Five Things I Think I Think...

There's a lot going on in the markets right now... so I'll be brief.

Dear Fellow Expat:

I’m sitting at my kitchen table, watching my daughter sit on the couch.

She’s just staring at the Christmas Tree and a massive swell of presents that have emerged over the last few days.

I imagine that’s tough… watching paint dry as she sees boxes with her name on them.

An hour ago, she walked upstairs with a term sheet for Christmas. It is the “draft order” of who gets the first present in our family over the next three years.

Since “she made this up,” she gets the first present in 2024.

Next year, Lisa goes first.

I’m in the back in 2026 - and I’m sure the terms will change next year.

Surprisingly, she hasn’t looked through anything.

Nothing’s moved in the last week. I get the sense that she’d have passed the Marshmellow Test on delayed gratification in the 1970s. I would NOT have made it through those experiments, nor would her mother.

We’re not very good at delayed gratification…

So… where does she get this from?

Ahead of our release of the Republic Risk 2025 Outlo…