From Iceland. 19+ years in finance. Founder & CEO of Viska Funds. Running a global equities fund focused on AI, energy & commodities, and a digital assets fund

Iceland
Joined December 2012
Hér er glænýr Þjóðmálaþáttur þar sem við @bjorningihr spjölluðum við Gísla Frey um hin ýmsu mál sem á okkur brenna. 👇🏼
Nú eru skólarnir að detta í páskafrí. Það verður því nægur tími til að hlusta og/eða horfa á hlaðvarp þjóðarinnar. youtu.be/sJivSibybyE?si=umLb…
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Nákvæmlega 👇🏼
You can be globally compassionate as a person and still feel that your society should have careful borders and that local cultures matter, and should be preserved if they're clearly doing well. These actually aren't in contradiction.
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Hér er forsætisráðherra Póllands að tjá sig tæpitungulaust. Það væri vel þegið að fá sambærilega yfirlýsingu frá forsætisráðherra Íslands.
Polska nie powtórzy błędów innych europejskich państw, nie będzie też za nie płacić. Twardo bronimy granicy przed nielegalną migracją, mamy własną politykę azylową (nie przyjmujemy wniosków), deportujemy tych, którzy łamią polskie prawo. W kwestii bezpieczeństwa będziemy bezwzględni. To usłyszeli ode mnie liderzy Europy w Brukseli.
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Daði Kristjánsson retweeted
"Capitalism is the force that drove down the price of almost everything it touched. The state is the force that blew up the price of almost everything it captured. And young people blame the first for the crimes of the second."
On my way to the office this morning, I passed a group of young people protesting, a Palestinian flag draped over their shoulders. And I asked myself a question I can't shake: why does this generation always fall into the same trap? No matter the history. No matter the context. Even the ones from wealthy families, who went to the best schools, who were dealt every good card. Always the same trap. I don't think it's stupidity. I think it's a mechanism. And a mechanism can be taken apart, piece by piece. A. The observation: everything the state touches becomes unaffordable. Look at economist Mark Perry's famous chart, the one people call "the chart of the century." It tracks US prices since 2000. At the top, what explodes: hospital services, college tuition, textbooks, childcare, housing. Increases of +100%, +150%, up to +250%, far above general inflation. At the bottom, what collapses: TVs, software, phones, toys, clothing. A TV today costs a fraction of what it did in 2000, for an infinitely better product. Look at what separates the two groups. It isn't technology. It isn't complexity. It's one variable: how much the state is involved. At the top, sectors that are subsidized, regulated, shielded from competition, where the state funds demand and blocks supply. At the bottom, sectors where companies fight every single morning to serve you better and cheaper. B. The mechanism: why it's systematic. When the state subsidizes demand without freeing supply, prices rise. Every time. Guaranteed student loans, and universities raise tuition. Housing aid plus blocked building permits, and rents skyrocket. Administered healthcare, and bureaucracy eats the budget before it ever reaches the patient. In France it's even more vicious, because the price doesn't disappear: it hides. You never see the hospital bill, you pay it through payroll contributions. You never see the cost of school, you pay it through taxes. Public spending at 57% of GDP, one of the heaviest tax burdens in the world, more than €3.4 trillion in debt. And the result? Overflowing ERs, falling PISA scores, young people who can't afford to live in the city where they work. The market didn't fail in these sectors. It was never allowed in. C. Suffering demands a culprit. A 22-year-old lives all of this in their bones. They can't find a place to live. Their degree either buries them in debt or opens no doors. The future feels blocked. That suffering is real, and I don't deny it for a second. But human beings can't stand suffering without a culprit. They need a face. A scapegoat. And this is where everything is decided: who taught them how to read the world? D. Whoever tells the story picks the villain. Schools are public. Universities are public. Culture runs on grants. Film goes through funding committees. Public broadcasting shapes the narratives. The people handing down the interpretive framework are, overwhelmingly, paid by the very system that creates the problem. Do you really think that system is going to name itself as the culprit? No. It names the capitalist. The boss. The landlord. "The rich." The multinational. The commercial West. Same role, same casting, every time. E. One lens, a thousand causes. And this brings me back to that flag. A generation taught to read every situation through a single lens, oppressor on one side, rich, Western, capitalist, oppressed on the other, will apply that lens everywhere. To housing. To climate. To conflicts on the other side of the world. The cause changes, the lens stays. That's why the trap is always the same: it's not the cause that draws them in, it's the way of thinking that was installed in them. F. The perfect inversion. Here's the irony. Capitalism is the force that drove down the price of almost everything it touched. The state is the force that blew up the price of almost everything it captured. And young people blame the first for the crimes of the second. It's like blaming the firefighter for the fire because you saw him at the scene. G. The ballot box confirms it. In the US, a few weeks out from the midterms, a large share of urban young voters is getting ready to vote Democrat for more state, more spending, more regulation. New York elected a self-described socialist mayor, carried by young voters, on promises of rent freezes and city-run grocery stores. Rent freezes, the policy that has made housing scarcer everywhere it's been tried. The cure that worsens the disease. In France, it's the same play in two acts. Part of the youth votes for the radical left, which promises more state. Another part votes for the center, which promises to "manage" the state well, and has dug the debt deeper than ever. Two different ballots, one shared assumption: the problem is the market, the solution is the state. H. The way out. These young people aren't stupid. They're right to be angry. They're just aiming at the wrong target. The day they understand that their rent, their tuition and their hospital are expensive precisely because the state runs them, their anger will change direction. They'll stop protesting against those who create. They'll start protesting against those who capture. That day, the greatest intellectual scam of our time will be over.
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Þetta er í Marseille í dag. Það er væntanlega ennþá verið að mótmæla rúmbetri skólastofum?
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Það er allt að fara á hliðina í Frakklandi 👀
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Daði Kristjánsson retweeted
The WSJ starting to admit the obvious: Western democracy when combined with fiscally negative immigration and a generous welfare state, inexorably creates a solvency crisis. (they didn't mention the immigration part but it's an essential ingredient in the toxic mix) their words are unusually stark: > It’s also a litmus test of a pressing question facing the West: Is it possible for political leaders to rein in spending on ever expanding welfare states? So far, the answer seems to be no, increasing the chances that countries like Britain are inching toward a financial reckoning. the welfare state + open borders model is a clear democracy failure mode and there's no obvious way out. no western European nation will reform pensions or entitlements. they are actually fundamentally incapable of doing what must be done. (the immigration aspect is virtual corollary to democracy because it creates incentives for the left to import reliable voters, so at least part of the time immigration is virtually unfettered.) the UK, with maximum, unending immigration, an aging and shrinking workforce, a tiny and overexploited base of taxpayer paypigs, highly financialized service / financial industry, a legacy of welfare as political payoffs to disenfranchised groups, an inability to cut pensions, and a stagnant, is the poster child for this disease and the worst affected but by no means the only nation in this predicament. the UK's grim fiscal state is the future of every western nation, unless something changes dramatically. aging population + increasingly discouraged working-age adults + highly mobile capital & elites that simply leave under onerous tax regimes + mass and unending fiscally negative immigration + expensive decarbonization and deindustralization + a left wing that is totally committed to immigration, over all else + a total inability to cut entitlements = fiscal crisis and eventual default in the end, the wealthy and the entrepreneur class that actually power growth will simply leave to escape the tightening tax noose. the government will become increasingly reliant on the middle/upper middle professional classes who lack the ability to leave, completely eliminating any motive to be entrepreneurial or take risks. the economy will become increasingly torpid as dynamism vanishes. the left will continue to gain power due to slow electoral build of immigration and will continue to honor their side of the deal, which is neverending handouts to fiscally useless electoral client groups. case studies like south africa, venezuela and lebanon show us that life can get worse, and worse, and worse, and worse and worse. things getting extremely bad are not a guarantee that they won't continue to get worse. don't be fooled by anticipating a sudden realization among political elites that they have employed the wrong formula. things can just get steadily worse for decades and decades with no escaping the slide. if I had to guess, I would venture that if no MAJOR (and I'm talking _major_) political reform occurs in western Europe, the continent will enter a sovereign debt crisis in the coming decade, standards of living will collapse, life expectancy will collapse, entitlements will be ravaged. I anticipate something akin to the effect that the collapse of the Soviet Union had on the local population, or worse. politics will be polarized between the ultraright and far left, each with their own radical solution to the problem (extirpating immigrants, versus actual socialism). I don't know which of the two will prevail. neither the right nor the left is willing to reform entitlements, which is the biggest problem, and so the market will do it for them. the US may escape their fate, but I am not particularly optimistic it will. our demographics and willingness to do hard things (on immigration, eg) are marginally better, but our spending and fraud-based entitlement economy is almost just as bad. no major party will even contemplate uttering that boomer luxury communism must end eventually. it's not even a topic in the midterms nor will it be in '28. the productivity boost from AI might grant European nations a slight reprieve in the medium term, but it wont salvage their bleak fiscal situation in the end. this is because almost no European nation controls the industrial inputs to AI (beyond ASML), so their gain is limited to the productivity uplift from deployment of the technology, while they remain vassals to the nations which actually control the deeper stack. moreover, a GDP and tax revenue boost from AI can easily be outspent. these nations have a spending problem, not a revenue problem. they can always dream up utterly farcical new handout schemes, like the UK's "motability". additionally, while AI creates a legion of highly productive entrepreneurs, they will all tax optimize and the benefits of new firms will largely not be captured by their respective governments. capital and startups are more portable than they have ever been. AI simply accelerates the pareto-ization of the economy whereby a shrinking minority of founders produces more value whilst more and more are idle and depend on handouts from the productive few. however, capital and human capital mobility destroys this fragile arrangement and strips the idle many of their benefactors. AI buys Western Europe at most a few years of delay to the inevitable crisis.
This @WSJ piece on the UK's runaway disability benefits is something else. Great color from @MaximColch & @davidluhnow
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Daði Kristjánsson retweeted
Hvað með að banna ekki au-pair sem koma hingað í tímabundna vinnu en banna frekar útlendinga sem koma hingað gagngert til að vinna ekki? mbl.is mbl.is/frettir/innlent/2026/… via @mblfrettir
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Rant alert... There is a serious problem with the "new left" and we are absolutely at war with them. This is a fight over freedom, free speech and the right to live as free people without their permission. The old left cared about workers rights and working people having a fair crack. This nasty new left, the projecting fascists, want complete control. They don’t want to win the argument, they don't really want to have the argument and they certainly want to make sure you’re not allowed to have it. They demand tolerance while trying to destroy anyone who disagrees with them. They will harass you, threaten you and attack you, even kill you. They hate freedom, they hate free speech, they hate people being successful and they want to steal your property, all of it. They hate the country, they hate you but secretly they also hate themselves. They are losers individually, so they have to collectively destroy things as a sign of success. They are the architects of decline. Arrogantly confident in their beliefs, but too stupid to read history or understand incentives, trade-offs and consequences. They will destroy everything, given the chance. Don’t let them win.
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Góða fólkið. Algjörlega clueless.
What’s terrifying about this clip isn’t their ideals…these sweet gals’ hearts are certainly in the right place. What’s terrifying is they have the civic, political, and economic literacy of a 9 year old. When a charlatan like Abdul comes along with the Jr High class president schtick of “no more homework and the vending machines are all free!”, they fall for it. I don’t know how you get to that age with ZERO understanding of supply chains, manufacturing, labor costs…but a lot of folks think that medicine and MRIs and hospitals just materialize out of thin air like unicorn farts. They’ve never built anything in their lives, so they have no concept of how things function…things are just…there. They think milk comes from the store. They think rich people don’t pay taxes, even though the top 1% fund 40% of government with their taxes already, and yet 40% of all Americans contribute ZERO federal income tax at all. These people don’t understand that you could tax the wealthy at 100% and it would only fund the government for 120 days. Then you’re screwed. Too many Americans simply have zero understanding of how anything works, and even though they’re living in the easiest times in human history, they think things are “terrible out there”. These commie scammers roll through and promise them things that sound great, but aren’t possible in reality, and have devastating consequences if tried…but because they don’t know anything, they fall for it. Sadly, so many of our politicians and their advisors are such atrocious communicators, there’s like zero countervailing narrative to push back on the commie gobbledygook, so we are gonna have to learn the hard way. Guys…we just had a sample of socialism: Covid. We all got universal basic income, and it ended up tripling our costs and they’ll never go down. Ever. That one brief little experiment in command and control government will haunt us the rest of our lives. Bleak stuff, man.
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CPI inflation is rising due to energy, not an overheated economy, while core inflation cools. Central bank rate hikes do nothing to energy but hurt businesses and families. via Bloomberg
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Vestræn gildi eru það sem komu okkur upp í þessi miklu lífsgæði sem við búum við í dag. Þetta er ekki sjálfsagt. Af einhverjum fáránlegum ástæðum höfum við leyft fólki sem hatar þessi gildi okkar að flytjast hingað í stórum stíl. Þetta sama fólk hikar ekki við að styðja hryðjuverkasamtök og klerkastjórnina í Íran. Galið.
Good grief. I don’t even know what to say at this point.
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Stemmingin á meginlandinu 👇
Europoor Theft Auto
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Daði Kristjánsson retweeted
Deja Vu The last time China bought exactly 0.74 million ounces was October 2023, Right before gold ran from $1,983 to over $4,000 
They just bought that exact amount again in September. Month 23 of nonstop accumulation. 
Either they're wrong now or we're early again
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Sorgleg staðreynd
If you take $70,000 from the paycheck of a hard worker and give $10,000 to 7 lazy people, you lose one vote but gain 7. That’s how the west works now.
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Frekari inngrip frá Bessent væntanleg 👇🏼
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France followed all of Krugman's recommendations: Big government spending, high taxes, migration. Now... Nobel winner Krugman says France may have become 'too big to save' and 'unsustainable fiscal path'. cnb.cx/4hDK84t
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Buy gold & Bitcoin
Þessi maður er í öðru sæti í skoðanakönnunum um forsetakosningar í Frakklandi. Stenumál hans eru meðal m.a. að kæra seðlabankastjóra landsins fyrir landráð, að Evrópski Seðlabankinn afskrifi skuldir Frakklands og að Frakkland skipi sér í lið með Kína gegn BNA. Ræða JD Vance í Munchen eldist vel.
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Þetta er nákvæmlega það sem vinstra woke liðið er í dag. Useful idiots. Sagan endurtekur sig alltaf.
“The Leftists they serve the purpose only to destabilize the nation” There you have it, folks.
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