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The Degenerate Economy is TOO Crowded and Inflation is a Nightmare
Howard Lindzon
November 09, 2025
Good morning everyone.
It is way too crowded in my ‘degenerate economy’.
My ‘degen’ index is in a 9 percent pullback despite holding 15 percent cash. I was stopped out of my remaining position in Door Dash ( $DASH ( ▲ 4.0% ) ) which I had been selling on the way up the last year.
The massive grifting is overwhelming the demand for speculation at least for the moment. Further, the speculative reach for anything ‘prediction markets’ feels like a mistake right now.
Is it time to invest in the ‘opposite’ of degeneracy and if so, what even is the opposite?
Maybe a ‘spiritual’ trend is around the corner and a more offline experience.
I doubt we are entering a phase where ‘value and valuation’ matters, but Om makes a good point about the craze right now in his review of ‘Neo’ a humanoid housekeeper.
The market as a whole is fine if you are indexed to the S&P and Nasdaq 100.
There is a lot of rotation under the surface which means money is staying in the market.
I will go through it more on Momentum Monday, but ‘healthcare’ looks strong right now.
Next up…
Last Sunday I mentioned how inflation was not being talked about enough and sure enough it became a much bigger topic this week. Eventually even the ‘yoots’ will slow their ordering of $50 burritos from DoorDash.
The one sure thing nobody is talking about right now is inflation. I consume a lot, I have kids, I travel and I like to eat out. I try not to think about prices because I am lucky enough to have savings, investments and high income, but holy shit it has to be terrifying for most people. I understand the yoots will pay $50 for a 'Doordashed’ burrito or Uber Eats pizza because they know they will never be able to afford a home, but I still worry for what the unintended consequences are of this under discussed topic at the moment.
I despise both sides of the political aisles right now because they are wrecking civility, integrity and the rule of law. Blaming the media is a waste of time as we have long known not to expect much.
While American airports shut down from the moronic government shutdown, Fat Nixon is lobbying to name the Washington Football stadium after himself.
The lack of shame coupled with the negligence of our leadership (both sides) is being expressed in the form of inflation. I am starting to assume it will accelerate.
Josh Brown had a couple good riffs explaining that inflation is WORSE than a recession.
Have a great Sunday.
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