Ep. 446: Abundant Anarchy with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of a Flux
People work in order to convert their time into a unit of account. We call that money and it's an invention that allows us to store time. Most people have stored little or none. Wealthy people convert their hours into financial assets so they can accumulate excess hours relative to their fellow man. The average worker is simply thinking how to exchange hours for dollars and then exchange those for food. Bill Gates has stored enough time to fund a one billion person army for 20 years. As the gulf between people's income has grown, the amount of stored time has accumulated in fewer hands. Everything that stores time is extremely expensive and offers little or negative return while the pace of economic activity slows.
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