Talk Is Cheap

“This is broken, that’s a disaster, and I’d run the whole thing differently anyway.” There’s never a shortage of criticism when it comes to one’s own country, the continent, or “the system” at large. Bureaucracy is spiraling, taxes are outrageous, and don’t even get me started on politicians. You know how it goes. At family dinners or gatherings with friends, it rarely takes long before we’re all explaining the world to each other.

Lately, I’ve found myself taking a step back in those moments rather than leaning in. What would I really add? Strong opinions on topics I only partially understand are not my thing. More and more, I’m interested in the “why.” What are the incentives that guide people?

Of course, I’d also prefer to pay less in taxes. But am I really the right person to decide which public services should be cut to make that happen? My proposals wouldn’t come from deep expertise or decades of experience. They would come from something much simpler: self-interest. What benefits me most right now?

Flirting with new forms of investing

Investment discussions feel like more natural territory. The ante in these debates is the position one holds in the portfolio. A friend of mine has allocated his entire financial wealth to Bitcoin (no brokerage account required). I enjoy hearing his perspective. He’s directly affected when the price moves. He has real skin in the game.

Even though I don’t own any Bitcoin myself, I learn from him. I may still reject his conclusions. But I gain insight into a different way of looking at the state, taxes, central banks, currencies, and financial systems.

So I keep flirting with the idea of stepping into the world of digital gold. And then, just as quickly, I come across a business model that’s been heavily punished by the market and now trades at a valuation that seems almost too tempting to ignore. I start wondering whether the market has it wrong this time. And just like that, Bitcoin fades into the background.

By the way, there’s no shortage of punished companies at the moment. In software especially, it feels as if investors are throwing out the babies with the bathwater. But that’s a story for another day.