136: How to Predict the Future with Richard Duncan

How was it that some people were able to predict the 2008 financial meltdown? Were they clairvoyant? To be clear, I'm not talking about those who predict a financial meltdown every year. I'm talking about groups like ITR economics who we had on the show a few weeks ago that also accurately predicted periods of financial prosperity as well. Those who best understand how the global economy works at the macro level are the ones who can see where it is headed. Most of us are down in the weeds seeing things happen in real time wondering when to take cover or when to shoot for the moon. The good macroeconomist, though, is not guessing. He sees the financial world move in concert from a thousand feet above with its complex interactions. He understands that the economy is dynamic and, in the global economy of today, cannot be seen through the same lens that it was 50 years ago when economies were more isolated from one another. I am certainly no economist. However, I am good at surrounding myself with people smarter than myself (which isn't that hard frankly). That is a skill that has essentially accounted for all of the investing success I have had. In the world of macroeconomics, Richard Duncan is one of the guys that I listen to and he is my guest on Wealth Formula Podcast this week. If you want to know what the financial world looks like from a thousand feet up and several thousand miles away, do not miss this episode! Shownotes: Richard Duncan's story A shift in how the economy works after the gold standard Why do trade deficits matter, for both sides? With all the bubbles around, what next?