The wild stories of 2020 I could tell… For one, I can never get over the empty Rolex stores or the line outside Louis Vuitton and Gucci boutiques. Those are images I cannot erase from my mind.
I also can’t forget being told to wait 8 months for a car, up to 2 years for a watch, and hearing people around me say life’s never been better with stock compensation going through the roof and multiple job offerings from other companies fighting over talent.
A neighbor of mine was sending me pictures of his day-trading forays, but he’s stopped sending them.
2020 was one of the greatest financial and economic stimulus packages the world will ever know!
It caused some to feel invincible and others to speculate and take risks. Above all, I remember the arrogance of the young who believed they cracked the code, they had the game figured out, and the old-timers were on their way out.
2021 was more of the same. It was busy everywhere, and people were spending well above their means, but the worst of it was the Great Resignation: people quitting one job for another and leveraging the insanity of over-hiring and the chasing of growth.
Employees were quitting everywhere or, even funnier, they had 4-5 jobs, receiving multiple salaries since working from home allowed them to hide these facts from employers.
But then came Uncle Reality, which put everyone back in check… Amazon laid off 18k workers, Facebook laid off another 11k, Google 10k, and Microsoft 12k. All told, some 70k tech workers have been sent home packing in 2023, and since 2022, the number is closer to 170k.
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Twitter’s purchase by Elon Musk started greatly shifting Silicon Valley to snap back to reality after years when businesses were forgiven if they couldn’t turn a profit. He looked at the headcount, slashed it, retrained some employees in new areas of expertise, renegotiated compensation and bonuses, and showed other firms that it was time for the spoiled behavior to end, which was disregarded when investors were still willing to bankroll and pay the salaries of businesses that weren’t turning a profit.
The tides have turned, and I saw this with my own eyes, so I can personally attest to this: tech companies are now overworking their employees. Gone are the days when you could do whatever you wanted on the company’s dime, and I personally LOVE THIS.
They were smoggy and felt that they couldn’t do wrong. They’ll now course-correct, downsize as needed, and bring their shareholders real returns – PROFITS.
If they can’t, they’ll be bought out if they’re worth anything.
Higher interest rates guarantee one thing for sure: if you are to attract capital, it is only on the condition that your business is managed effectively.
In my PORTFOLIO, which you can access HERE, no company is added unless they’re already profitable, have a timeline for when they’ll be profitable, or have acknowledged that they’re on their way there.
The zero interest rates bullshit is over.
Governments Have Amassed ungodly Debt Piles and Have Promised Retirees Unreasonable Amounts of Entitlements, Not In Line with Income Tax Collections. The House of Cards Is Set To Be Worse than 2008! Rising Interest Rates Can Topple The Fiat Monetary Structure, Leaving Investors with Less Than Half of Their Equity Intact!
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