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Worm Capital Up 373% In Last 12 Months; Q3 Late On The Disruption “Super Cycle”

Worm Capital Up 373% In Last 12 Months; Q3 Late On The Disruption “Super Cycle”

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Worm Capital 3Q20

Worm Capital commentary for the third quarter ended September 30, 2020, discussing the disruption super cycle.

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Q2 2020 hedge fund letters, conferences and more

"Pessimists sound smart. Optimists make money." - Nat Friedman, CEO of GitHub October 2020

Dear Partners,

Year-to-date through Q3 2020, our long/short equity strategy has returned 171.64%, and our long-only strategy has returned 125.43%, net of fees. This was compared to the S&P 500 TR of 5.58% over the same period. Please see below for results since inception.

Worm Capital 3Q20 Disruption Super Cycle

It’s been a strong year so far, but it’s my belief that, long-term, we’re really just getting started.

The Disruption "Super Cycle"

From my perspective, the opportunity set for our strategy only appears to be increasing in scope. The industries that we study—energy, transportation, retail, cloud computing, digital entertainment—are in the early stages of rapid change. We’re entering what I like to call the disruption “super cycle.” I believe there will be a handful of winners, but perhaps an even greater number of losers.

Our process is designed for this type of “messy” market situation. We believe that disruption will ultimately impact most, if not all, industry verticals in the developed global economy. This opportunity exists not only now, but consistently going forward through the decade and beyond, in our view.

In particular, we’re most focused on the energy and transportation sector. I don’t think investors realize just how profoundly the energy industry is being disrupted by low-cost and more efficient renewable technologies. The implications are massive, and in my opinion the opportunities for significant upside are unparalleled in the market. Put simply: We believe there are fortunes to be made in the transition from fossil fuels to renewables, and we have every intention in participating in this once-in-a-generation disruption.

The impact of this transition cannot be overstated. Consider the enormous magnitude of wealth created by the economic paradigm dominated by the oil and gas industry. Then consider the second, and third-order effects and fortunes that have been made on a personal, corporate and sovereign level. What if that paradigm is on the verge of being uncompetitive?

Right now, we are heads-down focused on researching a variety of new investment opportunities, from battery energy storage to distributed energy technologies to international decentralized virtual power plants. I will share more in the coming months at what we’re looking at. Next week, we’ll be publishing a Q&A I did with our Director of Research, Eric Markowitz, on this subject. Stay tuned.

***

Re-entering A Position In Alibaba

Since my last letter in July, the largest positions in our long portfolio have not changed considerably, though I do make minor adjustments to our short book fairly often.

While July and August delivered strong performance in our core holdings, we faced a bit of a correction in September. The September pullback was not terribly shocking, and overall, I viewed the correction as a healthy market development. In fact, down months often create wonderful opportunities for buying, and we did re-enter a position in Alibaba (BABA) in mid-September.

The last few months of relative volatility are a good reminder of one of my core tenets as an investor: Price is not value. Rational investors do not sell a stock simply because of a change in the price, whether it went up or down. Traders do this—but we’re not traders. We’re selective long-term investors with a multi-year horizon—and we think like business owners. We only want to own the most fabulous business models in the world that are compounding growth and disrupting trillion-dollar industries with a superior product or service.

An increase (or decrease, for that matter) in a stock quote is not in itself a reason to sell: A stock price is simply a bid on our ownership interest in a business. Some days we get low bids, other days we get high bids. But if you think like a business owner, you’d be crazy to sell your business for anything less than what you think it will be worth, factoring in future growth and production.

Know the intrinsic value of the businesses you own, and things become easier. Tune out Wall Street analysts, stop listening to the “experts” on CNBC, and while you should listen to company management, do your own independent research, fact-checking, qualitative and quantitative financial analysis. Obsessiveness in this domain tends to help, too: Cut out distractions. (I’ve optimized my time and our firm to be focused exclusively on yearly returns. I’d much rather spend my time making money than raising money.)

It’s also important to develop your own theories around portfolio construction. In the simplest sense, I’d rather own one very big stake of an amazing business—versus owning lots of little stakes in several decent businesses. I’m paraphrasing Warren Buffett here, but if you know how to analyze and value businesses, you’d be crazy to own 50 or 100 stocks instead of concentrating on your ten best ideas.

We’ll never go completely all-in on one stock, but when we see a significant deviation of price and value, I’d consider it a failing—irresponsible, even—to not push our chips in. Great investing requires conviction. It requires patience, too—and knowing how to ride your winners without capping your upside when they make incremental gains.

A good example of riding our winners this year is Tesla, which we have studied down to the cellchemistry level since 2015. In August, for instance, the bid for Tesla increased some 70%. Was this increase in bid itself a reason to sell our ownership, or even to trim? No. Tesla continues to be dramatically undervalued relative to its long-term, multi-year intrinsic value, in our view. As I have discussed in previous letters, I believe Tesla is perhaps the single best investment opportunity in the market today: It is a true disruptor competing in vast end markets (transportation, trucking, energy storage) that are each worth trillions of dollars of potential market cap.

By 2025, I expect Tesla to be trading at multiples of where it’s currently priced today. Of course, month-to-month or even quarter-to-quarter we may see the prices bounce around, but we don’t attempt to time the market. As a rule, industry juggernauts in their early stages tend to be more volatile. That’s why we think in terms of years and not days: It gives us the flexibility of opportunity to make multiples on our invested capital.

Of course, part of the challenge of investing in this environment—and riding winners—is successfully tuning out the noise and misinformation that can lead to bad decisions. I recall that back in 2013, Amazon, was repeatedly slammed by analysts and the press with the same “overvalued” critique after a surge in price.

Here’s one example: From October 2013, CNN Busines - “Amazon is one of the most overvalued stocks

Amazon.com's stock has climbed more than 40% this year to a record high of nearly $370 a share. According to StarMine analysts, that's almost 10 times higher than where the price should be and makes it the most overvalued stock in the S&P 500.

Whoops. Nearly 1,000 percent later, and we continue to see multiple years of compounding growth ahead for AMZN.

***

Avoiding The Landmines

While picking and riding winners are key to success in long-term investing, another lessdiscussed element is avoiding the landmines. And there are many of them, especially in this market environment.

I’ll give you an example of a landmine we recently avoided. Last fall, a relatively unknown company announced a major battery breakthrough that, they claimed, would compete with Tesla’s Semi all-electric truck. We began digging into the company, its founder, and the supposed technological breakthroughs. What we found was bizarre: Despite a charismatic CEO who claimed major advancements in cell chemistry that would improve vehicle range and efficiency, we couldn’t independently verify the company’s claims. Needless to say, after much digging, we passed on the investment.

That company, Nikola Motors, went public this summer. While retail and even institutional investors rushed into the stock, Wall Street analysts championed the company. It appeared, to us at least, that little diligence had been completed on this company. Cowen analyst Jeffrey Osborne, for instance, rated the company a “Buy.” His analysis? “We see Nikola as an intriguing investment opportunity,” he wrote. In a two-month period, its shares surged roughly 450%.

By September, however, the Nikola story appeared to be falling apart. Hindenburg Research, a short-seller, published a damning report, alleging fraud, titled “Nikola: How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America.” The report claimed Nikola had inflated its technological prowess, and over the next several days, the value of the stock began to plummet. [Nikola, now being investigative by the DOJ and SEC, denied Hindenburg’s claims.]

Though we chose not to short this company—as a rule, we tend to avoid shorting momentum stocks—it’s a reminder that long-term investment requires patience, conviction—and diligence. I bring up this anecdote to remind investors that, equally important to picking winners, is avoiding the losers. In this disruption “super cycle,” I anticipate there will be many imitators riding the coattails of industry disruptors. My philosophy is to only own the companies with the absolute best value proposition winning customers on the ground-level. This process, in my opinion, provides a significant margin of safety to sidestep the landmines.

***

The Short Side

On the short side of our portfolio, we continue to hold a fairly broad and diversified basket of positions (20-30 names) across the brick/mortar retail industry, financials, and legacy fossil fuel industry.

We’re still focused on the oil and gas industry, including Exxon Mobil (XOM). In perhaps a sign of things to come, after 100 years, Exxon was booted from the Dow 30 in late August. Ultimately, we believe all of our short positions face eventual obsolescence and bankruptcy, but in order to protect against any runaway risk, I continue to limit how big a single short position can get.

When I look at both our long and short positions, I’m reminded of a simple fact: The companies in our long portfolio tend to have very happy customers and make the world a better place. On the flipside, for the companies in our short book—oil producers, coal companies, subprime auto lenders, car dealerships—the same cannot necessarily be said.

As I wind down here, I’d like to let you in on a little secret to great investing: Own companies that make their customers happy. This may sound cloying or even corny; it’s not. Customer happiness signals strong value proposition; value proposition signals durability and consumer retention. Durability and retention lead to resilience and growth, which in turn make the company even more formidable to its competitors.

On any given day or month, the investment industry peddles any number of theories—about tech valuations, “proper” diversification, portfolio construction, etc. But when you think like a business owner, you want to see happy customers. Businesses with happy customers tend to be more resilient in tough economic conditions, which gives us even more conviction and a margin of safety to deploy capital.

On that subject - I’m comfortable with our positioning heading into Q4 and 2021. I understand the impulse to be nervous amidst uncertainty—the coronavirus, the election, trade wars, and so on. Of course, there are always reasons to be scared or pessimistic about what lies ahead, but in my experience, the best defense for any of these concerns is to simply be extremely judicious in the companies you own. We believe your capital is well-protected when you own fabulous, durable business models that have extremely happy and loyal customers. So while it’s impossible to predict what may or may not happen in the next few months, I rest easy at night knowing we own some of the finest businesses in the world.

Conclusion

On a final note, I’m very happy to announce our firm is growing and continues to institutionalize our offerings. This quarter, we welcomed a new Head of Compliance, Emily Bullock, and new Director of Investor Relations, Philip Bland. Both are new positions, and I’m thrilled to welcome them to our growing team.

If you have any questions or would like to discuss an investment with us, please feel free to reach out.

Best,

Worm Capital

Arne Alsin, Founder/CIO

The post Worm Capital Up 373% In Last 12 Months; Q3 Late On The Disruption “Super Cycle” appeared first on ValueWalk.

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Are Voters Recoiling Against Disorder?

Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super…

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Are Voters Recoiling Against Disorder?

Authored by Michael Barone via The Epoch Times (emphasis ours),

The headlines coming out of the Super Tuesday primaries have got it right. Barring cataclysmic changes, Donald Trump and Joe Biden will be the Republican and Democratic nominees for president in 2024.

(Left) President Joe Biden delivers remarks on canceling student debt at Culver City Julian Dixon Library in Culver City, Calif., on Feb. 21, 2024. (Right) Republican presidential candidate and former U.S. President Donald Trump stands on stage during a campaign event at Big League Dreams Las Vegas in Las Vegas, Nev., on Jan. 27, 2024. (Mario Tama/Getty Images; David Becker/Getty Images)

With Nikki Haley’s withdrawal, there will be no more significantly contested primaries or caucuses—the earliest both parties’ races have been over since something like the current primary-dominated system was put in place in 1972.

The primary results have spotlighted some of both nominees’ weaknesses.

Donald Trump lost high-income, high-educated constituencies, including the entire metro area—aka the Swamp. Many but by no means all Haley votes there were cast by Biden Democrats. Mr. Trump can’t afford to lose too many of the others in target states like Pennsylvania and Michigan.

Majorities and large minorities of voters in overwhelmingly Latino counties in Texas’s Rio Grande Valley and some in Houston voted against Joe Biden, and even more against Senate nominee Rep. Colin Allred (D-Texas).

Returns from Hispanic precincts in New Hampshire and Massachusetts show the same thing. Mr. Biden can’t afford to lose too many Latino votes in target states like Arizona and Georgia.

When Mr. Trump rode down that escalator in 2015, commentators assumed he’d repel Latinos. Instead, Latino voters nationally, and especially the closest eyewitnesses of Biden’s open-border policy, have been trending heavily Republican.

High-income liberal Democrats may sport lawn signs proclaiming, “In this house, we believe ... no human is illegal.” The logical consequence of that belief is an open border. But modest-income folks in border counties know that flows of illegal immigrants result in disorder, disease, and crime.

There is plenty of impatience with increased disorder in election returns below the presidential level. Consider Los Angeles County, America’s largest county, with nearly 10 million people, more people than 40 of the 50 states. It voted 71 percent for Mr. Biden in 2020.

Current returns show county District Attorney George Gascon winning only 21 percent of the vote in the nonpartisan primary. He’ll apparently face Republican Nathan Hochman, a critic of his liberal policies, in November.

Gascon, elected after the May 2020 death of counterfeit-passing suspect George Floyd in Minneapolis, is one of many county prosecutors supported by billionaire George Soros. His policies include not charging juveniles as adults, not seeking higher penalties for gang membership or use of firearms, and bringing fewer misdemeanor cases.

The predictable result has been increased car thefts, burglaries, and personal robberies. Some 120 assistant district attorneys have left the office, and there’s a backlog of 10,000 unprosecuted cases.

More than a dozen other Soros-backed and similarly liberal prosecutors have faced strong opposition or have left office.

St. Louis prosecutor Kim Gardner resigned last May amid lawsuits seeking her removal, Milwaukee’s John Chisholm retired in January, and Baltimore’s Marilyn Mosby was defeated in July 2022 and convicted of perjury in September 2023. Last November, Loudoun County, Virginia, voters (62 percent Biden) ousted liberal Buta Biberaj, who declined to prosecute a transgender student for assault, and in June 2022 voters in San Francisco (85 percent Biden) recalled famed radical Chesa Boudin.

Similarly, this Tuesday, voters in San Francisco passed ballot measures strengthening police powers and requiring treatment of drug-addicted welfare recipients.

In retrospect, it appears the Floyd video, appearing after three months of COVID-19 confinement, sparked a frenzied, even crazed reaction, especially among the highly educated and articulate. One fatal incident was seen as proof that America’s “systemic racism” was worse than ever and that police forces should be defunded and perhaps abolished.

2020 was “the year America went crazy,” I wrote in January 2021, a year in which police funding was actually cut by Democrats in New York, Los Angeles, San Francisco, Seattle, and Denver. A year in which young New York Times (NYT) staffers claimed they were endangered by the publication of Sen. Tom Cotton’s (R-Ark.) opinion article advocating calling in military forces if necessary to stop rioting, as had been done in Detroit in 1967 and Los Angeles in 1992. A craven NYT publisher even fired the editorial page editor for running the article.

Evidence of visible and tangible discontent with increasing violence and its consequences—barren and locked shelves in Manhattan chain drugstores, skyrocketing carjackings in Washington, D.C.—is as unmistakable in polls and election results as it is in daily life in large metropolitan areas. Maybe 2024 will turn out to be the year even liberal America stopped acting crazy.

Chaos and disorder work against incumbents, as they did in 1968 when Democrats saw their party’s popular vote fall from 61 percent to 43 percent.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Sat, 03/09/2024 - 23:20

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Government

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The…

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Veterans Affairs Kept COVID-19 Vaccine Mandate In Place Without Evidence

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The U.S. Department of Veterans Affairs (VA) reviewed no data when deciding in 2023 to keep its COVID-19 vaccine mandate in place.

Doses of a COVID-19 vaccine in Washington in a file image. (Jacquelyn Martin/Pool/AFP via Getty Images)

VA Secretary Denis McDonough said on May 1, 2023, that the end of many other federal mandates “will not impact current policies at the Department of Veterans Affairs.”

He said the mandate was remaining for VA health care personnel “to ensure the safety of veterans and our colleagues.”

Mr. McDonough did not cite any studies or other data. A VA spokesperson declined to provide any data that was reviewed when deciding not to rescind the mandate. The Epoch Times submitted a Freedom of Information Act for “all documents outlining which data was relied upon when establishing the mandate when deciding to keep the mandate in place.”

The agency searched for such data and did not find any.

The VA does not even attempt to justify its policies with science, because it can’t,” Leslie Manookian, president and founder of the Health Freedom Defense Fund, told The Epoch Times.

“The VA just trusts that the process and cost of challenging its unfounded policies is so onerous, most people are dissuaded from even trying,” she added.

The VA’s mandate remains in place to this day.

The VA’s website claims that vaccines “help protect you from getting severe illness” and “offer good protection against most COVID-19 variants,” pointing in part to observational data from the U.S. Centers for Disease Control and Prevention (CDC) that estimate the vaccines provide poor protection against symptomatic infection and transient shielding against hospitalization.

There have also been increasing concerns among outside scientists about confirmed side effects like heart inflammation—the VA hid a safety signal it detected for the inflammation—and possible side effects such as tinnitus, which shift the benefit-risk calculus.

President Joe Biden imposed a slate of COVID-19 vaccine mandates in 2021. The VA was the first federal agency to implement a mandate.

President Biden rescinded the mandates in May 2023, citing a drop in COVID-19 cases and hospitalizations. His administration maintains the choice to require vaccines was the right one and saved lives.

“Our administration’s vaccination requirements helped ensure the safety of workers in critical workforces including those in the healthcare and education sectors, protecting themselves and the populations they serve, and strengthening their ability to provide services without disruptions to operations,” the White House said.

Some experts said requiring vaccination meant many younger people were forced to get a vaccine despite the risks potentially outweighing the benefits, leaving fewer doses for older adults.

By mandating the vaccines to younger people and those with natural immunity from having had COVID, older people in the U.S. and other countries did not have access to them, and many people might have died because of that,” Martin Kulldorff, a professor of medicine on leave from Harvard Medical School, told The Epoch Times previously.

The VA was one of just a handful of agencies to keep its mandate in place following the removal of many federal mandates.

“At this time, the vaccine requirement will remain in effect for VA health care personnel, including VA psychologists, pharmacists, social workers, nursing assistants, physical therapists, respiratory therapists, peer specialists, medical support assistants, engineers, housekeepers, and other clinical, administrative, and infrastructure support employees,” Mr. McDonough wrote to VA employees at the time.

This also includes VA volunteers and contractors. Effectively, this means that any Veterans Health Administration (VHA) employee, volunteer, or contractor who works in VHA facilities, visits VHA facilities, or provides direct care to those we serve will still be subject to the vaccine requirement at this time,” he said. “We continue to monitor and discuss this requirement, and we will provide more information about the vaccination requirements for VA health care employees soon. As always, we will process requests for vaccination exceptions in accordance with applicable laws, regulations, and policies.”

The version of the shots cleared in the fall of 2022, and available through the fall of 2023, did not have any clinical trial data supporting them.

A new version was approved in the fall of 2023 because there were indications that the shots not only offered temporary protection but also that the level of protection was lower than what was observed during earlier stages of the pandemic.

Ms. Manookian, whose group has challenged several of the federal mandates, said that the mandate “illustrates the dangers of the administrative state and how these federal agencies have become a law unto themselves.”

Tyler Durden Sat, 03/09/2024 - 22:10

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Spread & Containment

The Coming Of The Police State In America

The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now…

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The Coming Of The Police State In America

Authored by Jeffrey Tucker via The Epoch Times,

The National Guard and the State Police are now patrolling the New York City subway system in an attempt to do something about the explosion of crime. As part of this, there are bag checks and new surveillance of all passengers. No legislation, no debate, just an edict from the mayor.

Many citizens who rely on this system for transportation might welcome this. It’s a city of strict gun control, and no one knows for sure if they have the right to defend themselves. Merchants have been harassed and even arrested for trying to stop looting and pillaging in their own shops.

The message has been sent: Only the police can do this job. Whether they do it or not is another matter.

Things on the subway system have gotten crazy. If you know it well, you can manage to travel safely, but visitors to the city who take the wrong train at the wrong time are taking grave risks.

In actual fact, it’s guaranteed that this will only end in confiscating knives and other things that people carry in order to protect themselves while leaving the actual criminals even more free to prey on citizens.

The law-abiding will suffer and the criminals will grow more numerous. It will not end well.

When you step back from the details, what we have is the dawning of a genuine police state in the United States. It only starts in New York City. Where is the Guard going to be deployed next? Anywhere is possible.

If the crime is bad enough, citizens will welcome it. It must have been this way in most times and places that when the police state arrives, the people cheer.

We will all have our own stories of how this came to be. Some might begin with the passage of the Patriot Act and the establishment of the Department of Homeland Security in 2001. Some will focus on gun control and the taking away of citizens’ rights to defend themselves.

My own version of events is closer in time. It began four years ago this month with lockdowns. That’s what shattered the capacity of civil society to function in the United States. Everything that has happened since follows like one domino tumbling after another.

It goes like this:

1) lockdown,

2) loss of moral compass and spreading of loneliness and nihilism,

3) rioting resulting from citizen frustration, 4) police absent because of ideological hectoring,

5) a rise in uncontrolled immigration/refugees,

6) an epidemic of ill health from substance abuse and otherwise,

7) businesses flee the city

8) cities fall into decay, and that results in

9) more surveillance and police state.

The 10th stage is the sacking of liberty and civilization itself.

It doesn’t fall out this way at every point in history, but this seems like a solid outline of what happened in this case. Four years is a very short period of time to see all of this unfold. But it is a fact that New York City was more-or-less civilized only four years ago. No one could have predicted that it would come to this so quickly.

But once the lockdowns happened, all bets were off. Here we had a policy that most directly trampled on all freedoms that we had taken for granted. Schools, businesses, and churches were slammed shut, with various levels of enforcement. The entire workforce was divided between essential and nonessential, and there was widespread confusion about who precisely was in charge of designating and enforcing this.

It felt like martial law at the time, as if all normal civilian law had been displaced by something else. That something had to do with public health, but there was clearly more going on, because suddenly our social media posts were censored and we were being asked to do things that made no sense, such as mask up for a virus that evaded mask protection and walk in only one direction in grocery aisles.

Vast amounts of the white-collar workforce stayed home—and their kids, too—until it became too much to bear. The city became a ghost town. Most U.S. cities were the same.

As the months of disaster rolled on, the captives were let out of their houses for the summer in order to protest racism but no other reason. As a way of excusing this, the same public health authorities said that racism was a virus as bad as COVID-19, so therefore it was permitted.

The protests had turned to riots in many cities, and the police were being defunded and discouraged to do anything about the problem. Citizens watched in horror as downtowns burned and drug-crazed freaks took over whole sections of cities. It was like every standard of decency had been zapped out of an entire swath of the population.

Meanwhile, large checks were arriving in people’s bank accounts, defying every normal economic expectation. How could people not be working and get their bank accounts more flush with cash than ever? There was a new law that didn’t even require that people pay rent. How weird was that? Even student loans didn’t need to be paid.

By the fall, recess from lockdown was over and everyone was told to go home again. But this time they had a job to do: They were supposed to vote. Not at the polling places, because going there would only spread germs, or so the media said. When the voting results finally came in, it was the absentee ballots that swung the election in favor of the opposition party that actually wanted more lockdowns and eventually pushed vaccine mandates on the whole population.

The new party in control took note of the large population movements out of cities and states that they controlled. This would have a large effect on voting patterns in the future. But they had a plan. They would open the borders to millions of people in the guise of caring for refugees. These new warm bodies would become voters in time and certainly count on the census when it came time to reapportion political power.

Meanwhile, the native population had begun to swim in ill health from substance abuse, widespread depression, and demoralization, plus vaccine injury. This increased dependency on the very institutions that had caused the problem in the first place: the medical/scientific establishment.

The rise of crime drove the small businesses out of the city. They had barely survived the lockdowns, but they certainly could not survive the crime epidemic. This undermined the tax base of the city and allowed the criminals to take further control.

The same cities became sanctuaries for the waves of migrants sacking the country, and partisan mayors actually used tax dollars to house these invaders in high-end hotels in the name of having compassion for the stranger. Citizens were pushed out to make way for rampaging migrant hordes, as incredible as this seems.

But with that, of course, crime rose ever further, inciting citizen anger and providing a pretext to bring in the police state in the form of the National Guard, now tasked with cracking down on crime in the transportation system.

What’s the next step? It’s probably already here: mass surveillance and censorship, plus ever-expanding police power. This will be accompanied by further population movements, as those with the means to do so flee the city and even the country and leave it for everyone else to suffer.

As I tell the story, all of this seems inevitable. It is not. It could have been stopped at any point. A wise and prudent political leadership could have admitted the error from the beginning and called on the country to rediscover freedom, decency, and the difference between right and wrong. But ego and pride stopped that from happening, and we are left with the consequences.

The government grows ever bigger and civil society ever less capable of managing itself in large urban centers. Disaster is unfolding in real time, mitigated only by a rising stock market and a financial system that has yet to fall apart completely.

Are we at the middle stages of total collapse, or at the point where the population and people in leadership positions wise up and decide to put an end to the downward slide? It’s hard to know. But this much we do know: There is a growing pocket of resistance out there that is fed up and refuses to sit by and watch this great country be sacked and taken over by everything it was set up to prevent.

Tyler Durden Sat, 03/09/2024 - 16:20

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