Ep. 499 I THE HYPOSTASIS TRAP. HOW SMART MONEY ESCAPES MENTAL FALLACIES

Smart money doesn’t treat “the market,” “the state,” or “society” as living things. Those labels are shortcuts for people acting. Treat the labels as real and you get bad models, index worship, “the market is crazy” talk, and forecasts that can’t work. Same trap with “fair value”: useful as your estimate of cash flows, dangerous if you treat it as an objective number the market must obey. Recorded 18 September 2026 (helped by AI). If you want to learn more, read Dr. Polleit’s BOOM & BUST REPORT. Details at boombustreport.com.