Menu
Sign In Search Podcasts Charts People & Topics Add Podcast API Blog Pricing

Tom Bilyeu

๐Ÿ‘ค Speaker
9026 total appearances

Appearances Over Time

Podcast Appearances

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

Yeah, to me, this is the nightmare of all nightmares for all of the reasons that you just said.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

But I think it also plays into another thing that I become increasingly obsessed with, which is inflation is manmade and inflation is simply an unbalanced budget where the government says, oh, we have a shortfall.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

And so we're going to print money.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

I won't get into the mechanisms right now, but certainly my audience is used to hearing me talk about that.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

We're gonna print money and that causes the value of each dollar to go down, which creates the illusion of asset prices going up.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

Now some asset prices really do become, or some assets really do become more productive and therefore actually are worth more.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

But I would say on balance that you're really tracking inflation.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

And so you put people into this position where

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

the K-shaped economy is born out of people don't understand assets.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

They don't understand asset ownership, full stop.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

Most people couldn't even tell you what assets are.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

And so they are in a position now where there is a way to save yourself from that unbalanced budget, from that inflation to get into owning the stock market or whatever.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

But as of right now,

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

10% of people on 93% of the assets.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

So just the math tells you that the vast majority of people don't put any meaningful amount into their 401k or whatever.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

And the one asset that they intuitively understand that they don't even need to think of as an asset that their wife is going to harangue them to go buy is a house.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

Yes.

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

Now, what do you think about Trump putting a ban on investors being able to go in or big companies being able to go in and scoop up house after house after house?

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

Is it going to help?

Tom Bilyeu's Impact Theory
Housing Crisis and Toxic Inequality: Why the American Dream Is Stalled for Millennials | Morgan Housel On Impact Theory w/ Tom Bilyeu

We're hitting pause for a moment, but there's plenty more ahead, so don't go anywhere.