You can listen to a professional narration of this article below: This is part one of the winter seasonal letter I wrote to IMA clients, sharing my thoughts about the economy and the market. I tried something I’ve never done before. Instead of conveying my message through storytelling, I tried to compress my thoughts into short sentences. I summarized some 50,000 words into about 1,000 (a compression ratio of 50 to 1!).
Don’t shy away from your 50,000 word letters, they have great value and give the reader a deeper understanding. Although I can appreciate your efforts to accommodate those that don’t have the time or patience to read.
Thanks for sharing.
"Don’t be afraid of cash (short-term bonds)"
+1 - until this weekend, 6-month T-bills were yielding >5%
"An outcome I did not think of."
Inflation becomes embedded despite contined Fed rate hikes & QT. Fed eventually admits 2% inflation target is not practical. Bonds sell off and interest rates soar.
Don’t shy away from your 50,000 word letters, they have great value and give the reader a deeper understanding. Although I can appreciate your efforts to accommodate those that don’t have the time or patience to read.