MicroStrategy Converting Fiat to Bitcoin, ZIRP and Intrinsic Valuations, Fed Balance Sheet, Labors Share of Output, Private Capital Flows, and Size of Fiscal Relief Packages
US Tech, Gold, and Bitcoin did very well, whilst the US Dollar and Crude Oil were the big losers of the year
Whilst the potential for inflation has been on the rise recently, we still feel it’s unlikely that we’ll see any undesired increase in price levels at least for the next year.
S&P500 the Fed Balance Sheet, Bitcoin Correlations, Ford and GM Merge to Battle Tesla, Interest on Debt, Real Wage Growth, and ESG Holdings
What the US elections result has taken away from the reflationary narrative has been more than offset by the vaccines headlines.
The dollar bear case with insights from Luke Gromen, Juliette Declercq, and A.G. Bisset
US Dollar Bull Run, Lobbying Spending, US Debt-to-GDP, US Military Spending, and Peak Oil Demand
Extreme fiscal spending financed by unconventional measures (such as Modern Monetary Theory) is in vogue and a key proposition for the post-Covid world.
Election years have historically brought positive returns to markets, and since 1944 we only had two election years that were not positive… 2000 (Dot-com Crash) and 2008 (GFC).
Notes and key takeaways from Mervyn King's, The End of Alchemy
Given the recent $20 trillion of stimulus sponsored by governments and Central Banks all over the world to keep the global economy afloat amidst the COVID pandemic, we asked ourselves who and especially how are we going to pay for this spending regime.
The US market is still following the same Fed and Government stimulus narrative of the last months, which end ups benefitting the larger and already dominant companies of the US equity market (#tech).