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← The real price of debt is paid in options and flexibility, which is the asset that matters most.
17 connected korrents · 17 moments from 16 Sept 2001 to 1 Oct 2026.
Everything filed under interest rates
interest rates
Everything filed under government
government
Everything filed under democracy
democracy
Everything filed under inflation
inflation
Everything filed under value investing
value investing
Everything filed under quantitative easing
quantitative easing Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: The real price of debt is paid in options and flexibility, which is the asset that matters most. The real price of debt is paid in options and flexibility, which is the asset that matters most. Last stated 2 years ago
30 Apr 2024
MH
Morgan Housel — holds since 2024-04-30 — tap for who they are
Same subject: Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital. — tap to centre the map on it Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital. Last stated 2 years ago
30 Apr 2024
MH
Morgan Housel — holds since 2024-04-30 — tap for who they are
Same subject: A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement. — tap to centre the map on it A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement. Last stated 2 months ago
21 Aug 2026
RD
Ray Dalio — holds since 2026-08-21 — tap for who they are
Same subject: The bulk of government debt should gradually consist of fixed-coupon perpetuities and fixed-value floating-rate perpetuities. — tap to centre the map on it The bulk of government debt should gradually consist of fixed-coupon perpetuities and fixed-value floating-rate perpetuities. Last stated a month ago
19 Sept 2026
JC
John H. Cochrane — holds since 2026-09-19 — tap for who they are
Same subject: Under the general fiscal theory of the price level, sticky prices are accommodated through variation in the real interest rate. — tap to centre the map on it Under the general fiscal theory of the price level, sticky prices are accommodated through variation in the real interest rate. Last stated 3 weeks ago
1 Oct 2026
JC
John H. Cochrane — holds since 2026-10-01 — tap for who they are
Same subject: The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed. — tap to centre the map on it The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed. Last stated a month ago
19 Sept 2026
JC
John H. Cochrane — holds since 2026-09-19 — tap for who they are
Same subject: Interest rates are almost always telling us something important about the economy. — tap to centre the map on it Interest rates are almost always telling us something important about the economy. Last stated 4 weeks ago
27 Sept 2026
PK
Paul Krugman — holds since 2026-09-27 — tap for who they are
Same subject: Government borrowing through the financial crisis and the pandemic was a good trade, because it repaired household balance sheets. — tap to centre the map on it Government borrowing through the financial crisis and the pandemic was a good trade, because it repaired household balance sheets. Last stated 2 months ago
28 Aug 2026
BC
Ben Carlson — holds since 2026-08-28 — tap for who they are
Same subject: An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell. — tap to centre the map on it An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell. Last stated 3 years ago
20 Feb 2024
BA
Bill Ackman — holds since 2024-02-20 — tap for who they are
Same subject: A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. — tap to centre the map on it A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. Last stated 7 months ago
1 Apr 2026
TP
Thuan Pham — holds since 2026-04-01 — tap for who they are
Same subject: An economy on a fixed, unprintable base money supply can sustain rapid long-run growth with zero cumulative price inflation. — tap to centre the map on it An economy on a fixed, unprintable base money supply can sustain rapid long-run growth with zero cumulative price inflation. Last stated 7 months ago
11 Mar 2026
LA
Lyn Alden — holds since 2026-03-11 — tap for who they are
Same subject: Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. — tap to centre the map on it Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022. Last stated 4 years ago
25 Jul 2022
NS
Noah Smith — holds since 2022-07-25 — tap for who they are
Same subject: Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals. — tap to centre the map on it Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals. Last stated 2 years ago
24 Sept 2024
LA
Lyn Alden — holds since 2024-09-24 — tap for who they are
Same subject: A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. — tap to centre the map on it A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate. Last stated 4 years ago
1 Jun 2022
OB
Olivier Blanchard — holds since 2022-06-01 — tap for who they are
Same subject: Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. — tap to centre the map on it Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them. Last stated 16 years ago
6 Sept 2010
SS
Scott Sumner — holds since 2010-09-05 — tap for who they are
SS
Scott Sumner — no longer holds since 2010-09-06 — tap for who they are
Same subject: A company can run on truth only if its leader deeply desires it and rules with a firm hand rather than by democracy. — tap to centre the map on it A company can run on truth only if its leader deeply desires it and rules with a firm hand rather than by democracy. Last stated 2 years ago
6 Mar 2025
KG
Kapil Gupta — holds since 2025-03-06 — tap for who they are
Same subject: A company is not a democracy: every voice should be heard and then one person decides, and the decision should not be the popular one. — tap to centre the map on it A company is not a democracy: every voice should be heard and then one person decides, and the decision should not be the popular one. Last stated 5 months ago
2 Jun 2026
MP
Mark Pincus — holds since 2026-06-02 — tap for who they are
Same subject: After September 11, the politics of democracy was replaced by grief management; people may grieve together but should not be stupid together — tap to centre the map on it After September 11, the politics of democracy was replaced by grief management; people may grieve together but should not be stupid together Last stated 25 years ago
16 Sept 2001
SS
Susan Sontag — holds since 2001-09-16 — tap for who they are
At the centre
The real price of debt is paid in options and flexibility, which is the asset that matters most.
Holds Read this korrent →
Debt is best understood as narrowing the range of outcomes you can survive, not as a cost of capital.
Holds
A government debt crisis is measurable and therefore visible well in advance; the diagnostic is mechanical rather than a matter of judgement.
Holds
The bulk of government debt should gradually consist of fixed-coupon perpetuities and fixed-value floating-rate perpetuities.
Holds
Under the general fiscal theory of the price level, sticky prices are accommodated through variation in the real interest rate.
Holds
The tradeoff between government borrowing cost and interest-rate risk should rest with the politically accountable Treasury, not the independent Fed.
Holds
Interest rates are almost always telling us something important about the economy.
Holds
Government borrowing through the financial crisis and the pandemic was a good trade, because it repaired household balance sheets.
Holds
An investor who never borrows against their securities can afford to think, because no fall in price can force them to sell.
Holds
A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost.
Holds
An economy on a fixed, unprintable base money supply can sustain rapid long-run growth with zero cumulative price inflation.
Holds
Cash welfare benefits contributed at least somewhat to the inflation of 2021-2022.
Holds
Since the Global Financial Crisis, unconventional monetary policy has become the dominant force driving asset prices, more than fundamentals.
Holds
A central bank can eliminate a self-fulfilling ('sunspot') debt crisis simply by credibly committing to buy as many bonds as needed at the low interest rate.
Holds
Aggressive quantitative easing should raise long-term interest rates, because effective monetary stimulus raises them.
No longer holds
A company can run on truth only if its leader deeply desires it and rules with a firm hand rather than by democracy.
Holds
A company is not a democracy: every voice should be heard and then one person decides, and the decision should not be the popular one.
Holds
After September 11, the politics of democracy was replaced by grief management; people may grieve together but should not be stupid together
Holds