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Suddenly, the Bitcoin maximalists choir went silent, and Peter Schiff kept screaming how right he had been all this time, calling out the crypto bluff, all while his pet rock still didn’t move up or down. The once so confident “you-can’t-put-a-multiple-on-a-tech-company”...
First, inflation was too low. Then it was transitory. After that, it was Putin’s fault, but we could at least expect a soft landing. However, after realizing that too would be impossible to achieve while fighting inflation, Powell changed the rhetoric...
Antiloop Market comment
ANTILOOP Market comment
ANTILOOP Market comment
No strategy - and no level of brilliance - will make every quarter or every year a successful one. - Howard Marks
ANTILOOP Market comment
ANTILOOP Market comment
Consumer Price Index rose 8.6 percent in the United States in May, marking a 40-year high. As consensus said we had reached peak inflation in March and CPI was estimated to come in at 8.3 percent, the unexpected elevation caught markets by surprise, and...
ANTILOOP Market comment
ANTILOOP Market comment
ANTILOOP Market comment
Suppose 2020 will be remembered as the year of post-over-a-decade-of-quantitative-easing with Covid-19 as the finale where global central banks simultaneously did their best to inflate financial markets with trillions and trillions of dollars, calling...
When I started to write this memo, the uranium spot price was trading around 31 USD/Lbs. Since then, the price has soared over 40 percent in just a few weeks. But why is this? And will future demand for uranium continue to go up as the world tries to...
In the last couple of years, commodities have been somewhat of a widowmaker trade as traders and investors have tried to call the bottom since the last top in 2011. But now it seems tables have turned in favor of real assets.
I promised myself not to write yet another memo about monetary policy. Then I landed in Argentina - the Mecca of inflation - and it suddenly became clear to me that the USD is heading in the way of the ARS, and I could not help myself.
Humanity has never had it better. Technological advances are making just about everything faster, cheaper, better and with less environmental impact. The year 2020 was the best year in history for mankind, possibly with the exception of 2019. Sure, real...
I recently read “The Deficit Myth” by Stephanie Kelton, the leftist “rockstar” economist that I saw someone calling her. And I get it, as a Modern Monetary Theory (MMT) advocate she is getting a lot of points for promising a future where states could...
In 1970-1971, there was a massive oversupply in commodities, leaving investors surprised when widespread commodity prices only a couple of years later more than doubled, and in some cases rose as much as five times. Shortly thereafter, in 1974-75, prices...
I have come to find that there is an eager appetite to misunderstand the concept of inflation; not only the original definition but also the consequences that follow. The reason behind the misconceptions of inflation has as much to do with it being a...
Mark Twain’s quote, “History does not repeat itself but it often rhymes” has been used more than once to compare different economic cycles. First, asset prices soar, leading investors to believe that we have entered a new market paradigm. That fundamentals...