We normally start our letters on a positive note. Not necessarily because it’s our style or our nature (though that is the case) but because it usually pays to be optimistic. Markets rise over longer periods of time, and most of the time is spent on the upswing. However, though we are devout optimists, we are also realists. And over the last few months, there’s been cause to get real.
The economy took off after the initial lockdowns in 2020. Loose monetary and fiscal policies ignited growth and have resulted in unwanted inflation, just about everywhere.
From the onset of the pandemic until the end of last year, the U.S. money supply grew by 18% annually. And inflation, after a period, began...
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