The V/L Recovery: Cloud Computing

Plus! Pensions, Deepfake Ads, Airbnb, Status, Buffett, Enron

When the main driver of asset prices is liquidity, you want to be long “miscellaneous.” Typically, complaints about excess liquidity cite specific instances of malinvestment, and it’s true that the Burj Khalifa, China’s ghost cities, and the Pebble Beach deal all indicate lots of money chasing few ideas. But at scale, money has to go somewhere with ca…

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