Tyler Cowen

you know, at the margin, they become much worse.

And I guess I'm expecting that.

So maybe mentally, I'm raising my own bar on those.

And maybe over time, I find it more attractive.

If the person is interested in, say, like the industrial revolution, if they're interested in progress studies, capital P, capital S, like over time, I'm growing more skeptical of that.

Not that I think there's anything intrinsically bad about it.

Like I'm at a progress studies conference with you.

But still, when you think about selection and adverse selection, I think you've got to be very careful and keep on raising the bar there.

And it's still probably good if those people do something in capital P, capital S progress studies, but it's not necessarily good for emergent ventures to just keep on funding the number.

I can tell you what my portfolio is.

It's a lot of diversified mutual funds with no trading.

Basically, pretty heavily US weighted and nothing in it that would surprise you.

Now my wife works for the SEC, so we're not allowed to do most things, like even to buy most individual stocks.

you may not be allowed to do it.

Certainly not allowed derivatives or shorting anything.

But if somehow that restriction were not there, I don't think it would really matter.

So buy and hold, diversify, hold on tight, and make sure you have some cheap hobbies and are a good cook.

Well, I think I also have this view, maybe a lot of the equity premium is in the past, that people, especially in this part of the world, are very good at internalizing value, and it will be held and earned in private markets and by VCs rather than public pension funds.

Why give it to them?

I think Silicon Valley has figured this out.