The Sunday Drive - 02/26/2023 Edition
👋🏻 Hello friends,
Let's take it easy and enjoy a leisurely Sunday Drive around the internet.
Vibin'
I love creative covers of classic songs. This week, I’m vibin’ to a cover of Van Morrison’s 1970 hit, Moondance. It’s a collaboration between legendary bassist, Nathan East and the great Michael McDonald of Doobie Brothers fame. Please enjoy Moondance from Nathan’s 2014 self-titled debut album - and be sure to listen past the 1:00 mark. You won’t be disappointed. 😎
💡 Quote of the Week
The purpose of life is to discover your gift. The work of life is to develop it. The meaning of life is to give your gift away. - David Viscott
📈 Charts of the Week
I’m often asked why I’m don’t allocate more of our portfolios to non-U.S. stocks. The above chart explains part of my reasoning. The S&P 500 is itself, quite geographically diversified across most sectors. By simply owning the U.S. benchmark index, investors gain significant exposure to global growth. They also do so without having to make a (correct) directional bet on the U.S. dollar, which one must do when investing in international stocks.
The above chart is one I found quite fascinating. Zooming out and looking back - and forward - at the long term timeline of technology is an eye opening and very thought provoking exercise. I encourage you to expand the chart to view it on your full screen. 🤔
🚙 Interesting Drive-By's
📈 America’s Culture is Booming. Really. - Yes, the legacy institutions are shrinking. But thousands of small players in music, publishing, and the arts are powering a new golden age of artistry.
🤩 It’s So Sad When Old People Romanticize Their Heydays - Also, the ‘90s were objectively the best time to be alive. 😎
💡 Compensating the I in AI - AI is not just the ultimate copycat. It's also an enforcer and enabler of whole new ways to reward human creativity. The upshot? More revenue streams for creators, more opportunity, and more inequality.
🧐 To Retire of Not To Retire? That is the Question - Research has shown that the three most foundational features of life after 50 - purpose, community, and wellness - become harder to maintain when we retire. It's obvious that we might feel less purposeful upon retirement unless we've retired to something, not just from something. It also makes sense that we might feel a little lonelier when we no longer have our workmates in our world.
💰 He Spent 5 Years Interviewing 233 Millionaires - Here’s the No. 1 career move that made them rich.
🎧 Rebalancing the Economy - An excellent Kyla Scanlon interview with Mary Daly, President and CEO of the San Francisco Federal Reserve.
🤓 When Content Creation Goes to Zero - AI is making a world where it costs nothing to produce anything. What happens next?
🤷🏼♂️ Parting Thought
To all investors who were convinced they could swim freely past the interest rate cycle and into calmer waters, please allow me to introduce you to an old frenemy - the Bond Vigilante. You can’t really see them, but they’re there. 👀
If you have any cool articles or ideas that might be interesting for future Sunday Drive-by's, please send them along or tweet 'em at me.
I hope you have a relaxing weekend and a great week ahead. See you next Sunday...
Your faithful financial provocateur,
-Mike
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