Greetings from Europe. I promised to write a letter describing my personal investment portfolio. I still plan to, but it won’t be this week. Shane and I are having a wonderful trip—a much-needed break for both of us.
I will leave you with a suggestion, though. My ongoing series about cycles contains some of the most important information I’ve ever shared. While I have much more to say, I think you’ll benefit from reviewing the series so far. I highly suggest you at least glance through the letters linked below.
• Turning Time introduces you to Neil Howe’s concept of generational archetypes and how they lead to a “Fourth Turning” crisis.
• Turning Time, Part 2 is about the baby boomer generation’s unique traits and values, which he thinks will produce a surprising final act.
• Turning Time, Part 3 looks at the millennials, the “Hero” generation who will lead society through the Fourth Turning and then build a new, better world after it ends.
• Storms And Patterns reviews George Friedman’s Storm Before the Calm book and how two overlapping cycles are both about to peak at the same time.
• The Science Of Cycles turns to Peter Turchin’s “cliodynamics” method of historical analysis, which reveals societies everywhere have recurrent waves of instability as elites both fight each other and use a “wealth pump” to extract resources from the population.
• Noble Sacrifices goes deeper into Turchin’s ideas, looking closely at how 19th-century Britain and Russia handled their secular cycles far better than others. We then discuss whether the U.S. can do the same.
Bonus Reading: Scroll to the very bottom of each page, and you’ll see many interesting reader comments. Feel free to add your own thoughts. I’ll see them when I get home.
I’ll get back on schedule next week with some of Ray Dalio’s cycle analysis, and then later, we’ll look at my own idea of a Debt Supercycle. Be sure to follow me on X.
John Mauldin is the co-founder of Mauldin Economics.