Bargains in a Bubbly World – OWTW

📦  ANOTHER “TRANSITORY” ISSUE THAT WASN’T Turns out the supply chain shortages that have been plaguing the global economy for the last 12-ish months aren’t as “transitory” as we were told all this time. Who woulda thunk it? If you’re a long-time reader, this shouldn’t come as a surprise. It’s something

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The Biggest Bubble of All Time – OWTW

At the risk of sounding like a broken record, we remind folks of one of the grandest bubbles of all time, one that we have been positioning for: an unwind of the value of financial assets relative to hard assets. It is so easy to see the bubble. But waiting

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The Greatest Error in History – OWTW

The following quote from John Hussman caught our attention (h/t to @SeekerRisk for the annotated chart): With that in mind, we often get asked the question along the lines of, “Markets seem over extended. How about buying some puts to provide downside protection?” We always encourage folks to stick with their

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The Most Terrifying Map in the World – OWTW

If there ever was a time when you could see a trend solidly in motion, now is it. 💻  TO TECH, OR NOT TO TECH? Staying with China for another moment… sometimes knowing where not to be is just as important as knowing where to be. After all, all investments are

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💰 The tale of two ETFs – OWTW

🖥️  LONG TECH STOCKS = LONG BONDS Morgan Stanley is echoing our thoughts on the relationship between bonds and tech. To us this highlights how interlinked many markets are and how the general stock market (with its huge weighting in tech/growth stocks) is probably not a great hedge against inflation. From

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Beware the Witches – OWTW

🛢️  THE STATE OF OIL & GAS While nothing we don’t already know, this Bloomberg piece provides a terrific insight into how pervasive and powerful the ESG hysteria really is (even among the “Big Boys”) and what that means for the energy market: We have relationships with approximately 400 institutional investors

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The Decade of Coal? – OWTW

While we’re being told coal is having “an existential crisis,” The Wall Street Journal reports: Coal was in decline for years in many countries, but its use is now picking up in the U.S., China and Europe despite growing pressure from governments, investors and environmentalists to curb carbon emissions. The

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The Greatest Heist in History – OWTW

With government (as well as corporate) debts at nosebleed levels AND interest rates at by far the lowest point in the last 140 years, we’re facing a unique dilemma today… What happens if we were to ratch interest rates up like Volcker did in 1980, when inflation raged? As we

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