1/ Yeah well I actually do have something I want to say on Gamestop.

Punchline up front: The insurrection on the Capitol and the Gamestop price rally are symptoms of the same thing; we're in a barbell world.

2/ I'm in a groupchat with friends focused on playing Call of Duty. Now the thread just talks about stonks.

3/ Normally I'd take this as a sign of the top. But it's not. At least not structurally (it may be cyclically).

We're experiencing a drastic structural change in the power relationship between gatekeepers and the general public.

4/ We saw this clearly with the election of Trump and subsequent events prompted by his direct-to-the-people Twitter feed.

Here's the punchline:

5/ I think what politicians quickly understood but what Wall Street is only starting to grasp is that democratization does not just mean equal access; IT MEANS EQUAL POWER.

What you thought you could give everyone free trading and the game would stay the same?

6/ And by definition, that democratization can lead to what looks like often looks like or is mob-like behavior.

But it can also lead to world changing opportunities for the better. Opening up the aperture means more gets in, good and bad.

So...

7/ We're now in a barbell world. It's never been easier to be a billionaire and harder to be a millionaire. It's never been easier to be libertarian or a socialist but harder to be moderate.

8/ How did we get here? Why is this happening? Beyond the scope of this thread but in short: the moderate millionaires fucked it up and this is consequence.

/end