My latest for Alpha Baskets is titled Overcoming Secular Stagnation which is the name of a theory that tries articulately describe the current macro environment.
From the post;
The market is up 150-whatever percent from its low but this gain has come against a backdrop of unprecedented central bank stimulus. The economy has grown relatively slowly and although jobs have come back there has been a sort of evolutionary step in the US jobs market that has left many people underemployed which leads to all those stats we read about being under saved, not having it better than our parents and so on. A few years ago there was a popular meme that it would have been cheaper to just give everyone $100,000 than try to stimulate jobs growth the way that we did. At the same time the wealth gap has widened.
Please click through to read the entire post.
Jimi Hendrix’ guitar from the Rock and Roll Hall of Fame.