Straight Back To March

I frequently tell clients “We can’t go back, we can’t go into a time capsule.” This interview took place in March. It is worth a re-watch, as many times as it takes, until you understand. I left the entire loaf there.

From that point, the prices of risky assets follows, NOT THE OTHER WAY AROUND. To think of it backwards is the same as adding/substracting prior to multiplying/dividing. If the answer happens to be right then you are lucky. There’s a reason your math teacher asked you to show your work.

If you have read this Newsletter, watched the videos, the framework of understanding hasn’t changed, and through this lens, the result makes entire sense.

My view is that this original video was “acting,” the people on this podcast are billionaires and luminaries, there is almost NO WAY they didn’t know better…

The Other Jay Also Repeated Himself

The Less-Publicized Problem

There are more nuances on deck. I have only hinted at the feedback loops, and they are almost certain to persist in ways that are mentioned in the press, only in passing.

First and most obvious: Chairman Powell admits that in some ways, the Fed’s ability to control inflation is limited. This was the point I made in March.

Very Difficult

No time to cut and paste others, but you know that they are going to be very close to the number circled in red. Very difficult.

Nothing More, Nothing Less

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