term trends. There's a lot of money to be made as capital shifts amidst those trends. And the vast majority of people will take a long time to figure this out. The people who get there first and get the joke early will probably make the most amount of money. Can I just add something here actually on Paolo's thing? Because my old boss used to say something that really stuck with me. And he said it in 2008. He said, every crisis is different. And because, as investors, we have this recency bias about what we live through. So I think as a result of most investors being scarred by 2008, I mean, people our age, a lot of us were scarred by 2008, there's a lot of current market participants that still expect the next crisis to be 2008. And it's not because the toolbox has changed, the incentives have changed. The policymakers discovered QE, the monetary authorities discovered QE, and the fiscal authorities discovered they can get away with 6% deficits. So the next crisis is going to look (42/57)
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