Are DMs now EMs…???
The history of finance, is basically the history of ruined speculators claiming that “no one could have seen that coming.” I believe to be successful at this game, one must focus on the unexpected—the tail risks that no one is even thinking about. However, in the echo-chamber that is modern finance, these tails often get […]
OPEC’s Counterattack…
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 has to go somewhere and partly this is because their mandate does not extend into ensuring that global energy production expands. While Owners’ Equivalent Rent […]
The Fed Is Fuct Part 3
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 to focus on the Fed Funds Rate as the price of money also has a dramatic effect on risk assets. Oddly, we rarely focus on […]
