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What is Substack for?

Thus asks The Point—another magazine that I think you should subscribe to—based on a recent exchange between Becca Rothfeld, herself a writer for the Point, and Sam Kahn, who is as far as I can see a prolific Substacker. You can find the initial flurry, on Substack, via by following the link above from The Point. The subsequent exchange between Becca and Sam, hosted by The Point, comes in three chapters. So, we have a debate on the merits of Substack as a platform, which began on the platform itself, and is since hosted by the magazine employing one of the belligerents itself. Very meta!

In preview, Rothfeld is arguing the counter position to Substack, while Kahn is arguing the position in favour of the platform. It is a good discussion, and one that gets to the core of what Substack does well, what it doesn’t do well. It’s interesting, however, that the exchange neglects to mention one of the most glaring deficiencies of the platform, namely the economics of the consumers, the readers, a topic I discuss here.

Things to think about #8 - Mr. Trump, US imports from China and Cultural Wars

At this point, you will have read numerous takes, predictions and analyses of what four more years of Mr. Trump in the White House means. I promise that I will make this short. I think Sam Harris’ “The Reckoning” offers a good explanation of what went wrong for the Democrats and the liberals. I also enjoyed the discussion between Glenn Loury and Daniel Bessner, even if I strongly disagree with Mr. Bessner on a number of key areas. If you want a longer explanation of the ills that have befallen US Democrats, unrelated to the diagnosis of excessive wokeness and identity politics, you should read Thomas Franks’ “Listen, Liberal”, published on the eve of the Democrat’s first loss to Mr. Trump in 2016. It’s all there, with a straight line back to Frank’s earlier identification of the problem when he asked “What’s the Matter with Kansas?” Apart from that, we should also add that Mr. Trump simply ran a superior campaign to Kamala Harris. After all, you don’t win all the swing states through luck or due to bad opposition alone.

A look at the bright side

I detect a lot of worry about the global economic outlook. This is understandable. Equities are close to, or at, record highs with extended valuations. Growth fears have crept higher on investors’ list of concerns, most notably with signs of softness in the US labour market as well as persistently weak domestic demand in Europe. Add a still-fragile Chinese economy to the mix, despite hopes of stimulus, and the prospect of a leap in economic uncertainty after next month’s US presidential elections, it is no wonder investors are on edge. But what if I told you that global leading indicators are strong and healthy and that combined with falling inflation and falling interest rates, this is one of the best macro-setups for risk assets. I suspect many would reply that such tailwinds already are comfortably priced-in to equity and credit markets. I am sympathetic to that point, but hear me out.

Audio Essay: The Demographic Transition

My second audio essay is now up. You can listen and download the file directly here, or alternatively subscribe to ‘Alpha Source Audio Essay’ Apple Podcast channel where my future audio essays will also be published. The link to the episode on Apple podcasts is here.

You can find and download all my economics and demographics essays in written form here , as PDFs. You can find links to all references on the landing page for my demographics work here. I plan on doing once a month of these audio essays, time permitting, on demographics, economics, finance and everything in between.

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