⁠The All-In Podcast
David Sacks Explains the Failure of the Globalist Consensus in Washington

Francis Fukuyama's Influence:

"You had Fukuyama write 'The End of History,' which basically said that democratic capitalism is the end all, be all. And we're down to one system and the whole world's gonna run on that system."

"That philosophy then animated a neoliberal and neoconservative consensus in Washington for 25 years."

"And there are three key pillars of that globalist consensus."

The Three Key Pillars:

1) Open Borders

"Number one, we'd have open borders, free flow of labor. In fact, the Wall Street Journal editorial, which is considered to be conservative, actually supported a constitutional amendment saying that we'd have open borders."

2) Free Trade

"Number two, we'd have open flows of trade and capital. So basically, the unfettered free trade agenda."

3) Pax Americana

"And then number three, the third leg of it was Pax Americana. We'd deploy American troops all over the world to defend this consensus because they'd be greeted as liberators, not occupiers."

The Failure:

"I think all three pillars have been refuted."

"And the person who has represented the shift in this consensus is Donald Trump."

"When you have a bipartisan consensus that included both Bush Republicans and Clinton Democrats around these three pillars of globalism, and then the country turns against that, that's not gonna be a smooth process."

"It's gonna be a disruptive process."
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⁠Finding Compounders
Warren Buffett on Debt and the Trade Deficit

Buffett uses a farm analogy to explain the trade deficit https://t.co/nNfPEYtlPU
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⁠The Kobeissi Letter
BREAKING: U.S. officials are planning to use negotiations with 70+ nations to ask them to disallow China to ship goods through their countries, per WSJ.

The U.S. is reportedly attempting to "isolate" China.
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⁠Finding Compounders
How Warren Buffett’s former Financial Assistant to the Chairman, Tracy Britt Cool, thinks about Moats https://t.co/Y2rD17TTWz
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⁠The Kobeissi Letter
Gold is trading like we are in a depression:

Over the last 20 years, gold is now OUTPERFORMING stocks, up +620% compared to a +580% gain in the S&P 500.

Over the last 9 months, gold has officially surged by over +$1,000/oz.

What is gold telling us?

(a thread) https://t.co/MhQg6apunv
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⁠Finding Compounders
Dev Kantesarai runs Valley Forge Capital Management which has approx. $2bn AUM

Here is an interview he did with Value Investor Insight in 2021.

He also goes into his Fair Isaac( $FICO ) position https://t.co/q3GlRbG2jN
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⁠The Kobeissi Letter
BREAKING: The S&P 500 falls below 5300 as Fed Chair Powell says the economic impact of tariffs will be larger than expected. https://t.co/tkwADww5Xk
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⁠The Kobeissi Letter
BREAKING: The Nasdaq extends losses on the day to -3% following Fed Chair Powell’s comments, now down over -500 points. https://t.co/sf03vR5gOG

BREAKING: The S&P 500 falls below 5300 as Fed Chair Powell says the economic impact of tariffs will be larger than expected. https://t.co/tkwADww5Xk - The Kobeissi Letter
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⁠The Kobeissi Letter
BREAKING: China is reportedly pivoting from the US to Canada for more oil amid trade war tensions.

China imported 5.99 million barrels of crude from the US in January before tariffs began.
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⁠The Kobeissi Letter
BREAKING: Fed Chair Powell says car company supply chains will likely be disrupted "for years."
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⁠The Kobeissi Letter
The brutality of bear market relief rallies:

There are now tons of market participants who bought the S&P 500 as it surged into 5450.

These positions are nearly -200 in the red and beginning to sell.

Throw in record levels of leveraged ETF flows and the effects are magnified.

Despite all the noise, the technicals have been textbook.
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