Many people struggle to assess the value of some brief opinions. For example, at the end of '21 and the beginning of '22, I believed the Fed's rate hikes were very important—it was draining liquidity from the market and couldn't be compared to the rate hike bull market of '17. By the end of '22, I thought the Fed's policies were no longer important and advised not to let the Fed affect year-end bottom-fishing plans. Isn't this closed-loop perspective alone worth a few thousand dollars in membership fees? Macro isn't about lengthy essays or detaching from the micro; it's about analyzing specific issues case by case.