Economics

The Macro Mood

The Macro Mood Even before Russia invaded Ukraine, inflation (as measured by the Consumer Price Index) was touching levels not seen in the U.S. since the early 1980s. While most people have and will continue to be hit by rising prices, at the start of the year I was anticipating that decelerating economic growth, easing…

The Price Is Never Right

“We must look at the price system as such a mechanism for communicating information if we want to understand its real function…” F.A. Hayek, The Use of Knowledge in Society The word “inflation” is on the tip of everyone’s tongue. Aggressive monetary and fiscal policy interventions in response to the Covid-19 pandemic and an unprecedented…

Money, Credit & Crypto

Money, Credit & Crypto Money has taken on innumerable forms throughout history. Whether it’s been salt, tea, spices, rice, potatoes, bullion, bank notes, or even cigarettes, humans have used an impressive array of commodities and conventions to engage in trade and track the exchange of value across time and space. As standard economic history would…

A Window into the Economic Recovery

A Window into the Economic Recovery It can be instructive to zoom in on a business and use “micro” economic data to take a pulse on broader “macro” economic trends. We own one business in our model portfolio* – Visa – that provides a particularly interesting view into global economic activity by using this framework.…