintock and followed by a live Q&A, this is your chance to gain deeper insight into how AcreTrader is using advanced data, technology, and expertise to empower you to buy and sell land smarter. They hope to see you there!


This episode looks at what the data says on how decades of immigration policy have shaped the United States over time, and why immigration is such a polarizing topic in the US.

Economist Tim Hartford explains why the widely shared story of the tulip bubble is an exaggeration, what Charles Mackay wrote about the history of speculative manias, and why Mackay wasn’t able to remained disciplined during the rail boom in the `1940s.

Is This the End of US Dominance?[1/22/23 – 51 minutes]Apple | Spotify | Google

Totem Macro’s Whitney Baker discusses the convergence of deglobalization, inflation, and quantitative tightening and the opportunity in emerging markets as the world transitions to a multipolar geopolitical-macroeconomic regime.

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