A lot of Boomers and Gen X refer to the investment style of Millennials and Gen Z as “Financial Nihilism” i.e. investing in crypto or lottery ticket companies with weird market structure anomalies (low shareholder float high short interest) like GameStop. The disconnect for the older generations is that Financial Nihilism is a completely rational response to an administration (Fed & Treasury) that has continuously bailed out owners of capital and the older generations for the last 17 years. Bruce Springsteen once wrote: “Well, I got a job and tried to put my money away, But I got debts that no honest man can pay, So I drew what I had from the Central Trust, And I bought us two tickets on that Coast City bus” This is a tale as old as time. When you’re part of labor class and the debts and inflation keep piling up, you end up going out the risk curve i.e. there’s only winners & losers and don’t get caught on the wrong side of that line… If the natural free market debt cycle had been allowed to play out, the cost of living would be way lower, innovation of real companies would have come faster. Instead we are stuck in this bizarre centralized debt-for-equity swap Ponzi scheme hoping for the productive capacity of the frontiers release enough growth for the middle class. Everyone has lost faith in our institutions and politicians. We are are at the end of the central banking cycle, recessions have been outlawed because they would cause a currency crisis, so now we are stuck with fake financial world where nothing will make sense on paper for valuations but it will when you think about valuations from a market structure and flow of capital perspective. Everything dies baby that’s a fact, But maybe everything that dies someday comes back…..