S&P 500 just short of 5,000

I’ve noticed that the S&P 500 has been hanging just short of 5,000 for most of the day. No doubt “programmed selling” is the cause. Eventually it will break though.

The market is looking similar to 1994 when I quit work and retired. Over the next six years, the S&P 500 grew by 200%, the NASDAQ by 700%, all fueled by the promise of the internet and boner pills (Viagra) from Pfizer.

AI is going to change things even more than the Internet in the next few years. UPS is cutting 12,000 positions, almost all of them white-collar workers holding BS jobs that can be just as easily performed by AI. Taxes will need to be raised to provide a Universal Basic Income for those displaced.

Similarly, we’re on the cusp of major advances in drug development. The weight-loss drugs are just the start. We’ll likely also see big advances in cancer treatment – imagine the mark-up on a pill for that. {{ LOL }}

It’s a bad time to be holding a job, but a great time to be an investor.