Everything is Fine?

Everything is Fine?

A quick reminder, the formula for generating investment returns looks like this:   Return = Yield + Growth +/- Valuation Change   Here’s the graphic showing each of the 3 potential drivers of return, broken out with annualized return of each component, by...

Quantitative Tightening is Here

The balance sheets of global central banks have grown drastically in the last 15 years. The United States balance sheet alone grew from ~$4 trillion to ~$9 trillion over the pace of 2 years during the pandemic. The surge in liquidity has had a drastic effect on...