Market Structure is Distorting Reality as Inflation Builds | Weekly Roundup
Episode publishedPodcast: Forward GuidanceForward Guidance
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This is wartime allocation of capital, and this isn't just about the Iran situation. This is about what's been building for three years, four years, five years. It just favors scarce resources you can't print.
Oil prices aren't high enough for demand destruction, but they're high enough for inflation. You can make the argument it's actually almost better for it to go higher, then you get the demand destruction like the central bank's gonna actually fucking do something. We're stuck in the the corridor of of everybody's frozen.
The incentives here point to inflation, and inflation is really bad for risk assets because it sends bond yields higher and equity multiples lower. I think the outlook is horrendous.
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It's it was at $1.10 now. Right? Do you guys notice I'm a little more svelte from my week long hiatus from food?
You look so It's good, not the regular treat diet. You're not on the GLP.
Lost like 10 pounds from that virus. I couldn't eat for like six days. It was terrible.
That's brutal. Yeah.
It is kind of Groundhog Day esque because when I look at the Russell, we're closed basically smack dab where we were on Friday, March 6. So it's like we just chopped everybody to shreds over the course of the month.
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