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Tech Rebirth Tops Tough Times

Posted June 05, 2024

Matt Insley

By Matt Insley

Tech Rebirth Tops Tough Times

“As it stands, the ultra-rich are living on debt secured by their millions of shares of stock,” says James S. regarding Friday’s missive about billionaire investor Stanley Druckenmiller. 

“They are NOT foregoing current consumption and saving for the future. They are kicking the can down the road, and they will have an exit strategy that will reduce the taxes their heirs will eventually have to pay. It'll be comparative peanuts. 

“There is no reason why they should pay lower taxes than us serfs who are being taxed at 50%.” 

Yeah, alongside the best estate-planning lawyers, billionaires like Druckenmiller can afford the smartest (most unscrupulous?) tax attorneys. 

A friend reminded me that my subject line for that issue — Billionaire Flunks “Bidenomics” — was ill-advised since “no one cares about billionaires.” And everyone knows “Bidenomics” sucks. 

But my main point was that Druckenmiller cut his position in NVDA in favor of small-cap stocks. 

Damon C. follows up, saying: “Druckenmiller's assertion that the deficit is diverting funds that would otherwise be invested in innovation (and capital improvements, etc.) is hack. 

“Corporate America is more interested in stock buybacks and cost-cutting via outsourcing, and acquisition of innovation is usually by M&A.

“Also, Congress has repeatedly shown, under both Republican and Democratic leadership, that it can and will spend money it doesn't have.

“The difference is that Republicans will cut taxes without attempting to increase revenues, while Democrats 'tax and spend' without considering economic distortion.” 

Good thoughts, all. Thanks for the feedback! 

But today we’re sharing some contrarian opinions from a couple Paradigm luminaries in the tech space… 

Send your opinions to,

Your Rundown for Wednesday, June 5, 2024...

Recession: Postponed

“Even when things get tough, there's always somebody out there who's making moves,” says Chris Campbell, editor at Altucher Confidential. 

“In 1991, a reporter asked Sam Walton what he thought about the recession,” he continues. (Sheesh, another billionaire? Heh.) 

“I’ve thought about it,” Walton said, “but I’ve chosen not to participate in it.”

pub Source: FinChat
Recession? Postponed indefinitely… 

“Doesn't matter if it's a pandemic or a recession, there's always people who find a way to come out on top,” Chris says. 

“Best part? Every day is an opportunity to be one of them.” 

To that point, Paradigm’s AI expert James Altucher shares his contrarian take on the current economic climate… as well as the 800-pound gorilla in the room. 

“On the one hand, everyone's scared about politics, wars, the economy, and I get that,” says James. “But on the other hand, there's so much excitement about the innovation happening in society that it's world changing. 

“What's going on now is inning zero of a world where we won't even recognize it at the end. 

“We're looking at companies that are going to change the world” — think computing, healthcare, AI, crypto and robotics — “not ones that are going to be strictly correlated to interest rates or inflation or the dollar,” James says. 

Let’s not be coy: AI is the key technology that’s revolutionizing computing, healthcare, crypto, robotics and more…

While Microsoft has ChatGPT… and Google has Gemini…. Apple, like the proverbial elephant in the room, has yet to make its own AI mark. 

But James claims: “What Apple is planning is going to be big. It's going to be Apple-size.”

When CEO Tim Cook takes the stage at Apple’s Worldwide Developers Conference (WWDC) on Monday, June 10, he’ll make a huge announcement. 

The gist: With an arsenal of cutting-edge patents and a potential hush-hush partnership with Apple… One under-the-radar AI company is poised to explode. 

“In other words, take a page from Walton’s book,” Chris Campbell says. “You can acknowledge the recession, but you don't have to let it stop you. 

“Visionary companies certainly aren't.” 

Market Rundown for Wednesday, June 5, 2024

The S&P 500 is up 0.35% to 5,310. 

Oil is up about 0.50% to $73.58 for a barrel of WTI. 

Gold is up 0.65% to $2,363.80 per ounce. 

And Bitcoin’s up 0.85%, over $71,000. 

Send your comments and questions to,

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