Henry Ellenbogen on migration trends and location independence

As a result of the pandemic, there has been a significant change in how and where Americans want to work.  I discussed this at last year’s Roundtable, and the past year has confirmed it: We are on the move in ways we haven’t been in many years.  People largely are moving to the Southern and mountain states, and Florida and Texas. 

We are monetizing the scale of America.  As we move from high-cost to low-cost locations, that unlocks productivity.  In addition, as people spread out, companies need to innovate to serve them.  That means innovating not only on digital platforms but also digitizing the U.S. enterprise.  That speaks to deflation.  It also unlocks innovation.  As people move away from medical centers, we are seeing telemedicine increase.  We need to provide better education and training remotely.  Last year, in recommending Intuit [INTU], I discussed the spread of remote tax and accounting services around the country.  What is happening in America is unique.  Most other countries are just countries.  We are basically a continent.

~ Henry Ellenbogan, CIO and managing partner, Durable Capital Partners, Barron's 2022 Roundtable, January 15, 2022

James Altucher on the exodus from mega-cities and decentralization of opportunity

It's not like every city with 400,000 people are leaving.  Some cities, real estate is insane.  Real estate is going through the roof in some second and third tier cities.  People are buying houses sight unseen for 50% higher than listing price...  It's a scary trend, but the optimistic thing is that, for the first time ever, opportunity is now dispersed throughout the country.  It's decentralized.  It's no longer just in New York City, LA, San Francisco.  You could be a young person and find success anywhere now.  We all got comfortable communicating remotely and a lot of talented and skilled people are leaving the major cities, but particularly New York City, unfortunately.

~ James Altucher, "The Death Knell of the Urban Era," RealVision, 7:55 mark, September 17, 2020

Todd Morgenfeld on Pinterest's decision to cancel a lease for 490,000 square feet in San Francisco

As we analyze how our workplace will change in a post-COVID world, we are specifically rethinking where future employees could be based. A more distributed workforce will give us the opportunity to hire people from a wider range of backgrounds and experiences. 

~ Todd Morgenfeld, Pinterest’s CFO and Head of Business Operations, "California Taxpayers Can Check Out Any Time They Like, But Lawmakers Still Want to Tax Those Who Leave," Forbes, August 31, 2020

(Pinterest announced at the end of August that it’s paying a termination fee in excess of $89 million to cancel a lease for 490,000 square feet of office space to be constructed near its current San Francisco headquarters.)

James Altucher on the death of New York City

OK, OK, but NYC always comes back... 

Yes, it does. I lived three blocks from Ground Zero on 9/11. Downtown, where I lived, was destroyed, but it came roaring back within two years. Such sadness and hardship — and then, quickly, that area became the most attractive area in New York. 

And in 2008 and 2009, there was much suffering during the Great Recession, and again much hardship, but things came roaring back. 

But this time it’s different. You’re never supposed to say that, but this time it’s true. 

If you believe this time is no different, that NYC is resilient — I really hope you’re right.

I don’t benefit from saying any of this. I love NYC. I was born there. I’ve lived there forever. I STILL live there. I love everything about NYC. I want 2019 back. 

But this time it’s different. 

One reason: bandwidth.

~ James Altucher, "New York City is dead forever," New York Post, August 17, 2020

Altucher meets Henry Winkler at his comedy club
(before coronavirus)