The Fed hikes 25bps as expected, Tech rallies hard, and risk is back on.

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The Best & Worst Decades to be a Saver & Investor
(A Wealth of Common Sense)

Ben Carlson makes the point that if the next ten years are going to be one of the worst for investors, they’ll possibly be one of the best for savers looking to add positions to their long-term investments. Just compare the figures for the 1970s vs. the 1990s in the post.

Should You Retire at 30 Years Old with $1 Million or Retire at 40 Years Old with $10 Million (As a Singaporean)?
(Investment Moats)

Many people reading this post are going to quibble with the fact that the assumptions that Kyith makes hardly apply to most people in Singapore. I cannot imagine many 30-year-old Singaporeans earning $300,000 a year, much less one earning that much and willing to contribute $200,000 to their investment pot.

If I look past that, the bigger point is one of opportunity cost. Do I retire early and forgo the chance to earn more? I suspect that for most people, the choice of calling it a day earlier rather than later is a more palatable option as the scenario weighed is certainly not going to be $1m today vs. $10m in 10 years’ time.

My back-of-the-envelope calculation says it will be more of $1m today vs. $4-5m 10 years later. The question is always going to be: Is an extra $3-4m over the next 10 years in my current job/industry better than doing what I plan to do over the next 10 years?

The Forgotten Lessons of 2008: Seth Klarman
(Investment Talk)

I never saw this list before so it’s a really good read. My favourite reminder from the list:

You must buy on the way down. There is far more volume on the way down than on the way back up, and far less competition among buyers. It is almost always better to be too early than too late, but you must be prepared for price markdowns on what you buy.

To accompany the link above, also check out this opinion piece on the FT and this interview with Jim Chanos.