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Nobody's making any more land. Everybody needs somewhere to live. Housing had never had a serious decline.

All true. Every word of it. And none of it saved anybody in 2008.

People need to see a dentist. Supply is limited, demand is growing, and dentistry has never seen a meaningful drop in valuations.

Also all true.

I first delivered this presentation in 2021, which means we've had five years to find out whether the math held up. It did and that's not a flex, that's the point. 

Cycles are real, mean reversion is a supreme power, and when somebody overpays for an asset there are only two ways out: drive production harder, or cut everything that costs money to run.

Here's how capital found dentistry, and what it does on the way out.

If you're able, this episode is best watched on YouTube. The video presentation includes the slides and supportive material to go along with this audio. You can find the full presentation here: How We Got to Now Video Presentation

If you're looking for more of my philosophical, geopolitical, or macroeconomic content, visit my other podcast, The Sovereign Guide. 

More can also be found on my YouTube channel.