May 2021 Newsletter: Fiscal-Driven Inflation
May 16, 2021
Recent Articles:
I recently published a longform research piece on inflation, and an article on some of the dynamics of market capitalization and asset bubbles.
This newsletter extends the topic of inflation by analyzing how it is manifesting this year in particular, examines why the current situation is more comparable to the 1940s than the 1970s, and finishes with some of the investment implications of it.
This past week, the consumer price index came in well above consensus expectations, benefiting from low-base effects and faster-than-expected price increases. The year-over-year figures are coming in rather hot at the moment: