I’ve followed David Booth for my entire career and have long admired his investment approach and the incredible company he built. In this episode of Icons and Ideas, we discuss his journey, philanthropy, his love of art and the way he navigates life. Drops Tuesday at 8:00CT everywhere.

File under 'not reassuring.' Debt as share of GDP...

The ‘enrollment cliff’ is here. America’s 18-24 population is projected to shrink by roughly 2.5 million over the next decade. Expect many college closings and program downsizing. In some regions, the shakeout will be brutal.

Me: buys a house in 2020 Fed: prints $9 trillion more dollars Also me: “I’m a real estate genius”

The S&P 500 has never been more concentrated in just two stocks than it is today with Nvidia and Apple representing over 15% of the index.

Bear markets pale in comparison to bull markets, both in market movement and duration. A good reminder for every long-term investor.

Are you ready to have your mind blown? Since 1982, money invested after a Fed rate HIKE has actually outperformed money invested after a Fed rate CUT. 🤯🤯🤯

The 30-Year Mortgage Rate today seems really high until you take a bigger picture view.

So much truth in this…

This graph tells one of the most important lessons of investing. The government manufactures inflation, which is essentially stealing your money. To preserve purchasing power, own bonds. To stay ahead of inflation and make actual progress, own stocks.

Historically, peak spending accompanied a crisis, like a World War. Now, we do it even when times are relatively good.

Some great tips here…

Anthony Bourdain on travel.... “If I'm an advocate for anything, it's to move. As far as you can, as much as you can. Across the ocean, or simply across the river. The extent to which you can walk in someone else's shoes or at least eat their food, it's a plus for everybody. Open your mind, get up off the couch, move.”

Stop complaining, even to yourself.

2% inflation is not what is really happening...

Evolve…

Great day speaking about high performance cultures at @BrentBeshore’s Main Street Summit.

The 30-year Treasury yield is now at a 22-year high. The bond market’s message to Washington is clear: You can’t borrow trillions every year, tolerate persistently high inflation, and expect cheap financing forever.

Presidents change. Parties change. Policies change. But the printing press keeps running. That’s why inflation never sleeps.

Wondering which month is the best time to start investing? The right answer is any month. Just start!