Kuppy's Korner

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I believe the Fed is trapped in a box of their own creation. As a result, they may want to talk tough, but their ability to maneuver looks severely restricted....
The Federal Reserve has been attacking inflation. The problem is that after printing trillions of dollars, they’re ill-equipped to succeed at their task. Partly, this is because all that cash...
Investors like to focus on QE and QT, because of the belief that the quantity of money has an immediate effect on risk assets. In the same way, we like...
I have frequently described “Project Zimbabwe” as a highly inflationary cycle where both fiscal and monetary stimulus go into insanity mode. While I sincerely hope we don’t go hyperinflationary like...
For my entire career, Paul Volcker has been deified. In fact, I cannot think of an unelected government official, since the Generals of WW2, who is held in such esteem—which...
Let’s try a thought experiment here. Fast forward into winter. The Fed has been on autopilot and has continued to raise rates. They’ve managed to crush risk assets and the...
The Fed is fuct. I think they know it. We all know it. And it’s likely they know that we know it. They intend to continue the charade anyway. Despite...
It is said that generals always fight the last war. I believe investors do the same, but with a greater sense of PTSD, combined with self-assurance. Often, investors cluster in...
For over thirty years, excluding a few brief spikes, copper traded in a range between $0.60 and $1.00 a pound. In many ways, that range became self-fulfilling as an entire...
I’m often reminded of how Mark Twain was rather prescient in regards to markets. Let’s reminisce a bit, back to a simpler time, when an obscure entity named Grayscale Bitcoin...
People really like to complicate things. They worry about non-problems. They over-trade. They over-think. They ignore the obvious. I believe this investing game is actually quite simple—buy unusually cheap companies...
I’ve been pretty clear on why I think oil is going higher. I’ve also been clear that when oil overshoots, I think it’s going to create the next Lehman moment. Oil...
In a few short hours, we’re headed back into the trenches. No sleep for us weary hedgies. They’ve re-set the performance clock at zero and we’ve got to fight our...
Over the past few years, I’ve been highly critical of the Ponzi Sector. This is what I call a whole grouping of companies that has no ability or apparent desire...
A few weeks back, I had dinner with a close friend. Naturally, our conversation turned to the markets (paraphrased). Friend: Kuppy, you need to be careful with those 2025 oil calls....
I started following financial markets during the Asian Financial Crisis. I remember the Fed stepping in as LTCM detonated, and I instantly understood the moral...
In the spring of 2022, Jerome Powell declared war on inflation. With the benefit of hindsight, let’s question what exactly he declared war on? Was...
Friends, Back in March, I wrote a piece about looking for deep value opportunities, driven by changes in market structure. At the time, I noted...
I’m writing to you from Zurich, after attending the World Nuclear Association (WNA) meeting a few days ago in London. Last year, the meeting took...
Borders are open and freedoms are eroding. Taxes are increasing to fund the nanny state. Those with capital are fleeing… Kuppy and global investor Swen...
Humor me for a bit, as I engage in some political theory. Don’t worry, when the narrative returns, we’re going to be looking at an...

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