ok this is a bit long (uni thesis style) and is for those interested in the evolution of wealth generation. covers topics like inequality, tax policy responses, implications for asset allocation, sources of wealth creation going forward. access to investment opportunities. changes in risk bearing .

i don't agree with everything here, but i do agree with the general direction. this article has more resonance for the younger set (<35yo>

personally, i do struggle with the mount of risk in my AA. specifically am i taking enough risk, on one hand i have an enormous equity exposure which is conscious and with it brings higher vol and (hopefully) higher returns (decades view here). also we live in the most attractive wealth generating environment i can recall, for some of the reasons mentioned in the article, this would imply taking more risk is appropriate. opposing this is that im closer to the end than the beginning of my investment journey, lol, and as Munger says why risk something you dont need (eg increasing returns from 15% to 20% when im unlikely to need those extra returns) if that increases the risk of capital destruction. quite a different scenario from someone younger, or where i started

so i sit where i am.

https://philiptrammell.substack.com/p/capital-in-the-22nd-century