It’s why Warren Buffet spent 2024 building up a cash pile—so he could deploy it starting now.

Yes, tariffs will worsen inflation and weaken the US economy, but that’s another conversation.

First graph shows the economy (imperfectly measured by GDP) and the stock market in the last 20 years.

Second graph goes back to 1948, when we started measuring.

The market is always more frenetic.

People want clean air, clean water, and affordable, clean energy. People are struggling to pay their bills. It is sensible to hold onto the good, well-paying jobs we've created in the last few years. If we don't, countries like China are eager to step into our place.

It hurts American tech companies that are transforming our economy. It hurts domestic manufacturing that are building components that power our daily lives. Which means it hurts our energy independence and national security.

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6) Activists screamed a lot at negotiators throughout the event. Expect more aggression in Brazil COP next year given this year will break all historical heat records and more people reckon with the effects of a warming planet.

5) Island and low-income countries had to walk out to get rich countries to agree to give $300B a year by 2035 (instead of the proposed $250B) to help countries that are not responsible for climate change the resources they need to adapt. Too bad they actually need closer to $1.3B a year. 🧐

4) Real action happened outside of official meetings: Britain announced new funding to preserve forests. Mexico, the last holdout against net zero in the G20, finally came around. Indonesia pledged to phase out fossil-fuel generation. Private investors made trillions in commitments despite Trump.

3) Influence of US negotiators down given impending Trump circus, while China stepping up to take more of an “unusually cooperative” leadership role, which will further bolster China’s global competitive edge in climate.

2) Shocking no one, Saudi Arabia doled out unprecedented level of objections to any agreement to transition away from fossil fuels. Genius move when analysts say they have 60 years of oil left at current extraction levels.

And I appreciate the education you put out in the world!

🤓