Can you explain investing in hotels ? Equity investment, construction loan, personal guarantees, management fees, franchise fees, franchisee obligations, occupancy rates, cap rate, exit rate, IRR etc. I am trying to figure out if hotels are good investments as economy starts to open up.
Also, how is fractional investment in art through companies such as Masterworks ? Does the management make most of the money? In general, is Art a good vehicle for investment ?
Hi, perhaps you could address the pros and cons from the perspective of the territories of the United States and the US government of remaining a territory or of becoming a state. This might include DC, Puerto Rico, the Marshall Islands, Guam, and any others I’ve missed.
I think you can argue that both ways! On the one hand, I would expect bad economic news to make people more interested in reading a newsletter about the economy. On the other hand, in a strong economy more people might feel they have enough disposable income to pay for extras like a subscription to FSE.
Don't think I've commented since the switch over to Substack, but I just wanted to say how much I love your newsletter, and that I'm glad that it's continuing even if it is as a solo project now.
After reading a lot into ChatGPT and thinking back to other machine learning projects like autonomous taxis, it seems like modern machine learning tools have really gotten to a point where the only viable way to stay competitive is to have a gigantic data center on par with AWS or Azure. Do you think there is any hope for more localized machine learning software, or do you think it will all be consolidated to cloud services for the foreseeable future?
It would be interesting to see you write about the labor force participation stats over the last fifty years or so. Why so low before the 90's? Is this entirely a women-in-the-workforce story or is there more to it than that? How did it get so high in the 90's? Why the decline post GFC? Is this trend expected to reverse or continue?
Hi! I'm putting this on my list of things to write about at more length later, but the quick version is that if you separate men from women you see two different trends:
* Male LFPR has been declining fairly steadily since the 1950s.
* Female LFPR rose until the 1990s. Since then it has been gradually declining like the male rate.
I think the male decline is partly about an aging population (older people are less likely to work) and partly about more young people going to college. I think if you control for those two factors there is still a decline but it is much smaller than you see in the overall LFPR stats.
Can you explain investing in hotels ? Equity investment, construction loan, personal guarantees, management fees, franchise fees, franchisee obligations, occupancy rates, cap rate, exit rate, IRR etc. I am trying to figure out if hotels are good investments as economy starts to open up.
Also, how is fractional investment in art through companies such as Masterworks ? Does the management make most of the money? In general, is Art a good vehicle for investment ?
Hi, perhaps you could address the pros and cons from the perspective of the territories of the United States and the US government of remaining a territory or of becoming a state. This might include DC, Puerto Rico, the Marshall Islands, Guam, and any others I’ve missed.
What is your advice to someone who wants to have an exceptional life and career?
is a good economy or bad economy worse for this substack
I think you can argue that both ways! On the one hand, I would expect bad economic news to make people more interested in reading a newsletter about the economy. On the other hand, in a strong economy more people might feel they have enough disposable income to pay for extras like a subscription to FSE.
two-handed economist...
I'd be interested in a longer write-up about fare jumping and high-trust societies.
This could be more of an article idea, but I would love to know what you think about Howard Mark's latest memo declaring that a "Sea Change" has occurred in the market/economy. Link to the memo: https://www.oaktreecapital.com/insights/memo-podcast/behind-the-memo-sea-change
Don't think I've commented since the switch over to Substack, but I just wanted to say how much I love your newsletter, and that I'm glad that it's continuing even if it is as a solo project now.
After reading a lot into ChatGPT and thinking back to other machine learning projects like autonomous taxis, it seems like modern machine learning tools have really gotten to a point where the only viable way to stay competitive is to have a gigantic data center on par with AWS or Azure. Do you think there is any hope for more localized machine learning software, or do you think it will all be consolidated to cloud services for the foreseeable future?
It would be interesting to see you write about the labor force participation stats over the last fifty years or so. Why so low before the 90's? Is this entirely a women-in-the-workforce story or is there more to it than that? How did it get so high in the 90's? Why the decline post GFC? Is this trend expected to reverse or continue?
Thanks!
Hi! I'm putting this on my list of things to write about at more length later, but the quick version is that if you separate men from women you see two different trends:
* Male LFPR has been declining fairly steadily since the 1950s.
* Female LFPR rose until the 1990s. Since then it has been gradually declining like the male rate.
I think the male decline is partly about an aging population (older people are less likely to work) and partly about more young people going to college. I think if you control for those two factors there is still a decline but it is much smaller than you see in the overall LFPR stats.
Got it, thanks. Enjoy your weekend!