Thread by @jay_21_

Here are my thoughts on regime change:

Tech has been leading the way pre-COVID and COVID was a blow off top event for an already loved sector

The pendulum has swung too far and its time for change. New industries will lead the way

https://twitter.com/laubenweg/status/1466578968685912068

I like 99 because of tech, retail mania (crypto, NFT, meme stocks) and easy cap mkt access for questionable companies (IPOs vs SPACs today)

Meanwhile the housing market has continued to show strength

We may also be changing into an environment of inflation. Heavy stimulus, infrastructure spending, lack of investment in energy capex, wage mkt upticking etc

This is a potential change

I think the labor markets are the most interesting. We have a labor shortage (which may abate in part as we return to work and stimmies get shut off)

There are likely structural changes however. Ppl feel more entitled b/c of stimmies. WFH is causing demand for more flexibility

Aging populations may cause a decrease in labor availability while demand goes up to care for the old

Its possible that ppl will be more compensated more in wages and/or flexibility than before (a rare win in the capital vs labor war?)

What does this mean for positioning:

1) No more revenue growth at all costs; you need cash flow
2) Consumers / labor may have more time and money
3) Inflation could be a problem or opportunity depending on the company

I think some of the tickers that I discuss are well positioned for this environment (do you remember when the internet poker and Vegas boom was 😉)