Markets are Ignoring Catastrophic Risks — ft. Aswath Damodaran
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Today's number, $792,000. That's how much Singapore is paying its athletes who win gold at this year's Olympics. Ed, why does Africa never win at the Olympics?
Why?
Because it's a continent, dumbass. So racist.
I was going to say that, but I didn't want to ruin your joke. I couldn't tell if that could actually be the punchline.
So insensitive. You and your millennial white privilege. What, did you go to Princeton? Ugh.
Listen to me. Markets are bigger than us. What you have here is a structural change in the world distribution. Cash is trash. Stocks look pretty attractive. Something's going to break. Forget about it.
How about that Singapore number? $792K. It's pretty good.
I think they're getting the better end of the bargain because if someone from Singapore wins the Olympics... Did you know Singapore has mandatory national service similar to Israel? And Singapore is the most religiously diverse nation in the world. And... They very deftly decided that we are going to be so prone to ethnic violence with all this religious heterogeneity that we need to get people more focused on the flag. And so they decided to do national service.
I think it's a great move. You also go to jail if you leave gum on the ground. But is that not true?
That's actually not true. It's an offense, but I will tell you this, though. I was in Singapore about a month ago, and you have never seen a guy my age go through his luggage more carefully to make sure that that joint from two years ago wasn't floating around in a pocket somewhere.
Has that ever happened to you? You accidentally had some detritus. Detritus? Yeah, some leftover paraphernalia.
Detritus? I thought that was some sort of gum disease. I think I saw my periodontist for that. No, I usually—I have a very healthy fear of prison, and I don't travel with edibles or—I do travel with prostitutes. Even in the luggage? That was dark. Just like the kind of guy who would think Africa is a country, not a continent. That was dark, Ed. No, I don't travel with edibles. No, I've never—I've never—I've had— I lose stuff at TSA. They don't find stuff on me. Although they did pull aside Drew one time when I went to Mexico and brought him with me because I needed, you know, my technical support animal, Drew Burrows, to make sure that I could set up. And they pulled him aside and they basically said he had to pay, I don't know, a couple hundred bucks or a couple thousand bucks to get our equipment back.
But, you know, that's Mexico. That's just part of what you do. You go through when you go to Mexico. But no, have you ever been caught with drugs, Ed?
No, that wasn't the point of that question. No, I haven't. Thank God. Have you ever been arrested? Have you ever gotten in trouble with the law?
No, I've never been arrested. I've never. I have been called several times by people who've been arrested. I'm that guy they call because they assume I'm rich and that I know I have contacts. And so I get those calls from prison. I've had three calls from people who've been arrested just in the last, it feels like the last year, but it's probably the last two years. Wow. They want you to bail them out? Well, unfortunately, I learned this. There's not a whole hell of a lot you can do. What you do is you immediately try and Call a lawyer, you go down to the station, and all you can do is provide sort of emotional reassurance and have a lawyer lined up. It depends when it happens. I know way too much about this, which probably speaks to my friend group.
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