In this letter:
A discussion of Modern Monetary Theory.
While interest rates are back up, the rebound in risk-assets continues domestically and abroad.
Global context regarding debt, deficits, interest rates, and inflation.
Re-reading what we wrote last year at this time, it is amazing to see how much has changed, but also more importantly, how much has stayed the same. We ended last year’s letter with this:
“We are entering a unique period where it is getting harder to lean on precedent. Li
