Newsletter

2022 bond returns sucked, but they’ve sucked before. Fees really matter for investment returns. High volatility and leverage can ruin you quickly. It’s not going to be cheap for Germany to resolve its energy crisis. Is China collapsing?

Buying high can result in a return-free decade. Japan signals a global recession. Approaching a deflationary period. But real wage growth suggests an uptick in US stocks. Solar panels require tons of mining.

The recent stock rally wasn’t supported by liquidity. ECB’s Valentine’s trolling re-affirms 2% inflation. Is the current inflation caused by supply shocks or by monetary debasement. The US has pushed the Europe-Russia conflict for a long time. Who cares about poison lakes in China?

US credit card debt reaches new heights. Analysts are forecasting earnings contraction. Masa Son is the undisputed master of tech bubbles. Hedge funds perform terribly; still, people buy them. One ton of ore generates max 10kg of copper.

We’ve heard about the soft landing before. The US Treasury forecasts an explosion in public debt. US equity risk premium is at a decade low. Green energy produces much toxic waste. The woke green movement is a sect.

The world’s 3rd richest man accused of running a scam. Have we reached peak China?. China’s exports to the US set new records in 2022. What happens in the US matters for the rest of the world. There is value in disagreement.

High US teen employment shows Fed isn’t done. New data suggests trouble for the US housing market. Amazon’s revenue is larger than 70 countries’ GDP. India is the next global growth engine. The dirty extraction of minerals for green energy.

The most expected recession in history. US stocks have seen inflows, and Europe has seen outflows. It’s not only US stocks that perform over time. Korea has a sober energy policy. • Eggs have become expensive, or have they?

Europe is highly dependent on gas. Luckily, the winter has been mild so far in Europe. US mortgage rates are at a level not seen for a long time. The Japanese Yen has rebounded. 2022 was an awful year for a stock + bond portfolio.

I wish you a prosperous 2023!