The S&P is Below 1998 Levels...Thirteen years of Nothing?

The S&P is now below 1998 levels, the year I started my hedge fund.

It is thrilling and sad at the same time.

It is thrilling that I have trounced the averages over this time period and most of my original limited partners remain partners and friends. It is sad that I can’t retire :) .

It is thrilling to have been a part of the internet mania, but sad to have been part of the ‘credit bubble’.

It is thrilling to be at the dawn of ‘Social Leverage’, but sad to see the continuing wreckage from financial leverage.

It is thrilling to be investing and trading with all the knowledge I have gained and in the prime of my investing life, but sad to have so much distrust around my industry.

It is thrilling to have so much technology around me, but sad how poorly it is being utilized by my industry.

Though the S&P is flat for 13 years, I am as fascinated by the markets as ever.

The world has shrunk in leaps and bounds, the communication tools we have today are better than ever and the costs of information have plummeted and will continue to deflate.

Marc Andreesen is super optimistic . He’s mostly right, but is not considering how the markets work, only himself. Warren Buffett is older, grumpier and wants to make sure his legacy stands by taxing everyone else thinking about being rich. The old timers are blaming the machines.

I am rejuvenated by the recent panic.

I am inspired by all the intelligent and thoughtful people on Stocktwits.

I feel responsible for all the ‘Novices’ that are signing up everyday and reaching out to learn and get mentored.

The next 13 years may see the S&P flat again and I may not be retired, but the ‘Social Leverage’ we will all see will make us much wealthier by 2024.