Mid-November is always a reflective period for me.

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Experts From A World That No Longer Exists
(Collaborative Fund)

Morgan Housel makes a good point about how experts of the past may not be the best guide going forward, especially in areas where the whole environment is undergoing a seachange. Some behaviours are timeless (such as the pursuit of ‘fashion’) but certain things will change (e.g. what is ‘fashion’). Therefore, it may be useful to figure out what changes and what remains the same.

Which brings me to…

What Is Web3 and Why Are All the Crypto People Suddenly Talking About It?
(Slate)

I’ve been seeing a LOT of attention being paid to this space by those in their 20s and even early 30s. Most of it is really because there is easy money to be made. However, I haven’t exactly seen a lot of focus on what the economics of this will look like. From this article and this video on YouTube, it seems that the basic principle of web3 is about lots of competition and taking control away from a central authority or any one company. And I’m not sure if anyone realises that if that’s going to be the case, then ultimately there’s not going to be much economic profit to be made from such businesses. I’m optimistic about the future but I’m not sure if anyone who has an idea about what Web3 is about has thought through what it implies for the economics of it all.

MAS’ Ravi Menon on crypto, stable coins and CBDCs: is a “digital Singapore dollar” feasible?
(Vulcan Post)

You can be sure that Singapore’s version of a cryptocurrency is the furthest thing that is from the original intention of what a cryptocurrency should be. Not saying that it’s all bad. Just saying that it’s probably not what the original founders of this movement meant when they came up with the idea.

More than 50% of Young Singaporeans Surveyed Want Passive Income or Early Retirement
(Investment Moats)

I’ve been telling those I know that the older folks (boomers and Gen X) don’t realise that younger folks (millenials and probably Gen Z as well) aren’t in it for a lifelong career in a single place. I’m saying this from the perspective of a public servant and the corporate ladder in the public sector isn’t set up for younger folks (think promotions spaced many years apart and rigid HR rules). The underlying assumption is that if someone is in the service for a 30-year career, then early promotion will only lead to many years of stagnation because very few will end up rising to the ranks of senior management. Therefore, the solution is to space the promotions apart.

If anything, the bull market in equities and crypto has probably has inspired younger folks to develop a wealth machine or secondary income stream outside of their core work, making their primary income less and less important. Of course, the bull market will eventually disappoint but those skills and early barriers (such as having a brokerage account) will not be lost. Hopefully, there won’t be a major crash that mentally scars a generation of investors the way the Great Depression did.