Hot money seeks out the conscious mispricing of risk. Capital, in the form of both money and personal talent, increasingly flows into malinvestment and the gaming of markets.

The productive economy languishes, left wanting for the lack of creative resources and attention. The bubble rises to unsustainable valuations— and fails, and a nation’s capital is consumed.

Are you not entertained? As Egon von Greyerz noted, the next five years are not about winning, but surviving. So, then let us then proceed.