Monthly Archives: May 2021

As I detailed last week in Inflation-cycle déjà vu, commodity prices lead inflation expectations, and inflation readings are a lagging economic indicator.   Because commodities and commodity futures are widely stockpiled and traded by speculators, users and producers alike, prices can … Continue reading →

Unlike most, billionaires have more money than they can spend in a lifetime.  Hence they have a higher risk tolerance for losses and tend to hold a lot of assets of all kinds.  This has made them ideally situated to … Continue reading →

An insightful article in the FT today courtesy of John Hussman (see The Myths behind the current stock market bubble) considers the belief system widely held today that central bank liquidity can support extreme and irrational asset valuations indefinitely:  “Years … Continue reading →