The Sum of the Margin
While most people wrap up the year with broad strokes like “2024 was the year of the XYZ,” I want to pick out 20 days throughout the year that, put together, reveal and reflect the world we are investing and living in.
These 20 days, which made up just over 5% of the year, shaped culture, society, politics, markets, life, and money.
At the margin, these days sum it all up.
I’ve written before about how the margins of life matter.
Tired & Rich is written in the margins of my life, between leading a successful wealth management company, chasing my three young kids around, and being best friends with my high school sweetheart, Camila.
I’m obsessed with margin.
Life is defined by what you do with it.
I’ve told many young people that what they do when bored at work will define their career.
Executive teams obsess about margins and sum up their entire businesses to shareholders with one stat: earnings per share.
Saving 2% more money over a career can yield hundreds of thousands more in your accounts.
Margins matter.
While we pick and choose what we do at the margins of our lives, our money is being pushed and pulled along by the events throughout the year that together form the world we live and invest in.
These 20 days I’m about to share with you, with 20 different events, shaped your portfolio and world.
So, without further adieu, the 20 days that defined 2024.
20 Days That Defined 2024
January 10th—SEC Approves Bitcoin ETF— It took them forever, but the SEC finally approved a Bitcoin ETF. This arguably was the first big bullish signal of what would end up being a massive year for crypto.
February 23rd—Nvidia Hits $2t in Market Cap— AI went mainstream with the launch of Chat GPT in November 2022, and the winner thus far has been Nvidia. On February 23rd, Nvidia surpassed the coveted $2t mark.
March 7th—Sweden Joins NATO— As AI becomes a foundation of life on Earth, the foundations of the world order changed when Sweden abandoned its decades-long stance of neutrality and enlarging NATO. Investors have soured on European assets in favor of American assets and gold.
March 15th—Realtors Settle— If you own a home in the US, you are likely sitting on tons of equity. If you don’t own a house in the US, dang. Housing in America is, well, messed up. Realtors settled their anti-trust legal fight on March 15th, making it more confusing navigate to navigate the housing market yet hopefully better? It’ll take decades to sort housing out, and this was a start, or perhaps a false start.
April 7th—Caitlin Clark Fever— Who we watch, when we watch, what we watch, and how we watch is changing before our eyes. In April, Caitlain Clark became the lightning rod for the changing sports landscape and a lightning rod within the culture wars. She’s a generational talent and reflects the cracks in the traditional media/sports landscape.
April 28th—Inflation Hits 2024 High— Has inflation really been killed? Inflation hit its highest mark on April 28th, causing investors to question the Fed’s policy decisions. Inflation will become a top issue in the coming election.
May 17th—Dow 40,000!— Well, that Fed-induced sell-off was short-lived. The Dow cruised past 40k on the 17th, crossing a massive psychological barrier for investors.
June 18th—Nvidia is the Biggest— Was the first half rally a stock market rally or a Nvidia rally? On June 18th, Nvidia became the largest company in the US, just four months after hitting $2t in market cap, a staggering run backed by insane earnings growth and mind-bending margins.
June 27th—Biden’s Disastrous Debate— President Biden, how should we say, did not do well this evening. Like millions of Americans, I watched in disbelief. His debate performance was the beginning of the end of his long career in Washington and arguably tanked the Democrats’ shot at the White House.
July 13th—Trump Assassination Attempt— Just two weeks later, President Trump was shot in the ear in an assassination attempt, setting the stage for a dramatic political comeback.
August 11th—The Olympics Wrap-Up— The Olympics have nothing to do with money, but they are awesome and were held in one of the world’s best cities, Paris. People are cool and capable of amazing things—props to these athletes for making us all feel lazy.
August 23rd—The Time Has Come To Cut Rates—The Fed tips its hands and finally lays the groundwork for rate cuts. Investors aren’t impressed. Powell’s comments marks the inflection point in US interest rate policy.
September 12th—The First Commercial Spacewalk— Space is humanity’s next frontier, and the first private citizen left a SpaceX spacecraft on September 12th for a casual stroll in Space. Again, this really doesn’t have anything to do with your retirement, but people are awesome.
September 26th—Money Market Funds Hit Record— The S&P 500 is having an epic year, and on September 26th, Money Market Funds hit a record $6.76t, that’s $6,760,000,000,000. People held back on investing before the election, and just six weeks later, some of this dry powder was unleashed into the markets.
October 1st—Dockworkers Strike— While the Magnificent Seven of 2024 drove markets higher, labor pushed back. The Dockworkers’ Strike potentially threatened global supply lines heading into Christmas, but at the last minute, a deal was struck. The strike reminded everyone how fragile “the system” is.
October 9th—Hurricane Milton Hits— Even if you don’t live near a hurricane zone, tears are probably raining down your face when you look at your insurance premiums. In response to Milton, FEMA blew through half its annual budget in eight days. Natural disasters and their associated costs are felt by everyone, making it harder for Americans to invest and plan for their futures.
November 5th—Trump Wins— President Trump wins the presidency, and markets erupt higher. Investors quickly picked the winners and losers in response. The table was set for the next four years.
November 30th—Syria Falls— While the US digests a Trump Presidency and a Republican Congress, Syrian President Bashar al-Assad faced a stunning advance from his enemies, toppling his decades-long rule in just two weeks. This marks yet another massive geopolitical shakeup in the Middle East.
December 1st—Bible Sales Up 22%— Bible publishers say sales of the Book were up 22% in 2024. People looked for answers in 2024, and many went to the Bible to find them in response to the dizzying change and endless social media noise. (I oddly found myself in this stat, having purchased a new Bible for the first time in over a decade in September from Barnes & Noble.)
December 8th—Taylor Swift’s Eras Tour Wraps Up— I wrote on LinkedIn last year that Taylor Swift won 2023, but she wrapped up her Eras tour on December 8th of this year. Ten million tickets later, $2 billion in revenue in the books, and countless parents counting the cost of their daughters’ excursions to the tour, it’s a fact that big companies, big government, and big personalities dominate the world we live in.
Today— As we wrap up another year, thank you for tuning in each week to check out Tired & Rich. You made this all possible, and I’m grateful.
To Be Tired & Rich
If 2024 proved anything, it’s that the world we live in is noisy, the narratives are confusing, and does anyone actually know what Artificial General Intelligence is, you know, the thing that everyone is supposedly trying to find and why your portfolio is up a ton this year?
Not I.
As we close the books of yet another year, I’m reminded that your life and mine are lived in the margins of the world around us.
We’re just a number or a stranger to most, yet we’re all alike.
We’re tired.
From the grind, the commutes, the health problems, the sick kids, or just aging bodies.
Yet beneath all the pain, hurt, change, tiredness, triumph, and cheer, there are dreams to chase, memories to make, and challenges to overcome.
Those are the things that make life rich, and my hope for you in the new year is you can experience more of that with the people you care most about.
Life costs money, and you can count on me showing up every Thursday in your inbox to talk about it.
It’s a privilege to be a part of your life each week, and I look forward to a new year.
We’ve got some great stuff coming your way.
