Mar 14Liked by Vitaliy Katsenelson

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.

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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.

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