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”2022 was one of the worst years for fixed-income investors in history. Bonds lost money. Stocks lost money. Crypto lost money. Inflation rose to levels not seen since the 1980s. The only thing that increased in value were commodities. You have to go back to the Civil War in the United States or the Napoleonic Wars in Britain to find a worse year for bonds”.

The Netherlands has more stock market history than any other country. Trading in shares of the East India Company began trading in Amsterdam in 1601 and continued to trade until the company went bankrupt in 1794.

The FOMC met today and hiked rates. More than that, they set course for more to come and policymakers holding those up for a longer period. And the markets completely, totally, utterly rejected the "almighty" Fed. This is why.

"distingué en quinze livres, esquels les ruses et impostures de Satan sont descouvertes, solidement refutées, et separées d'avec les sainctes propheties et d'avec les predictions naturelles."

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“Don’t Buy In Until There is Clarity That You’re in a Bull Market”,

I stopped in a local antique shop over the weekend. The owner is retiring and trying to clear out as much as she can before they close the doors so I paid a mere $3 for the Life magazine above. I think it might be worth many multiples of that price for investors who think our situation today is somehow uniquely bad. The cover headline could just as easily be describing today as 1970.

The lagged effect of inflation.

...and will most surely be seen as one of the most ridiculous, and, sadly, destructive liberal media creations ever concocted."

"Despite the historically high unexpected inflation, current revisions to long-term inflation expectations remain around 20 basis points, similar to the revisions in 2018 and slightly smaller than revisions in 2014."

With the Russia-Ukraine war continuing to rattle global equity markets, we revisit historical analogs of how markets typically behave around wars.

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