Stephen Johnson

Happy Mother’s Day to all the moms. My mom Sally was the greatest role model of all time. Work harder than everyone, show kindness, and trust God. I miss her everyday. #mompower

@Mike_Taylor1972 @blulla1 @Kruker8 @Mag7Observatory @joe_hammer_gb Nice move in UTHR this morning. Top holding in PINK.

@blulla1 @Kruker8 @Mag7Observatory @joe_hammer_gb On occasion I’ll get them right. Am about 25 consecutive years of doing so in aggregate.

@isaac_palmquist @Mike_Taylor1972 @Hedgeye Does your PCT prediction still stand? Thank you.

@Mike_Taylor1972 @Hedgeye Safe to check that one off 😅 Saas right now....

Honestly, I should have been more clear. SaaS gets mauled on AI disruption. @Hedgeye

If computing power brings about technological advances without human input, and enough of the pay-off is reinvested in building still more powerful machines, wealth could accumulate at unprecedented speed economist.com/leaders/2025/0…

Wealth Management Predictions for 2026: JP Powers, CIO at RWA Wealth Partners, shares insights in Barron’s on AI’s market momentum and the risks of political intervention. Read more: barrons.com/advisor/articl… #WealthManagement #AI #MarketInsights #Barrons

@JaredKubin Incredible response. Faith and purpose and family over things.

Everyone's sharing that "Long Degeneracy" article and nominating it for article of the year with 20m views. I just got around to reading it…overall, I get it. It's well written, emotionally resonant, and captures something real about generational anxiety. I like the author, I subscribe to their stuff… talented Quant. But nobody's pushing back, so let me while I watch my kids at the pool. My main pushback is this: the article is a suicide note dressed up as investment advice. I REFUSE to hand my agency to "the house." The moment you accept "the game is rigged so I might as well gamble," you've surrendered. You've quit on the process that actually works because someone convinced you it doesn't. There are no easy buttons. No shortcuts. No magic money options. There is only learning, sacrifice, and continual grit. It tells a generation they're prisoners. Then it sells them a lottery ticket and calls it freedom. Then it tells YOU to invest in the prison. That's not analysis. That's despair with a ticker symbol. The author spends 2000 words empathizing with young people as "prisoners" trapped by a broken economy… then tells you to invest in the platforms extracting fees from their desperation. "Long Coinbase, long DraftKings, long the casinos." Read that again. The thesis is: a generation is so economically desperate they're turning to gambling, most will lose, and YOU should profit by owning the house. You can't weep for the prisoners and then sell shares in the prison. Pick one. 4 points I want to make.... Pushback 1: "Closed" is doing a lot of work The claim that traditional wealth building is "closed, not difficult" is asserted, not proven. The boomer vs millennial wealth stat is misleading… it compares 65 year olds to 35 year olds. Of course boomers hold more wealth. They've been alive longer. Housing is brutal in coastal cities. But median home prices in most US metros are still accessible to dual income households. "Wages up 8% while housing doubled" has no timeframe and cherry picks the comparison. Real wages post 2020 have actually grown. Is it harder than it was? Yes. Is the game "fundamentally broken"? That's a much bigger claim requiring a much longer discussion. Pushback 2: Negative EV doesn't become rational just because you feel stuck The core logical move is: "if you're trapped anyway, a 5% chance of escape beats 100% certainty of stagnation." But gambling doesn't leave you "still stuck." It makes most participants actively worse off. That 5% moonshot comes paired with a 95% chance of losing your savings, your rent money, your runway. The author admits "most people lose" then hand waves it because gamblers "understand the odds." But understanding bad odds while taking them isn't rationality. It's emotional capitulation wearing economic language as a costume. This isn't a generation finding a path out. It's a wealth transfer mechanism moving money FROM desperate young people TO platform operators. Pushback 3: The article accidentally reveals the real problem The author admits social media has "repositioned the zeroth line" so people earning $150k feel poor. Admits the algorithm ensures "you never feel like you've arrived." Admits basic needs are met and there's "cognitive bandwidth" for existential questions. But wait. If the problem is FEELING trapped due to infinite upward comparison rather than BEING trapped… gambling doesn't fix that. You could 10x your net worth and the algorithm will still show you someone richer. The "Maslow trap" section accidentally confesses: this generation isn't imprisoned. They're dissatisfied. These are different problems. Pushback 4: I don’t have enough FAITH to live in a world without God This is the part nobody wants to hear. The entire thesis rests on a materialist assumption: your life's meaning is determined by your net worth, your house, your access to experiences. If you can't get those things, you're "imprisoned." If you can, you're "free." That's spiritual poverty masquerading as economic analysis. Jesus said it plain: "What does it profit a man to gain the whole world and forfeit his soul?" The author's answer is apparently "at least you beat the algorithm." My BIGGEST problem with the article isn't economic. It's theological. It assumes the highest human need is "self actualization" through financial success. That Maslow's hierarchy is the truth about human nature. That if you can't afford the vacation and the house, you're missing what makes life worth living. That's not wisdom. That's the prosperity gospel without the gospel. No thanks. The reason this generation feels trapped isn't because housing costs went up. It's because they've been handed a worldview where meaning comes from consumption, identity comes from status, and hope is a betting slip. When you build your life on that foundation, of course you feel imprisoned. The cell is interior. Real freedom isn't financial. It never was. The peace that passes understanding doesn't require a Polymarket account. Eternity is a LONG time. So what's the alternative? First: Exit the comparison machine. The author correctly identifies social media as manufacturing infinite dissatisfaction. The answer isn't to gamble your way to a moving target. It's to stop letting an algorithm define your "zeroth line." Your reference class should be your actual life, not curated highlights from 8 billion people. Delete the apps. Touch grass. Go to church. Give yourself to something BIGGER than your net worth. Second: Skill acquisition still compounds. The article mocks "getting better at your job" as boomer advice. But the same young people pouring hours into memecoin research could pour those hours into skills that compound. The difference is skills don't have a house edge. Coding, sales, writing, trades… these translate into income whether the market is up or down. AI is changing which skills matter but it's not eliminating the returns to expertise. It's concentrating them. Third: Asymmetric bets exist outside casinos. If you want convexity, build something. Start a business. Create content. Ship a product. The difference between entrepreneurship and gambling is you're building equity in something that can compound, not burning capital on negative EV. Fourth: Anchor your identity somewhere the market can't touch. If your sense of self rises and falls with your portfolio, you're a slave. If your hope depends on a moonshot, you have no hope. The man who knows who he is in Christ doesn't need a 100x to feel like his life matters. He's already free. That's not copium. That's the only foundation that doesn't move. The real trap The article's framing is seductive because it offers absolution. You're not making bad decisions. You're rationally responding to a broken system. The house always wins but at least you're playing. The framing IS the trap. The economy is harder than it was. Housing costs are real. AI anxiety is real. But "harder" isn't "impossible," and the author's solution… becoming a customer of fee extracting platforms or an investor in them… doesn't help the people he claims to sympathize with. It helps the house. Here's what actually works. -Wake up early. Get after it. Be Relentless. -Spend less than you earn. No excuses. -Acquire skills that compound. Every single day. Stack them. -Build things you own. Equity, not lottery tickets. -Get your body right. Discipline starts physical. -Get your soul right with the Lord. My closeness with the Lord has grown MORE in trials and tribulations than any fancy car. -Exit the comparison machine. The algorithm is not your friend. It's your enemy. -Find your people. Real ones. In person. Build a family. Build a group you trust. -Serve something bigger than yourself. -Pray. Not as a last resort. As a first principle. Daily. -The path is painful. The path is boring. The path requires years of work that nobody will clap for. But it's the path that works. The casinos will keep taking their vig. The gurus will keep selling hope. The algorithms will keep showing you what you don't have. Let them. You are not a prisoner. You are not a degenerate. You are not a customer. You are a free human being with a soul that matters and a life to build. So build it through active faith, aggressive patience, and a mindset geared towards eternity and not your bank account.

•Had To Beat Cancer •2nd Hardest Schedule In The Country •Lost 8 Players To The NFL •Only 1 Offensive Starter Returned •Only 1 Defensive Starter Returned •Had To Replace 5 Coaches •Had To Replace Arguably The Best Player In Colorado History Still Riding With Prime🤞🏾

@JaredKubin Nothing better than Friday Night Movie Night!

When I’m 80… this is where I will go in my dreams….Friday night pizza and Despicable Me 2 (we are still working on the presentation)

@KeithMcCullough Investing summit is one of the most educational events in the investment world. Amount of brain power and differentiated thought is so helpful for any allocator. Fan of the new ETFs. More importantly, all the guests seem like folks I’d want to have a drink with.

@dampedspring Good for you Andy. As a 2graybeard subscriber I am happy to have you back. Despite a 25 year career, I am amazed how much I learn from you and a host of others. The more education the better, especially in this environment.

Hey I'm back. Been on self imposed break for two weeks. Let me reintroduce myself I'm Andy Constan and I'm 61 years old and have done some stuff and seen some things I love contributing to Twitter and look forward to contributing again I have a naive ideal that Twitter is the public square where people can discuss their ideas and help each other find truth. I left when I realized I was not living up to my own ideal and getting dragged down into the muck. I didnt like who I had become. I was treating others from major content contributors to innocents with less respect than they deserve and less respect than I hope to be given. For that I am deeply sorry. I am sorry to all that valued my posts for taking a much needed break. I am sorry to all innocents I flamed. I am sorry to all folks who are doing their own thing who I attacked. Respect for all you each do and I hope we can get along I plan to 1) Post primarily investment content and analysis in short, long and meme format. Sprinkling in some early Gen X late boomer culture, food, car, model train and wordle stuff to be authentic to who I am. 2) Refrain from posting trades or performance at all. It's all just cringy anyway. 3) Post some content which debunks misinformation while being completely respectful of the original poster 4) Engage respectfully and often with all others willing to open mindedly seek truth 5) Never flame anyone. 6) For those I have blocked I am happy to lift the block and will be working though by block list to correct The time away has allowed me time to reflect on my own behavior and again I did not like who I had become. But I am ready to hold myself to my standard and ignore those who feel they need to attack me.

@Hedgeye @LizAnnSonders @EconguyRosie @Mike_Taylor1972 @HoweGeneration @luigidemeo @JaredKubin @SamofAmerica @dsaleminvestor This is a must see event every year. The level of knowledge is unmatched!

Our guest lineup is stacked 🔥 Liz Ann Sonders | @LizAnnSonders David Rosenberg | @EconguyRosie Mike Taylor | @Mike_Taylor1972 Neil Howe | @HoweGeneration Luigi D'Onorio DeMeo | @luigidemeo Jared Kubin | @JaredKubin Sam Rahman @SamofAmerica David Salem | @dsaleminvestor Robert Kent | @RPKent Richard Excell | @ExcellRichard JT Taylor | @HedgeyeDC Get free online access: tinyurl.com/54czd9hc

Game. On. 🔥 Hedgeye's 15th "INVESTING SUMMIT" October 14–16 | 11am-2pm ET 3 days. 9 webcasts. 0 excuses. 🔊 Reserve your free virtual seat: tinyurl.com/54czd9hc

@Mike_Taylor1972 My daughter is engineering at CU in Boulder. Great kids,campus and weather.

Question to my friends: Where does Max T apply for college? My list is mostly where he Can’t go: Harvard, Columbia..etc. What schools are: 1 Great 2 Not run by crack-pots? Your input is greatly appreciated

@JeffMacke @jimiuorio Beautiful.

@jimiuorio Best Lightfoot: Wreck or Sundown?

Let’s share odd personal facts…In my 2023 Spotify year end wrap up it turned out I was in the top 1% of Gordon Lightfoot listeners..so I got that going for me…which is nice…

@GuyAdami I would race home to watch those guys. I loved the wooden backboards.

Put these guys on the floor and magic happened

@RyanDetrick God bless. Thoughts and prayers.

I haven't mentioned this on here yet, but my brother was diagnosed with stage 4 cancer back in May. We've brought in hospice and he isn't doing well. I'm sitting next to him at the hospital right now and just wanted to ask for some 🙏 for him. Cancer sucks.

@Mike_Taylor1972 Here’s to a speedy recovery! Take care.

Second surgery v good. I will be rickety and weak for the next 2 weeks - so be gentle with me. Especially the $PCT Trolls.

@Mike_Taylor1972 It is a pleasure to follow your work. I am always impressed. A happy owner of $PINK.

@hmeisler Couldn’t agree more. Very confusing.

I just want to say that I did not like Connections this morning. I am not an emoji person so I didn't even know what some of them were. Don't @ me.

What if the price decline is representative of a global economic slowdown? Thank you. Appreciate all your posts.

Happy Veterans Day to all who have protected our great nation and to those who currently serve. God bless and stay safe.