Tyler Cowen: belief

Transcript context

…Why aren't you more leveraged if you think the growth rate's going to go up even slightly? Well, I also have this view: maybe a lot of the equity premium is in the past. People, especially in this part of the world, are very good at internalizing value, and it will be held and earned in private markets and by VCs rather than public pension funds. Why give it to them? I think Silicon Valley has figured this out. Sand Hill Road has figured it out. So, what one can do with public equities is unclear. What private deals I can get in on with my really tiny sum of wealth is pretty clear. So I'm left with that. Money for me is not what's scarce; time is scarce. I do have some very cheap hobbies, and I feel I'm in very good shape in that regard. That being said, I think you could get pretty good deal flow even with your portfolio.…

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