Selection of Recent Client Letters

A handful of recent letters to our clients are linked below.

If you'd like to receive an email when new letters are posted, just fill out the form on the bottom of this page.

 

May 2020 Client Letter

  • A Decade into Deleveraging, It Feels Like Another Treasury–Fed Agreement Is Now in Place
  • Warren Buffett Senses Something He Doesn’t Like

April 2020 Client Letter

  • Unlike Wars, Pandemics Depress Economic Activity and Interest Rates
  • A Year After the Crash of 1929, the Market Didn’t Look So Bad

March 2020 Client Letter

  • An Avalanche into a Whole New Monetary Paradigm
  • After Laying Low for Two Years, a Long-Term Devaluation Is Exposed by a Virus

February 2020 Client Letter

  • The Yield Curve Re-Inverts, and the Fed Is Suddenly Dramatically Behind the Curve
  • A Few Words on Market Volatility and Precious Metals

2020 Annual Client Letter

  • From the End of Monetary Restraint to Trillion-Dollar Deficits
  • Mission Creep Toward an Old Normal: MMT and “Symmetric” Monetary Policy
  • A Summary of Our Market Outlook in 2020
  • It’s Time to Be Invested in Assets Outside the Dollar

2019 Annual Client Letter

  • The 1965 Pivot, and a Rhyme of History
  • We May Already Have Entered a Post-Bubble Market Environment
  • A Summary of Our Market Outlook

2018 Annual Client Letter

  • The Price Revolution of the 20th Century
  • The Last Phase of the 20th Century Price Revolution: Deleveraging and Monetization
  • The QE/TINA Bubble Will Be Followed by Another Long-Term Bear Market
  • The Path Down from a Bubble Is Never a Smooth One, But There Is a Way Forward

 

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